A recent report has identified the top trends impacting technology providers over the next two to three years.
The report by insight experts Gartner revealed three over-arching themes including new opportunities for technology vendors, as well as an increased reliance on technology and the ongoing impact of macro forces.
While Gartner made a number of predictions worth focusing on, we will focus this article on the democratisation of technology, and how it is creating new opportunities for vendors while helping to accelerate federated technology buying practices.
Democratisation of Technology Creates Opportunities
One of the main trends identified by Gartner is the democratisation of technology. The term simply refers to technology becoming more and more accessible to a wider variety of people and organisations.
Gartner describes the democratisation of technology as empowering to non-IT workers who can now seek out, select and implement their own technology, even going as far as to customise it to their own specific needs. This trend thus creates opportunities for technology companies to provide bespoke solutions to a growing dynamic of citizen developers and business technologists.
This technological democratisation is moving fast, and one of Gartner’s predictions is that 55% of all successful emerging technology solutions will be delivered to ‘non-traditional’ buyers by 2025. This means business buyers outside of the traditional IT sphere which will continue to provide new markets for tech vendors to expand into.
Taking Advantage of ‘Non-Traditional’ New Markets
With many new markets opening for tech vendors containing these non-traditional customers as Gartner describes them, the opportunities for such firms will require flexibility and adaptability. Doing such business in atypical markets may well become a business model that sets certain firms apart from their competitors.
Speaking about how tech providers must find a good balance, the Distinguished VP Analyst and Gartner Fellow, Rajesh Kandaswamy, said: “The march of digitalisation continues even amidst disruption, and technology providers have a leading role to play.
“In 2023, product leaders and technology executives must balance short-term planning with long-term strategy to stay ahead of the immediate shocks to the economy and the underlying ‘permacrisis’ forces shaping business.”
Federated Buying Practices Increase
Another notable aspect of the democratisation of technology is the increase in federated buying processes within businesses. This means buying decisions are being made by representatives throughout a company, rather than just the IT department.
In fact, Gartner discovered just over a quarter of technology buyers reported that purchases were funded solely by IT.
A VP Analyst at Gartner, Emil Berthelsen, explained: “Federated buying creates opportunities for product leaders as it enables a focus on more value-added services for business customers. However, it also adds complexity, forcing changes to go-to-market models and demanding a greater focus on value scenarios and outcomes.”
Are you looking to hire top talent in the SaaS, tech or fintech sectors to help your business expand into new markets and forge new customer relationships? Get in touch with our expert team here at Fairmont Recruitment.