Consecutive federal rate hikes have marred the growth of tech stocks in 2022. The tech-heavy Nasdaq composite has lost 28.8% year-to-date. However, demand for software goods and services is expected to remain robust despite experts expecting a recession.
According to SkyQuest Technology Consulting Pvt. Ltd., the global software market is projected to expand at a CAGR of 6.6% from 2021 to 2028. According to Gartner, total worldwide software spending is set to grow from about $790 billion this year to $879 billion in 2023, representing an 11.3% growth rate.
