The Tech industry has been in the limelight since the onset of the COVID-19 pandemic, with a dramatic increase in demand for digitization and cloud-based solutions. Gartner projects global end-user spending on public cloud services to grow 21.7% year-over-year to $482 billion in 2022. Considering the broader picture, the organization projects worldwide IT spending to reach $4.50 trillion this year, an increase of 5.5% from 2021. The industry is expected to continue benefiting from the priority organizations have now placed on digital transformation, and the hefty investments they are making to accommodate hybrid work structures.
The tech-heavy NASDAQ Composite notched multiple record highs last year, fueled by investors’ optimism. However, it appears that the index has entered correction territory because it has slumped 13.5% year-to-date. In addition, 2022 is expected to be a year of normalization for the technology sector.
