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ON-DEMAND WEBINAR
The US Tech Market Outlook For 2021 And 2022: Tech Spending By Industries
Original Broadcast Date: December 15th, 2021
Michael O'Grady
Principal Forecast Analyst
Andrew Bartels
Vice President, Principal Analyst
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Description
The US tech market is poised on another year of 7% growth in 2022, following similar growth in 2021. But different US industries will have different tech budget outlooks. This webinar helps tech executives and tech vendors understand the 2022 outlooks for tech spending by industry.
Key takeaways:
- The US tech market continues to show strong growth momentum, with growth of around 7% in 2022.
- Software and tech services will capture more than 75% of tech spending growth in 2022, with rising cloud adoption and increased spending on data and analytics key themes.
- Across all industries, tech spending has grown faster in 2021 than 2020. Growth rates will slow in 2022, but average growth will stay stronger than before the pandemic.
- In 2021, the biggest growth in tech budgets has been in industries most impacted by the pandemic: oil and gas, utilities, and primary production. Retail wholesale, leisure, and transportation saw large tech spend bounce-backs. In 2022, media and information, professional and business services, and utilities will see the fastest growth.
- Professional and business services, financial services, media and information, telecommunications, and government have the largest US tech budgets; they drive almost two-thirds of tech spend.
- With more than 60% of technology spend going toward intangible assets in software and services, technology vendors will need to be even more transparent on the choices their clients face — notably around cloud services — and will need to adapt their offers to become more sustainable.
Target audience level: intermediate
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