The global technology market predictedly will grow from now through 2020. Maybe you should, thus, consider adding introducing your company to the technology world. The research firm forester has recently released a report about this. They have even given the industry specific predictions for the year. With the increasing demand for customer-centric industries, businesses had to adopt new strategies. They are more customer-focused and allow for a deeper, sustainable understanding of their market. To stay successful in an increasingly competitive environment, businesses must invest time and money in acquiring the latest technologies. As we see more advancements and innovation being made around the customer experience and creating new products & services, companies must be able to respond quickly.
Four key developments
As a think tank points out, there are four key developments in the technology market that are shaping its course. They include business strategy focused on customer service. They aim to increase focus on human capital investment, increasing monetization of an automation revolution and extending the global reach of SaaS solutions.
1) The global technology market will maintain its growth over the next few years, with demand for new products and services driving up economic growth.
2) Spending on cloud apps and services, such as Microsoft Office 365, will grow at double-digit rates. This growth may level out some traditional software and technology costs. This is likely to happen with the release of smartphones over the coming years. In categories such as enterprise applications, where cloud subscription revenues now exceed licensing revenues, growth will approach 10% in 2018. But in other categories, cloud is still not a big enough part of overall spending. It cannot offset the declines there.
3) By 2017, the US and 6 other countries, namely China, India, Indonesia, South Korea, Sweden, Denmark will see technology growth of 4%.
4) Business technology has a serious problem. Standardized digital channels are making it harder to differentiate your business from the competition, but technological advancements will be able to narrow the gap. Spending on CRM, e-commerce, customer data analytics, and other technologies that help businesses serve and retain their customers will make up 28% of total technology spending in the global market.
Estimates
Forrester’s estimates for 2017 and 2018 is that the market for software, equipment, and technology for businesses and governments will grow by about 3.4% in both years. Between 2-6% in 2017 and 5-9% in 2018 is your forecasted growth rate for software sales and consulting services. Hardware is starting to show some signs of recovery. According to the latest forecasts, growth in this category will be 2.6% next year and 3% the following year. This includes buoyant forecasts for equipment for the telecommunications market. They will increase by 3.1% and 1.5%. The positive pace in the outsourcing services market was really impressive in 2017. This is not something that can continue into 2018, however, where there will be an anticipated 2% decrease.
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Author: PC-GR
The World of Technology
