The tech sector has witnessed a significant sell-off this year amid the Fed's aggressive rate hikes to combat the uncomfortable inflation. The International Monetary Fund reduced its global growth predictions and warned of a severe global recession if policymakers managed the fight against inflation poorly.
However, continued digital transformation across industries, growing usage of data-driven solutions, and considerable investments in cloud-based technology should drive the software industry's growth. According to Gartner, worldwide software spending is projected to grow 9.6% to $806.8 billion in 2022.
