Volatility has wreaked havoc on the major stock market indexes since the beginning of the year on concerns over the Fed’s impending interest rate hikes and U.S.-Ukraine-Russia tensions. Technology stocks have experienced a significant sell-off since the beginning of the year, with the tech-heavy Nasdaq Composite declining 16.6% year-to-date.
However, the increased adoption of cloud, hybrid business structures, and service-based IT by businesses to make their operations efficient should keep supporting the tech sector. According to Gartner, worldwide IT spending, which includes data center systems, enterprise software, devices, IT services, and communications services, will reach $4.5 trillion in 2022, increasing at 5.1% per annum.
