U.S. tech stocks have been foundering lately amid concerns about the Fed's aggressive interest rate hikes, surging inflation, and rising U.S. Treasury yields. However, the heightened demand from consumer and commercial segments is expected to drive growth in the tech industry. The major trends benefiting the tech industry include automation, Industrial Internet of Things (IIoT), artificial intelligence (AI), cloud computing, and data analytics, among others. By 2025, more than 50 billion devices are expected to be connected to IIoT. In addition, the annual installations of industrial robots are projected to reach 600,000 by 2022.
Furthermore, worldwide tech spending is expected to hit $4.4 trillion in 2022, representing an increase of 4% year-over-year, based on the latest report by Gartner, Inc (IT). And according to a report by The Business Research Company, the global information technology market is projected to reach $9.33 trillion in 2022 and $13.82 trillion by 2026, growing at a CAGR of 10.3%.
