The major market indices continue to exhibit significant volatility due to investors’ concerns surrounding forthcoming interest rate hikes and escalating geopolitical tensions. The tech sector has been among the hard-hit sectors. The tech-heavy Nasdaq composite has plunged nearly 13.4% year-to-date.
However, the continuation of remote working and ongoing digital transformation across industries should help the sector rebound quickly. According to Gartner, global IT spending is expected to reach $4.5 trillion in 2022, representing an increase of 5.1% from 2021. In addition, with corporations venturing into emerging technologies, such as 5G, quantum computing, artificial intelligence, and metaverse, the sector should thrive.
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