The days of go-go, double-digit growth for tech are long gone and do not appear to be on the way back anytime soon. Even though businesses are moving to the cloud and adopting new technology to stay competitive, global IT spending will be more or less flat this year and growth will remain sluggish through 2020, according to Gartner.
The market research firm is forecasting worldwide IT spending to total US$ 3.49 trillion this year, a 0.5 percent decline from 2015. That’s down from a forecast of 0.5 percent growth the company made last quarter. The change in the forecast is mainly the result of the dollar’s growing strength against other currencies.