Forecast Report

US Tech Market Outlook, 2022

Another Year Of Strong Tech Budget Growth

February 28th, 2022
Michael O'Grady, Principal Forecast Analyst
Michael O'Grady Principal Forecast Analyst
Himank Joshi, null
Himank Joshi
With contributors:
Keith Johnston , Matthew Guarini , Michael Kearney

Summary

Despite the Omicron variant and the resurgence of COVID-19, ongoing supply chain disruptions, and inflation spikes, the US economy keeps growing. Forecasts for US real GDP growth in 2021 and 2022 have been marked down, but they still show the US economy (adjusted for inflation) growing by over 5% in 2021 and by 3% in 2022. Professional and business services, media and information, financial and insurance services, telecommunications, and government — industries that together capture 63% of US tech spend — are seeing strong tech spend. We expect tech spend on goods, services, and personnel by US business and government to grow by 9% in 2021 and by 7.2% in 2022.

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