While the survey conveyed financial optimism, the CFOs cited continued U.S. economic recovery as the critical factor in driving the technology sector's growth. Jamil said that the survey was designed to determine the nation's financial health and, taken with other data points, the outlook is positive.

"If I look at the responses there is a sense of optimism compared to 2010, when it was mixed data with some pockets doing better," he said. "Obviously, consumer confidence and the stock market are doing well, and there is easier capital access so companies can execute strategic projects."

Look for the personal technology space to also factor into the technology market's robustness, according to 19 percent of the survey respondents.

Purchases of smartphones, tablet PCs and other consumer devices will affect the entire industry, Jamil said. "Contract manufacturers, component suppliers, semiconductor suppliers, they're all riding that wave."

Beyond the economic recovery, 40 percent of the CFOs listed competition as their greatest challenge in 2011. Jamil cited foreign nations as the challengers.