While macroeconomic uncertainty could hamper near-term growth, the tech industry’s long-term prospects remain promising in light of government initiatives and digital transformation across industries.
So, quality tech stocks Panasonic Holdings Corporation (PCRFY – Get Rating), Spirent Communications plc (SPMYY – Get Rating), and TransAct Technologies Incorporated (TACT – Get Rating) could be worth buying.
According to Gartner, global government IT spending is expected to reach $589.80 billion in 2023, a 7.6% rise from 2022.
Also, the digital transformation market is expected to grow at a 21% CAGR to $2.74 trillion by 2030. The market is driven by technological advancements, changing customer expectations, competitive pressures, evolving business models, operational efficiency, and sustainability.
Moreover, spending on new technologies is expected to hit $1.36 trillion in 2023, adding nearly 30% to the expected spending on traditional items.
The information technology market is expected to grow at a 7.9% CAGR until 2027. Investors’ interest in tech stocks is evident from the iShares U.S. Technology ETF (IYW) 42.2% returns over the past six months.
Let us look deeper into the fundamentals of the featured stocks…
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