Researchers have predicted that global spend on enterprise software will increase in the coming months, channelbiz.com reports.
A report from US technology researchers Gartner claimed that more businesses are abandoning their in-house solutions to accommodate Software as a Service (SaaS), leading the group to predict that worldwide spend on the market will rise by 4.5 per cent in 2012.
This will bring the total spend to a staggering $120.4 billion (£76.4 billion), up from the $115.2 billion (£73.4 billion) recorded in 2011.
Although the increase may please many software developers around the globe, the results posted do show a slight deceleration in growth from Garnter's original set of predictions. The company pencilled in a five per cent hike earlier in 2012 which may not be realised, but researchers took into account the state of some of the world's largest economies.
Gartner vice president Tom Eid noted that the certain global marketplaces are still in a delicate position and this heavily impacted the findings. However, Mr Eid was keen to declare that overall, there is a growing trend of investment in enterprise software.
"After more than a decade of SaaS and cloud service use, adoption continues to grow and evolve within the enterprise application markets," Mr Eid proclaimed.
Talking to cbronline.com, Mr Eid went on to provide reasons for the growth, stating: "This is occurring as tighter capital budgets demand leaner alternatives, popularity and familiarity with the model increase and interest in SaaS and cloud computing grows."