To stay ahead in the evolving digital world, tech providers must ensure that they are leveraging the best tools and technology to remain competitive.
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Here are top trends for tech providers for 2023
Sustainable Business:As per Gartner, 42% of leaders currently leverage sustainability activities for driving innovation, differentiation, and enterprise growth through sustainable products.
By 2025, tech providers quantifying their offering’s positive contribution to customers’ sustainability objectives will be able to increase their win rate by 20%.
Techno-nationalism:The global technology ecosystem is impacted by the increase in mercantilist politics, nationalization, and protectionism.
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Techno-nationalism replaces globalization. Product leaders must focus on balancing specific country-level localization and product profitability.
Federated Enterprise Tech Buying:In a federated buying process, representatives across the business are involved in taking buying decisions.
Product leaders must adapt to a federated buying process as it focuses more on value-added services for business customers.
For this, they need to alter their go-to-market models, with more focus on value scenarios and outcomes than on the technology.
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Co-innovation Ecosystems:In order to create a space for themselves, businesses are actively using technology for success.
Therefore, they are co-innovating with tech providers. This is an emerging practice that brings together internal, external, collaborative, and co-creative ideas to create new value.
The Democratization of Technology:By 2025, Gartner predicts that 55% of all successful emerging technology solutions will be available to “nontraditional” buyers – for example, outside IT – within enterprises.
This will enable vendors to expand into new markets and build new customer relationships.
Product leaders must embrace the new opportunities offered by the democratization of technology and cater to the needs of a new set of citizen developers and business technologists.
Product-Led Growth (PLG):Product-led growth (PLG) is a go-to-market strategy that offers value to users through free product offers or interactive or automated demonstrations.
Users are then converted directly to paid accounts or their advocacy and influence help drive purchases.
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Gartner predicts that by 2025, 95% of software-as-a-service (SaaS) providers will use a form of self-service PLG for new customer acquisition.
Rise of Digital Marketplaces:Tech buyers are following digital marketplaces to quickly find, procure, implement, and integrate technology solutions.
Product leaders must leverage this trend to connect and find new buyers through digital marketplaces and to shorten the buying cycle.
Intelligent Applications:Intelligent applications are expected to create value and disrupt markets by learning, adapting, and generating new ideas and outcomes.
Product leaders must implement intelligent capabilities to compete against the coming wave of emerging offerings.
Gartner says that product leaders should expect generative AI features that enable augmented and creative capabilities to be a new competitive front in intelligent applications.
Utilizing Metaverse Technologies for Marketing and CX.