The World Wide Tech Market is Poised to Explode

October 23, 2017 - Written By Fawad Malik

Looking back at the last six months, tech industry researchers are confident that the rest of this year and then on into 2018, we will see worldwide purchases of technology hardware and software mainly government and corporate businesses will grow by as much as three percent this year and most likely by four percent next year.

The continuing flexibility and utility of technology are driving the market in a variety of niches. There are the exponential tech venues, such as VR and AR in robotics, as well as the dawn of AI.

Machine learning is now a reality, thanks to technological breakthroughs. Big data is being infused with superior capabilities.

Digital currencies, of course, cannot exist without current technology. Blockchain and other programs are having an enormous and disruptive effect on traditional financial services.

Cybersecurity technology continues to evolve at rates that can only be labeled exponential. That’s because cybercriminals continue to evolve as well — and there is ample proof that as an instrument of governmental policy, cyber penetration of another country’s secrets and strategies is blossoming in an energetic, and sinister, manner.

The experts predict that tech consulting spending and software purchases will have tremendous growth in the coming years. Spending in the two categories is expected to increase by approximately four-point-three percent for the rest of this year, and then become even stronger next year — with an estimated growth percentile of over six percent. And tech hardware is stirring, as well. Spending on computer equipment is seeing an uptick of nearly 3 percent this year, and probably 3 percent more in 2018. Communication hardware could be even stronger by next year, averaging over two percent in the next 18 months. Telecom and outsourcing technology services will not be quite so robust, with a predicted increase in spending of less than two percent increase the remainder of this year and into next year. Additionally, money spent repairing cell phones and other tech is expected to increase steadily as well.

Here’s what’s driving these positive financial forecasts for the coming 18 months:

Stronger world economies

Despite the scary headlines, the majority of world markets have become more stable and dependable during the past year. This means that investment in the tech market can confidently be expected to grow steadily. Service orders in many tech sectors, such as cybersecurity and AI, are already ahead of conservative forecasts.

The continuing growth of cloud technology and usage

Double-digit growth rates are predicted for cloud platform service and cloud applications during the next year and a half. But it comes at a cost — namely, the cannibalization of traditional spending on things like hardware, tech services, and software. So this cannot be seen as a complete positive in financial terms. Still, in some areas cloud revenues from subscriptions have already overtaken regular license revenues. This is expected to continue for the next year at rates around ten percent per annum.

The rise of business technology

Every layer of a business’ infrastructure, from the physical plant staff to the clerks to the IT people, to the sales department to the managers, are going to need more up to date technology to meet the demands of their specific duties. So budgeting and spending on technology will continue on an upward curve for the foreseeable future.