Small Business Technology Budgets
In the United States, small and medium-sized enterprise (SMEs) dedicate about 15% of their budget to technology. Top technologies on which SMEs spend their technology budget include finance and accounting software (54%), cloud computing (48%), and data and information security (47%).
Common Technologies Purchased by SMEs
- A survey carried out by Capterra provides the top tech budget priorities by SMEs as;
- Finance and accounting software: 54%.
- Cloud computing: 48%.
- Data and information security: 47%.
- Digital marketing: 45%.
- HR software: 43%.
- Other areas of interest to SMEs include Project management 40%, CRM 38%, BI and analytics 35%, mobile business 33%, and IoT 26%.
- In terms of hardware and software, a survey by CompTIA suggests that 36% of SMEs spend their technology budget on infrastructure including laptops, servers, phones, and desktop storage devices while 31% spend on specific software. 30% of the respondents opined to spending their technology budget in both areas.
- In 2017, small and medium-sized businesses (SMBs) in the United States spent an estimated $171.3 billion on IT.
- A recent survey by CompTIA suggests that an average SMB spends between $10,000 and $49,000 annually, on technology.
- Averagely, SMBs tends to spend 15% of their yearly budget on technology.
- The transportation industry spends the highest average amount ($56,350) on finance and accounting software.
- SME average spending on financial and accounting is $50,000 and $55,000.
- Spending on cloud computing is championed by insurance companies ($48,000), transportation companies ($48,000), and government agencies ($41,000). Average spend by SMEs on cloud computing is over $40,000.
- Average spend on data and information security is $34,000 and is championed by government agencies, banking & finance services, and educational bodies.
- The average amount spent by government agencies on data and information security is $49,000.