The tech sector witnessed significant growth driven by the pandemic-induced digital transformation across industries and increased demand for cloud-based solutions. Looking at 2022 and beyond, the sector is expected to be supported by the increased embracement of cloud and service-based IT and the popularity of a hybrid workforce.
The technology industry is set to exceed $5.30 trillion in 2022, growing 5%-6% year-over-year. Moreover, a study of U.S. statewide budgets shows heavy spending on tech over the next several years. The budgets contain funding allocations for several types of technology.
