Small Businesses Expand Technology Budgets in 2020

Small Businesses Expand Technology Budgets in 2020

January 27, 2020

According to our recent Local Pulse Report™, 35% of US small businesses plan to increase investments in technology over the next twelve months. Up 17% from 2019, business owners plan more investments in cloud-based software to help manage various aspects of their businesses, customer relationship management tools, and online scheduling systems.

When asked about the main drivers for the increase in investments, 55% of business owners stated they want to upgrade their technology to save time, followed by 40% to increase capabilities, and 28% to reduce overall costs.

The study also revealed that businesses that have already invested in technology are more willing to spend more, with 65% saying they are upgrading technology capabilities in other aspects of their business. Eighty percent of these business owners stated that early investments have been paying off with significant improvements to business growth.

Some common concerns small business owners have around technology included the ability to stay up to date on the latest technology, having enough capital to invest in new technology and cyber-security and data privacy issues.

Even though there are concerns, nearly half (45%) feel that having the right technology in place will be critical for their business success over the next three years.


We will be highlighting some of the additional findings in an upcoming report on small business technology trends.



Insights Datahub™

Accelerate your plans and strategies with data-driven intelligence.
MAGNA Releases US Advertising Forecast For Fall 2023
Small Business Survey Reveals Record Optimism, Despite Inflation Concerns
The Power of Precision Branding in Marketing Investment
Google's AR Glasses Project Halted- A New Landscape for AR Adoption
The Future of Shopping- Understanding Gen Z's Retail Habits
Global Advertising Revenue Expected to Grow by 5.9% in 2023- Implications for US Marketers
The Future of VR- Unlocking Mainstream Success
Winning the SMB Tech Market- Strategies for Success
Understanding Virtual Reality Users' Game Content Purchasing Behavior
VR Headset Purchases in 2023- What the Data Tells Us

Sign Up for

More Research

Sign up to always stay up-to-date on the latest news and research trends.

By signing up you accept the terms of service and the privacy policy.

More Articles

No data was found