The US tech market growth will be 5.6% in 2014 and 5.8% in 2015, according to a new forecast from Forrester.
Forrester has dropped its April forecast from 5.9% and 6.6% in 2014 and 2015, respectively, due to weaker than expected growth in computer equipment and software.
The projected growth, which can be attributed to technologies that focus on the end customer, will bring the US tech market to $1.305 trillion in 2014 and $1.382 trillion in 2015. Forrester projects that software — the way companies differentiate both in the cloud and on-premises in the age of the customer — will represent $257 billion of total tech budget spending in 2015, an 8.7% increase from 2014. In contrast, computers and peripheral equipment will represent only $75 billion of total tech budget spending in 2015.
In a complementary report, Andrew Bartels also projects US tech spending by industry, with telecommunications, chemicals, oil and gas, and utilities seeing the biggest growth.