Forrester: Boom in IT spending to drive economic recovery
Summary
The global technology market will see robust 6% growth in 2022 and 2023, significantly faster than pre-pandemic levels, according to new research from Forrester. The analyst firm said tech stocks boomed in 2021 because of record-low interest rates and central bank liquidity injections to limit the pandemic’s economic impact. “The top three vendors – AWS, Azure and GCP – have a collective annualised run rate of ~$120bn, growing 43% year-over-year from Q3 2020 to Q3 2021,” said the authors of the Global tech market outlook for 2022-2023 report. But, in five years’ time, as much as two-thirds of in-house developments could adopt low-code or no-code tools to help relieve the pressure of labour costs on tech talent. However, the Forrester analysts expect that IT providers will expand their products and services outside their traditional markets to rebalance European tech investment.