Although the technology sector faced challenges like rising inflation and large-scale layoffs, it has shown resilience and adaptability in overcoming market obstacles. This is primarily because of the sector’s constant innovation in its product and service offerings and the ongoing digital transformation of various industries.
As a result, the time looks ripe to adopt a bullish stance towards quality tech stocks Accenture plc (ACN – Get Rating), Gartner, Inc. (IT – Get Rating), and The Hackett Group, Inc. (HCKT – Get Rating) and examine their fundamentals to see if they are worth buying this month.
Despite inflation taking a bite out of households and businesses, the technology sector remains strong. As per Gartner’s recent forecast, global IT spending is projected to total $4.6 trillion in 2023, indicating an increase of 5.5% from 2022.
Considering the increasingly expanding tech landscape, several companies are opting to outsource business processes to gain a competitive advantage by reducing operating costs, enabling staffing flexibility, and saving time. IT outsourcing spending is predicted to be $519 billion in 2023, reflecting a 22% increase over 2019.
Furthermore, the emerging trends of Artificial Intelligence (AI), Machine Learning (ML), automation, blockchain, the Internet of Things (IoT), and the new norm of hybrid work culture are prompting the outsourcing market’s growth. The global IT outsourcing revenue is expected to reach…
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