While the technology sector experienced a challenging period in 2022, the first quarter of 2023 marked a turnaround, with tech making a remarkable recovery. The second quarter witnessed an even more impressive surge, largely fueled by the immense hype and increased demand for all things related to artificial intelligence.
As a result, the sector has emerged as a top performer compared to the overall market performance over the past 12 months.
Therefore, I think quality tech stocks Panasonic Holdings Corporation (PCRFY – Get Rating), Ricoh Company, Ltd. (RICOY – Get Rating), and Spirent Communications plc (SPMYY – Get Rating), which are rated an A (Strong Buy) in our proprietary rating system, could be ideal buys this month to capitalize on the industry tailwinds. These companies also pay stable dividends and exhibit robust profit margins.
The computer hardware market is poised to benefit significantly from the accelerated growth in investments in smart city projects worldwide. Moreover, as governments and municipalities prioritize the development of smart cities, the demand for computer hardware solutions is anticipated to experience substantial growth.
The computer hardware market is expected to grow at a CAGR of 6.6% to reach $909.80 billion in 2027.
In addition, the growing demand for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management, is estimated to propel the adoption of technological services.
Furthermore, the rapid growth of emerging technologies, such as the Internet of Things (IoT) and blockchain, presents new opportunities for IT service providers. These technologies require specialized knowledge and expertise for successful implementation and integration into existing systems.
As a result, revenue in the IT service market is expected to grow at a CAGR of 6.3%, resulting in a market volume of $561 billion by 2027.
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