Forrester predicts global IT spend to hit $2.2tn in 2014

Non-euro economies will see stronger growth than their eurozone counterparts, analyst predicts

The weak start to the year has affected global tech market growth in 2014 but the outlook is more positive than this time last year, according to Forrester.

Forrester revealed that Australia, Germany, India, Japan and UK tech markets saw the strongest growth, with the US tech market actually shrinking in the first quarter, and the tech markets of Brazil, Canada, China, France, the Netherlands and Sweden weaker than expected.

But according to the analyst, the US and most of the weak economies will improve in the rest of 2014 and 2015.

Breaking down spend, software represents the largest portion of global spending at $554bn (£331bn), with IT consulting and systems integration next at $477bn. Third is IT outsourcing at $445bn, computer equipment comes in fourth place with $384bn, and comms equipment at $362bn.

Forrester added that the US dollar will hold its own against other major currencies in 2014 and solidify its position as the largest single-country tech market this year, in front of Japan and China.

In fourth place is the UK’s tech market, followed by Germany in fifth place, with France sixth. Canada is the seventh largest, followed by Italy and Spain.

According to the analyst, European tech buyers are set to increase their spending: “While the European recovery from the euro debt crisis and recession of 2012 and 2013 is shaky and subject to reversal, most European countries are expected to see positive growth in their economies in 2014 and thus in their tech spending,” it said.

However, in terms of growth, the non-euro currency tech economies are set for the strongest growth – with Norway, Poland, Sweden and UK singled out in particular.

Tech markets in Germany, Belgium, Italy, Spain and most of the eurozone countries will experience growth of between one and two per cent, but the French market will be flat. Finland and Portugal tech markets are set to shrink by one per cent, Forrester predicted.