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From consumer electronics to social platforms to the emergence of SaaS, leading into 2020, the tech category enjoyed years of unmatched growth. In the wake of the pandemic, challenged economic times and evolving consumer behavior have thrust the category into an unprecedented downturn leading both Big Tech and emerging brands to reevaluate their marketing approach. The biggest brands in tech are cutting spending and prioritizing ROI-driven marketing to combat the marketplace challenges they face.
Meanwhile, as VC funding has all but dried up, emerging tech brands are abandoning the “growth at all costs” mindset for a more tempered focus on profitability and customer lifetime value. Following this recalibration, the category will look towards innovation, from Web3 to AI, to drive future growth.
For more information, please contact Dominique Folacci.
Retail technology revenues are projected to fall to $485 billion in 2023, down 2.4% from 2022
Software spending is expected to grow the most out of any other tech subcategory in 2023, increasing 9% compared with 7% in 2022
Source:
CTA
Gartner
