Global Tech Industry to Experience Drastic Recovery in 2010
January 16, 2010 – 6:12 pmIn a recent study, it has been revealed that the global technology industry will bounce back in 2010, after a tough 2009. The reason accounting for this drastic recovery is due to the huge spending expected on IT hardware and software this year. As the “downturn” in last two years, 2008 and 2009, is “unofficially over”, the current year will experience the worldwide spending to jump over 8.1 per cent, increasing the size of the industry to USD 1.6 trillion.
With an estimated rise of 11.2 per cent in tech expenditure, Europe will be having the fastest tech recovery. Also, due to the fall in the value of dollar against euro, the countries in central and western Europe are likely to get an additional boost for the same.
But if we measure the growth in terms of local currency, the US is forecast to see the highest growth in technology industry, with an expected rise of 6.6 per cent to USD 568 billion.
After analyzing the facts on best-performing industries, Forrester analyst Andrew Bartels
said that software and computer industry will turn out to be the fastest recovering industry with highest spending rate. This is expected to be the one that will outstrip the US overall economic recovery. The rate of spending on technology is growing just at the double the rate of GDP.
According to Forrester, the IT industry will take a period of six-seven year to complete the cycle of growth and innovation, where the growth is basically driven by ’smart computing’, that represents a collaborative contribution of hardware and software technologies to introduce new levels of efficiency.