Top Software Trends in August 2024: Lower Prices, Faster Buying Cycles
At Vendr, we believe buying software should be as easy as online shopping. That’s why we built a Marketplace where you can get the best software at low prices—without the hassle of sales negotiations.
In August 2024, more than 500 unique products were bought on Vendr. Today, we're excited to share the top software suppliers and categories. These insights highlight market trends while showcasing how businesses are using Vendr to simplify buying and maximize savings.
August Buying Trends: A Snapshot
In August, we observed significant shifts in buying behavior:
- It took 27 days to buy net new software, down from 29 days in the first seven months of 2024.
- Software renewals took 39 days, compared to 45 days from January through July.
When looking at contract values:
- Median net new ACV was $13K, compared to $17K from January through July.
- Median renewal ACV dropped to $24K, down from $29K in the first seven months of 2024.
What’s Driving the Changes?
Faster Buying Cycles
Buyers are moving faster—whether it's net new purchases or renewals. This shows that companies are streamlining procurement, making decisions with more confidence, and sticking with what works. The faster cycles reflect how Vendr helps simplify software buying, delivering more value in less time by cutting out unnecessary negotiations.
Lower ACVs—Strategic Spending
The drop in ACV for both renewals and new purchases points to cost-conscious buyers. Businesses are prioritizing value, negotiating better deals, and being more selective with purchases. These trends reflect the current economic environment, where efficiency is key and smaller, faster deals are becoming the norm.
Now, let’s check out which products were most popular last month on Vendr.
Top Software Suppliers on Vendr: August 2024
Top 5 Suppliers for Net New Purchases
Top 5 Suppliers for Renewals
Top Suppliers: Key Trends
Dominance in Communication and Collaboration
Slack and Zoom continue to dominate renewals, showing the ongoing need for seamless communication in a virtual world. Both suppliers also remain strong in new purchases. Atlassian’s tools (Jira, Trello, Confluence) highlight the continued demand for project management and collaboration, especially in distributed or hybrid work environments.
Focus on Customer Experience and Data
Customer happiness is more important than ever, with 41% of support teams ranking Customer Satisfaction Scores (CSAT) as their top KPI. As customer acquisition costs rise, businesses are focusing on retention as a growth strategy. Rudderstack’s popularity highlights the importance of integrating and analyzing customer data. Tools like Qualtrics emphasize the critical role of the customer experience in business operations.
Emerging Solutions
Nue, a newer player in SaaS, suggests companies are open to exploring new solutions in established categories. Nue is a quote-to-revenue platform that helps B2B SaaS companies manage and scale revenue operations across different sales channels, revenue models, and customer lifecycles.
Top Categories on Vendr: August 2024
Top 5 Categories for Net New Purchases
Top 5 Categories for Renewals
Top Categories: Key Trends
Revenue Management and Sales Enablement
Companies are focusing on optimizing revenue and improving sales processes. The popularity of revenue management tools indicates a push for better financial oversight, while sales enablement tools are helping teams close deals faster. Vendr data shows net new purchases closed 7% faster in August, reflecting these improvements.
Security Remains a Top Priority
Cybersecurity and Identity and Access Management (IAM) tools continue to see strong renewals, underscoring the ongoing need for data protection. In addition to Cybersecurity and IAM, Cloud Security and Governance, Risk, and Compliance (GRC) are among the top security subcategories year-to-date on Vendr.
AI and Machine Learning Adoption
AI and Machine Learning tools are increasingly important as companies future-proof their operations. Businesses are leveraging AI for data analysis, automation, and innovation. For the first eight months of 2024, the volume of AI purchases increased 7% compared to the same period in 2023, highlighting its growing role in business strategy.
Vendr has processed more than 40,000 software transactions, with an average savings of more than $14,000 per contract. Looking for even more SaaS buying data? Check out our most recent SaaS Trends Report.
Ready to skip the sales negotiation and get a low price? Check out our Marketplace today.
