A recovery in the technology industry isn't expected until 2004, according to a report by research firm Forrester Research. Forrester now expects the industry for 2002 will suffer a 7.9 percent decline in revenue to $388 billion. Next year, industry revenue is expected to grow 5.6 percent to $410 billion.
Double-digit growth, however, isn't predicted until 2004, when the industry is expected to grow revenue by 10.7 percent, to $454 billion, according to the Forrester report, "Tech Recovery Update: The Tipping Point in 2003," released last week. These projections aren't as optimistic as previous Forrester reports, which predicted 3.9 percent growth in the technology sector this year and a 10.4 percent jump in 2003. The revised numbers fall in line with the expectations of many technology companies, which have slashed their own earnings and revenue projections for this year, and into the future.