Forecast Report

Global Tech Market Outlook For 2021 To 2022

The Tech Contraction Of 2020 Will Turn To Growth In 2021 And 2022

July 19th, 2021
Michael O'Grady, Principal Forecast Analyst
Michael O'Grady Principal Forecast Analyst
Himank Joshi, null
Himank Joshi
With contributors:
Keith Johnston , Frederic Giron , Andrew Bartels , Kara Wilson

Summary

Global tech investment was flat in the pandemic recession of 2020 but will bounce back to 6.5% growth in 2021 and 2022, driven primarily by software’s expected 10% growth in both years. The largest tech markets, China and the US, are experiencing rapid economic recoveries and will account for 56% of tech investment growth in 2021 as other regions lag due to lingering recessions from continued or resurgent COVID-19 cases. Asian and European tech markets are also caught in the crossfire between the US and China over technology protectionism. Over the next decade, software, tech services, and the availability of tech workers with advanced digital skills will drive tech market growth.

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