As we step fully into 2024, the stormy economic headwinds that first began in 2023 are continuing to reshape the technology and services space. At the start of last year, we published a report, "State of Technology Services 2023,” shedding light on the state of the tech industry at large. This report was born from our recognition of brewing economic challenges and a desire to provide insights that could help businesses navigate turbulent times.
In last year’s report, we shared vital insights into the average performance of various SaaS, industrial, and healthcare technology sectors. We also unveiled ways to foster growth even during economic downturns, and shared essential strategies for companies to reduce costs—without resorting to layoffs. However, a year later, technology companies are still grappling with tough decisions. Layoffs persist, and budgets are stretched thinner than ever before.
But despite these ongoing challenges, there is hope. 2023 saw an explosion in the adoption of AI, with companies using AI to streamline operations, enhance efficiency, and scale their service offerings. As a response, we’re updating our insights on cost-cutting strategies and growth tactics with a special focus on leveraging AI to optimize business operations in our latest report, “The State of Technology Services 2024.”