The major market indexes continue to experience extreme volatility due to the aggressive interest rate hikes planned by the Fed to control the multi-decade high inflation and the rising geopolitical tensions between Ukraine and Russia. Technology stocks have experienced a significant sell-off since the beginning of the year, with the Nasdaq Composite declining 11.9% year-to-date.
The technology industry has helped businesses stay functional since the onset of the COVID-19 pandemic. The increased adoption of cloud, service-based IT, and hybrid business structures by businesses lead to solid growth for most technology companies. The technology industry is expected to witness further growth due to the rapid adoption of newer and advanced technologies and solutions. According to Gartner, the worldwide IT spending, which includes data center systems, enterprise software, devices, IT services, and communications services, will rise to $4.50 trillion in 2022, representing an increase of 5.1% from 2021.
