The high-tech industry is continuing to drive international growth and spending for IT and telecommunications is forecast to rise by 5.1 per cent in 2013 to reach €2.7 trillion (£2.3 trillion).
According to new research from the European Information Technology Observatory (EITO), the countries to have shown the strongest growth rates are India (13.9 per cent), Brazil (9.6 per cent) and China (8.9 per cent), while the US is predicted to receive a 6.5 per cent boost by the end of the year.
Meanwhile, the ICT Market Report 2013 revealed IT markets in Japan and the EU are weaker, with the EU commission expecting to see a slight downturn for the European economy.
Dr Axel Pols, chairman of the EITO Task Force, said there will be a changing of the guards in the ranking of the countries, with China overtaking Japan to become the second largest national tech market for the first time.
In terms of country rankings, the US will stay on top for technology with a share of 26.8 per cent, followed by China with 9.5 per cent and Japan with 8.3 per cent.