A new report from Forrester analyses the global tech market outlook for 2021 and 2022 states there will be a spike in tech investment to 6.5% growth in 2021 and 2022 after being flat in the pandemic recession of 2020.
Tech spending in Asia Pacific, one-third of which comes from China, will grow by 6.2% in 2021. China’s public cloud and AI markets are expected to grow by more than 30% in both 2021 and 2022.
In addition, China plans to boost its chip-making capabilities to achieve 70% semiconductor self-sufficiency by 2025. The report highlights the fact that Turkey along with India will be the top countries who will spend more on global techno
Global tech markets will rebound in 2021 in all categories:
Software will grow by 10.1%. Strong growth will be driven by a recovery in spending on marketing and advertising applications, which were hit hardest in 2020 as enterprises curtailed noncritical investments to focus on work-from-home, productivity, and e-commerce applications.
Collaboration applications like Zoom, Slack, and Microsoft Teams will continue to see robust demand in 2021 as enterprises develop their return-to-work environments to support anywhere-work strategies.
Tech consulting and outsourcing services will grow by 6.3%. The pandemic caused many firms to curtail new projects and renegotiate outsourcing deals
Communications equipment will grow by 5.8%. Although enterprises will be slower to invest in communications equipment in the first half of 2021, new spectrum allocations and the resumption of wireless network expansion will drive capital expenditures in the second half of the year. China continues to drive 5G adoption; nearly 80% of smartphones it ships are 5G-enabled.
Computer equipment will grow by 4.0%. PC shipments will sustain their momentum, driven by the needs of hybrid education and office work environments.
Telecom services will grow by 3.4%. Rising connectivity demand and network usage shielded telecom service providers from the worst economic impacts of the pandemic, but revenue from office-based traffic dipped. Remote working, internal collaboration among teams, and remote supervision and activity tracking will continue to sustain telco revenue growth.
