The good news for the Western Hemisphere is that North America and Latin America are together expected to maintain a stable market share of almost 53 percent over the next several years.

IDC also had some troubling news for the storage market. IDC's Worldwide Storage Software QView, released Monday, showed that worldwide storage software market revenue during the first quarter this year increased 3.3 percent year over year to US$3.5 billion. However, the growth rate has slowed to 2009 levels, IDC said.

"The first quarter saw decidedly mixed results," said Eric Sheppard, research director of Storage Software at IDC, in the report. "Incremental spending attributable to recent product refreshes have run their course within some functional markets, such as storage infrastructure software. "

On the hardware and components side of tech, TI and Nokia gave fresh cause for worry. TI on Monday narrowed its expected ranges for revenue and earnings per share (EPS). The top end of TI's forecast for revenue is now $3.42 billion compared with the prior high end estimate of $3.48 billion. For EPS, TI brought down the top end of its forecast from $0.38 to $0.36.

Far worse, however, was that it will lay off 10,000 workers by the end of next year to cut annual operating costs by €1.6 billion (US$2 billion). In its last full financial report in April, Nokia said that first quarter sales were €7.4 billion, down 29 percent year-on-year, making a net loss of €929 million. It grappled with poor sales of low-cost phones and its Symbian-based phones, while the share of its new Windows Phone sales was still small.