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As the new year gets underway, TechMarketView analysts have released their Predictions for 2023. There is no doubt we face uncertain times and a tech scene that will be influenced by a whole range of factors – both positive and not so positive.
However, as we highlighted in our research report, The Impact of economic turbulence on UK SITS, it is TechMarketView’s belief that the tech market will display resilience over the next couple of years.
Indeed, our revised forecasts indicate that growth in 2022 will tick over into double digits at 10.2%. That is up from our original forecast of 8.0%, set in our previous round of forecasts in June.
As we head into what is predicted to be one of the longest recessions the UK has ever seen, tech suppliers will clearly not be immune to the effects. However, there are various reasons to be optimistic. The biggest of those is that technology is now embedded in everything we do, as individuals, as corporates, and as Government.
Moreover, technology is widely viewed as something that can be used as a competitive differentiator, as an efficiency saving tool, and as a productivity enabler (see TechMarketView’s research theme 2023: Pursuing Productivity). It is not a nice to have. Organisations do not view spend on technology as dispensable. Indeed, delaying digital transformation is likely to be seen as folly that will have negative long-term effects.
In this report outlining TechMarketView’s Predictions for the UK tech market in 2023, we have focused on the areas that we think will thrive, i.e., where we think our clients should direct their attentions. But we are not ignoring the fact that ‘we all drink from the same trough’. If the end user organisations that tech suppliers service are cutting budgets, technology spend will not be entirely protected. Moreover, the abundant uncertainty being created by the current economic picture, will make buyers more cautious and more reflective of where they spend their money. And this is reflected in our latest forecasts, due for publication next week.
Available for TechMarketView clients are our key Predictions for 2023 – all of which are areas suppliers should focus in on to provide the best value to their customers in 2023. Those Predictions are:
Read the full report for further explanation, see TechMarketView Predictions 2023: Tech opportunities in an economic downturn. To become a TechMarketView client, contact Deb Seth.
Posted by HotViews Editor at '09:50'
