According to a recent Capterra survey, Indian businesses have reported a sharp rise in the frequency of software upgrades and modifications in 2023. Over three-quarters (76%) of the respondents stated that they have had to replace, modify, or right-size software more frequently since the beginning of 2023. This trend has led to an increase in software budgets for 2024, with most respondents allocating over Rs. 20.6 million for software expenses.
Security is a high priority for software buyers
The survey also revealed that security is a top priority for software buyers. Concerns about security and cyberattacks were cited by 56% of the respondents as one of the primary triggers for software purchases in the past year. Additionally, the need for productivity improvements (60%) and targeting new customer segments (55%) were among the other reasons reported by decision-makers. Cybersecurity software emerged as the most frequent recent purchase, followed by business intelligence software and IT management solutions.
Usability and localised content can swing a decision
Software buyers recognise the importance of user-friendly interfaces and localised support. The survey found that 57% of the respondents consider it extremely important for software vendors to provide product information in their primary language and currency, while 53% value localised interfaces. Support services in the primary language were also deemed necessary by 46% of the respondents. Furthermore, customer reviews played a significant role in the decision-making process, with 52% stating that reading reviews were critical before making a purchase.
Contrary to popular trends, the survey revealed that more niche software products like property management and retail management had lower demand than cybersecurity and business intelligence solutions. These findings highlight the changing priorities and needs of software buyers in 2023.
Commenting on the survey, Sukanya Awasthi, analyst of the study, said: “In the dynamic landscape of 2024, businesses in India stand prepared to embark on significant software investments, armed with well-structured teams and streamlined decision-making processes. Their discerning eye is keenly focused on identifying essential product features and evaluating vendor attributes to maximise the returns on their investments. Recognising the critical importance of support, collaboration, and seamless software integration, businesses are poised for success.
In their quest for informed decisions, Indian enterprises turn to the collective wisdom of fellow customers. Reviews and case studies serve as invaluable resources, shedding light on the practical realities of implementing and utilising solutions within organisations akin to their own.”