2023 was an extremely challenging time for tech, with the software sector hit particularly hard as funding dried up and billions were wiped off the valuations of cloud companies.
Due to these market conditions, CIOs and IT buyers were given smaller budgets and forced to reckon with their software spend to reduce SaaS expenditure across the board. The result for SaaS businesses has been devastating, with many facing historic levels of customer churn and having to replace the revenue in a smaller market.
