Forrester analyzed the impact global economic trends will have on tech spending. According to the outlook, a weakening global economy will cause the global tech market’s growth to slow from 5% in 2018 to 3.8% by 2020.
Forrester also broke down tech spending trends by region, finding that:
- The US represents more than 2/5 of all global tech spending: It is projected to spend $1.46 trillion in 2019, showing 6.3% growth – almost twice as fast the global growth rate of 3.3%
- The European tech market is slipping: Western and Central Europe – spending $949 billion in 2019 – will remain the second-largest regional tech market, but one of the slowest-growing at 0.1%
- China and Asia Pacific will spend only $769B in the tech market: Despite China and India’s tech markets expanding by more than 6%, Japan’s tech market continues to weaken while Australia’s and South Korea’s tech markets are growing at average global rates
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