Wednesday, March 22, 2023

Global Tech Market Will Continue to Grow, Thanks to Software

By Vishal Muktewar - March 11, 2022 3 Mins Read

Global Tech Market Will Continue to Grow_ Thanks to Software-01

The latest report from Forrester revealed that the global tech market is expected to grow at an unprecedented rate, mainly due to the advancement in software.

A recent report from Forrester provides in-depth insights about the fastest growing aspects of the global technology market, with software and IT services predicted to witness the most gains throughout 2022. As per the report titled “Global Tech Market Outlook for 2022 To 2023,” the software market is expected to grow by 10.5% in 2022, while IT services witness a downward trend sinking to 6.8%.

The report analyzes the market growth areas of the technology sector in 2022 as well as the areas across the globe where the technology will observe considerable advancement in value.

The Forrester report revealed that Microsoft would see a 13% increase in its value over the next couple of years after having low growth rates due to record-low interest rates along with central bank liquidity to deal with the effects of the COVID-19.

Today, IT executives seek to make the cloud a go-to for the data storage needs of their enterprise. The report revealed that organizations planning to migrate to the cloud are thinking about having 58% of their applications on the cloud itself. 43% of IT decision-makers have already migrated to the cloud.

The public cloud spending is expected to twice within the next few years, with organizations not planning to move their non-critical operations to the cloud.

The Forrester report revealed that next to the cloud providers in the tech market will be IT services. This is primarily due to their move to remote and hybrid work environments during the COVID-19. These IT services will grow significantly when compared to the levels of growth in pre-pandemic, especially in areas such as data privacy, software security as well as data management services.

Also Read: Women in Tech: Diversity and Inclusion (D&I) at Workplace

After cloud and IT services, communications equipment have secured the spot for the fastest growing technology even after facing the effects brought down by the supply chain disruption. The sector will see a four percent growth even after the supply chain disruption that has occurred due to the pandemic.

2022 will see North America be the top tech investor, as the US holds 41% of the technology spending this year across the top-40 markets of Global Tech Outlook by Forrester. Financial services, government, media and information, professional services, data processing, and insurance to see strong production in 2022.

Asia is set to view as much growth as North America as China represents a significant portion of its economy, ranging from in-house software development to technology exports. Over 80% of the tech investment of China is expected to come from partnerships, embedded software development, in-house developments despite the restrictions posed by the US placing Chinese organizations on its import blacklist in December of last year. After China, India is the biggest offshoring destination for IT firms as tech exports are expected to grow three times more than what they spend.

The report from Forrester reveals software vendors to expand their products and services outside of their traditional markets by taking a step into the software-as-a-service (SaaS) revolution along with investing in renewable energy via technology. This substantial growth in respective areas such as software, cloud, IT services, and green energy is anticipated to refocus tech investments as a whole.

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Vishal Muktewar

Vishal Muktewar is a Senior Correspondent at On Dot Media. He reports news that focuses on the latest trends and innovations happening in the B2B industry. An IT engineer by profession, Vishal has worked at Insights Success before joining Ondot. His love for stories has driven him to take up a career in enterprise journalism. He effectively uses his knowledge of technology and flair for writing, for crafting features, articles and interactions for technology enterprise media platforms.

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