Spend on software has grown 17.9% over the past 12 months alone.
By the end of 2024, almost $220bn will have been spent on SaaS globally. Putting that into more practical terms for finance leaders, that represents approximately $8,700 per employee, up from $7,900 in 2023. This is an increase of almost 27% over the past 12 months.
The SaaS inflation rate is at it's highest point ever.
$1 in every $8 is now being spent on SaaS for a typical organization. Whilst headcount cuts contributes to this, rising SaaS prices is the main driver. SaaS inflation is now 4x higher than the standard market inflation rate - and is ever increasing whilst the consumer inflation index drops. It doesn't help that 60% of vendors deliberately mask their rising prices, making cost clarity in negotiations more difficult and thus meaning companies are likely to be overpaying.
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