IT industry to spearhead economic recovery – report

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IT industry to spearhead economic recovery - report

Senior hardware and software executives have the notion that the technology sector will recover from the recession faster than any other industry.

That’s according to a survey from KPMG. It took the pulse of 130 CEOs at multi-million and billion revenue companies between May and July this year.

Two thirds of the execs thought their industry would make a full recovery from the economic meltdown faster than the overall US economy. And Silicon Valley based CEOs were even more optimistic. Seventy-seven percent of those thought the same thing.

Eight out of 10 pointed to 2010 as the year when the technology sector will recover, with 78 percent expecting stronger revenues and 72 percent looking for improved profitability.

The good news for people employed in the technology sector is that only 31 percent said they were engaged in cost cutting, while the rest are placing emphasis on long term growth.

Factors that will promote an economic recovery are improved business confidence, improved consumer confidence and an improved job market. Thirty-nine percent of hardware technology executives believed people spending more money would be the trigger to recovery.

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