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Tech Industry: Market, Performance And Trends

2020-23 Performance Overview

After achieving new heights at the stock market graphs and making it to the $trillion club in 2020 & 2021, [1] the tech giants GAMAM (Google Amazon Meta Apple Microsoft) seemed to went a little low in 2022 and said to lose about $4 trillion in the open market. While two of them Amazon and Meta, even found themselves declining to the $billion club. Gartner’s prediction gone wrong as they predicted worldwide IT spending to reach $4.5 trillion in 2022; but on the contrary, we saw a drop of about 2% in actual figures which was $4.38 trillion. According to most of the experts, it is due to the economic uncertainty we’ve seen at the global level past year.

tech trends in past 3 years

Huge tax incorporation, high inflation, central banks increasing interest rate more than once within a span of year and economic crisis are some factors which affected investor’s trust and ultimately devalued tech stocks in the market. [2] As the

a global management and consultant agency quoted this in a technology report published on their website;

“A lot can happen in a year. Traditionally in tech, value is determined by innovation and revenue growth. This year, macroeconomic and geopolitical factors have played an outsized role.”

But it is an IT sector that we’re talking about, a field so evolving and innovative that possesses the ability to create new opportunities with every financial setback they experience. In 2022; sector which was already trying to cop up with the revolutions that came with Covid, dealt many new challenges in transforming the whole face of industry. From going towards talent globalization through work from home culture to perfectly executing tech innovations in relative industries. It was a huge a step up for the industry, as they were able to reach more talented employees all over the world through globalization [3] but as mentioned by Alyona Medelyn from Thematic in a Forbes blog regarding challenges tech industry is facing in 2022. It was a real problem for the CIOs and CTOs to manage how they can utilize their work from home employees up to their full potential;

“It’s always about people! With the right team, both strategy and execution fall into place. So, the biggest challenge for tech leaders is attracting and retaining talent. Remote work is here, and both established companies and startups now hire anywhere in the world. Yes, your pool of applicants has expanded, but it leads to new challenges. How do you differentiate your company enough to make it an attractive place to work? How do you onboard people remotely? How do you build culture via Zoom and Slack?”

Among very other challenges in the vitally active industry which brings up new things every day. [3] We’ve seen advancement in the future tools like AI, Block Chain, Meta and Cloud Computing in 2022 but it was more of a concerning issue for IT leaders to properly utilize these in their businesses.

Companies which made these tools relatable for their businesses have seen immense growth last year like Apple and Microsoft. [4] Though Apple suffered a great loss in stock market along with Amazon which is total $800 billion combined, but still they were able to generate considerable revenue of $99.8 billion. Microsoft with their timely investment in AI back in 2019, saved their value at the market and earned staggering revenue of $198 billion. While their top competitors Amazon, Alphabet and Meta also performed well, but that was low as compared to the predictions made at the starting of the last year. It wasn’t the year up to the expectations for Amazon but still they raised their sales up to 15% by the last quarter, from $110.8 billion in December 2021 to $127.1 billion in December 2022. [5] Alphabet Inc the leading tech giant in the world even after dropping its shares by 39%, still made a massive hike in revenue with the estimated non-official figures available on internet of $257.6 billion. [6] Meta’s heavy investment in future venture Metaverse left the investors scratching their heads in 2022 as they suffered with a total loss of $13.72 billion only through this investment. But still they managed to cover it up by earning as an online ad company and generated total of $117.9 billion.

Although it wasn’t the year of tech industry in stock market, but still with the future innovation it has introduced in the form of Block Chain, AI, Cloud Computing, and Web3 etc. We can say that IT sector is going to break records in upcoming years.


Image Credit: Kelly Sikkema on

New Trends in 2023 Market

Its just 33 days in to 2023, and experts are already calling it the Year of AI. Microsoft’s investment of $1 billion in Open AI in 2019, has paid them off as they’ve launched world’s most advanced AI bot “Chat GPT”. It’s going to hold the future of tech market for the later part of the year. ML and AI’s involvement in businesses is going to be more common than ever, [7] as said by Nadya Knysh;

“They’re not new, but I believe that they’ll hit new records: machine learning and artificial intelligence. Every day we get more data about the world, and we store it. But reading and using it is becoming more complex. ML and AI will play a stronger role in data-based decision making in business, healthcare and environmental studies. Five years ago, its adoption was limited, but I believe that since 2020, it has become more affordable globally.”

Tech market of 2023 is definitely gonna rely mainly on AI and ML. Because now more and more industries will gonna find it easy to run their companies through Artificial Intelligence reducing employees cost up to some extent. But data science is a field which is going to be more in demand in the tech market, as data has already become a vital need in running huge tech firms and having someone professional controlling the AI tools for data analyzing can make the work more convenient for CIOs and CTOS.


Image Credit: Markus Winkler on

Final Thoughts

In 2023, it is not wise to focus on just one market. Tech industry is flourishing up to its fullest extent. [8] With the combination of AI, ML, Cloud and Edge Computing, advancement in health tools, IoT and Web 3.0 new milestones can be achieved later this year. Tech giants like Alphabet, Meta and Microsoft investing huge in these future tools could change the face of industry. Although last year was quite a disappointment in aspect of metaverse, crypto and block chain. And with all the political and economic uncertainty continued, still 2023 has all the signs of being the door to the future.

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Rao Muneeb

Rao Muneeb is an enthsuiast researcher and blogpost writer working independently for 2 years now. He loves writng on multiple niches which includes News, Politics, Economy, IT, and Pets etc. His work is a beautiful blend of both authentic information and personal thoughts.

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