We are entering the final quarter of 2023 and, so far, the intent to spend on IT products and services has been lukewarm at best. The overwhelming consensus on IT spending has been to minimize spending on non-essential products and services as organizations remain highly risk-averse amid economic uncertainty. Spending was primarily focused on essential technologies that ensured security and compliance, business continuity and return of investment. The year, however, will be better remembered not for the struggles for the tech industry, but rather for the emergence of generative AI. 451 Research’s latest Macroeconomic Outlook, SME Tech Trends survey looks at the spending intent of North American businesses over the next few months and the adoption trend around generative AI.
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