The S&P 1500 Computers & Peripherals Index has lost 19 percent so far this year, while the S&P 1500 Software Index has fared slightly better, down 17 percent.

Analysts cite business management software makers SAP and Oracle Corp among the better bets. They sell programs that companies use to boost productivity, cut costs and comply with regulations. About half their revenue comes from high-profit-margin service maintenance contracts.

Software makers who host products at their own data centers and deliver it to customers via Web browsers may also perform well, as initial costs are minimal, analysts said. Two examples are Salesforce.com Inc and NetSuite Inc.

Besides computer hardware, some consumer electronics are also forecast to hurt from a recession.

Citigroup is forecasting 10 percent growth in cell phone handset unit shipments to 1.26 billion this year. In the worst-case scenario of a consumer-led economic slowdown, it said shipments instead could fall 5 percent.

"No (handset) vendor is immune from a recession -- we believe that all players would see deteriorating fundamentals and stock price declines," a Citigroup research report warned on Thursday. "However, companies with the highest North American exposure are likely to suffer most."