Tech spending by US businesses will decline in the second half of 2023 but recover to over $2 trillion by 2025

New headwinds facing US business spending will cause a decline in their purchase of technology products during second half of 2023, before a modest 3% recovery in 2024 accelerates to 5.6% gain in 2025. Which industries will lead the spending on technology, and what products will be the focus of their purchases? Mark Killion, CFA, Director of US Industries, and Victoria Tribone, Economist in the Oxford Economics Industry Service, presents the latest forecast for US purchases of enterprise technology products, including possible impacts from several alternate scenarios.

Mark Killion

Director of US Industry Services

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Mark Killion

Director of US Industry Services

Philadelphia, United States

Mark Killion, CFA, is Director of Director of US Industry Services at Oxford Economics, with extensive experience in research and modelling for economics and finance, also skilled in the presentation of insightful conclusions and strategies. Killion brings value to companies and governments by developing state-of-the-art products that use innovative metrics to reliably forecast market conditions, and benchmark business performances.