It is not shocking to hear that spending on technology is increasing in both the consumer and business landscape. According to a new report, further growth in this area could be on the horizon.
Last week, Forrester Research released a study on technology spending and found that the overall market (consumer and business) will rise 5.3 percent in 2014 to $1.315 trillion. This number will keep growing in 2015 by 6 percent and could surpass $1.4 trillion. This will be pushed by an improving economy and accelerated purchases by the corporate and government sectors.
"2014 looks like the first year since 2011 that threats of federal government shutdowns, potential failures to raise the federal debt ceiling, and austerity measures will not disrupt the prospects for US economic growth," Forrester vice president and principal analyst Andrew Bartels said in a report released Thursday.
The report also broke down the increases by specific categories in each of the next two years. They include:
- Software – 2014: 8.6 percent, $284 billion, 2015: 9.4 percent, $310 billion
- Computer and peripheral – 2014: 6.7 percent, $134 billion, 2015: 6 percent, $142 billion
- Telecommunication services – 2014: 1.7 percent, $354 billion, 2015: 3 percent, $364 billion.
This is also going to lead to an increase in the IT service provider market as companies need help to implement new products. This includes an increase of 8.1 percent each of the next two years, reaching $198 billion in 2015.
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