The tech industry has grown in recent years, especially the past two years as demand for digital transformation exceeded all expectations due to the pandemic. And the trend is set to continue: estimates show that spending in the information technology (IT) sector will hit US$5.3 trillion this year, with North America getting the majority of the market share.
In the US, key categories that will account for at least 50% of spending are IT and business services, telecom services, software, devices and infrastructure, and emerging tech. Software as a Service (SaaS) catapulted into the collective business consciousness during the pandemic as many organizations scrambled to adapt their operations in the face of global disruption.
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