As economic conditions continue to improve, tech spend will grow 5.3% in 2024 — up from 3.5% in 2023. Two factors will primarily contribute to this growth: Increased spending on software and IT services, including genAI, cloud, security, and digital, and economic growth in Asia Pacific. By 2027, software and IT services will capture 69% of global tech spend, with investments in genAI software predicted to reach $227 billion by 2030.
Read MoreForrester estimates that global tech spending will rise to $4.7 trillion in 2024, However, the highly competitive markets and increased spending will add pressure on technology leaders to provide IT capabilities that can contribute to their firm's growth agenda while managing costs and increasing efficiencies - and disconnected IT strategies can undermine the positive impact on revenue, profit, customer satisfaction, and employee engagement.
Read MoreAccording to Forrester, at least a third of B2B buyers in North America and Europe, and over a quarter in Asia Pacific, prioritize price in their purchasing decisions due to macroeconomic headwinds. To simplify the buying process, providers should offer transparent pricing and demonstrate their offerings' ROI throughout the journey.
Read MoreGenerative AI (genAI) will begin to deliver significant ROI for most enterprises in the next two to four years. To fully benefit from genAI applications, firms must navigate its risks, including trustworthiness, evolving regulations, and potential intellectual property complications. GenAI remains a top investment despite risks due to its breadth of broad impact and ability to accelerate many other emerging technologies, including autonomous workplace assistants and conversational AI.
Read MoreIn spite of challenges including fragile post-pandemic supply chains; a shortage of science, technology, and engineering workers; and questions about how quickly China can restart its economy, APAC tech spending will continue to grow by 6.8% to 7.3% per year from 2024 to 2027. In 2023, Forrester projects regional tech spend growth to be:
Read MoreIn a surprising development, General Motors (GM) has announced that it will eliminate Android Auto and CarPlay from its upcoming electric vehicles (EVs) from mid-year 2024. In its stead, GM envisions a built-in, native OS. Needless to say, this development has invited significant criticism from consumers.
Read MoreOutdated short-term growth strategies that focus on extracting value from customers no longer work. Dramatic changes in buyers’ behavior, evolving business models, and technological advances mandate a shift in how companies design their strategies and operate their organizations. To drive profitable and sustainable business growth in this environment, alignment in B2C firms is critical to powering a customer-obsessed growth engine.
Read MoreOne year ago, COVID-19 was declared a global health emergency, impacting all sectors virtually overnight. With the pandemic hitting this benchmark, Forrester analysts are available for interviews to discuss how specific sectors have been impacted these past months worldwide, as well as what 2021 will look like as we keep adjusting to this “new normal.”
Read MoreThe overall artificial intelligence software market will grow to $37 billion by 2025, but will fall below current investor projections of $150 to $200 billion for the same time period. Within the AI software market, AI application growth will be constrained by technology vendors embedding AI functionality into existing software products more frequently.
Read MoreThe U.S. B2B E-commerce industry will total $889 billion by the end of 2017 and will have a compound annual growth rate (CAGR) of 7.4 percent, bringing its value to $1.2 trillion by 2021, Forrester Research projects.
Read MoreAd fraud and non-viewable ads are main problem areas for the digital ad industry, resulting in wasted time, effort, and money, according to new research released by Forrester.
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