The tech industry has been impressively resilient amid the COVID-19 pandemic, given the rising digitization across businesses and the increasing rate of technological uptake. According to Gartner, worldwide IT spending is projected to increase at a 4% CAGR to $4.40 trillion in 2022, while tech budgets in the U.S. are expected to expand by 6.7% this year, with software spending expected to be especially strong compared to other tech categories.
Rising concerns over historically high inflation currently and climbing interest rates have battered several fundamentally sound technology stocks this year. However, this provides the right opportunity to scoop up these stocks at attractive prices for future gains.
