Software Reseller Survey points to ''soft landing'' (for now) Today we publish the results of our BNPP EuroVision Software Reseller Channel Checks where we survey ~25 reseller globally, with 2/3rds outside of the US (~50% in Europe). While the overall IT spend intention score was down for the fourth straight quarter, it was down only slightly from October levels, which was reassuring. There was not much change in IT spending priorities, with Public Cloud continuing to score very well (which may ease some concerns around Azure and AWS seeing a significant deceleration) along with BI/Analytics and ML/AI. At the other end of the spectrum, Procurement, Financials, SCM and HCM remain lower priority areas. At the vendor level, a few surprises AWS saw the highest score over the last three months (i.e. ''how did the vendor do vs plan''), just as they did last quarter, although the absolute scores did fade. Microsoft was weaker as well over the last three months, but scored strongly for expectations for the next three months (i.e. what is your y/y growth plan over the next three months). Notable movers were Qualtrics, with a significant improvement in future growth expectations. On the other end, ServiceNOW was 7th out of 10 vendors over the last three months (23% of respondents indicated spending above plan last Q, down from 44% for the Sept Q), and dead last out of 10 for next three months growth expectations. Oracle also saw a deterioration in results, while SAP also faded some. We compliment our data survey with discussions with key partners Our European discussions were more upbeat than three months ago. The warm winter has thus far put off any energy rationing, and inflationary pressures are easing. Customers are approaching 2023 cautiously, but constructively. Discussions around SAP were still supportive, while Qualtrics was surprisingly upbeat despite being ''front office'', as it is a small ticket size technology that can have a noticeable...