Global IT spending to jump by $210bn in 2020, a 5.5% Drop YoY
By MYBRANDBOOK
According to data presented by Buy Shares, global IT spending is expected to plunge by almost $210bn in 2020, a 5.5% decrease year-over-year. Spending on IT Devices to Plunge by 13.4%, the Biggest Drop in 2020.
Before the COVID-19 outbreak, the global IT spending was growing for four years in a row, revealed the Gartner data. In 2015, companies and organizations worldwide spent over $3.3trn on IT technology and services. In the next twelve months, this figure rose to almost $3.4trn and continued growing. In 2018, global IT spending jumped to over $3.7trn, nearly a 10% jump in three years.
The increasing trend continued in 2019, with global spending on IT technology and services rising by 2.7% year-over-year to over $3.8trn. However, the COVID-19 crisis caused a significant cut, with the figure falling to around $3.6trn in 2020.
Statistics show that global spending on devices like PCs, tablets, mobile phones, or printers is expected to witness the most significant drop in 2020, falling by 13.4% YoY to around $616bn. IT services spending is forecast to hit $992bn, a 4.6% drop in a year.
Businesses and organizations are expected to spend $459bn on enterprise software, 3.7% less than in 2019. Data center systems follow with a 3.2% decrease in spending to $208bn in 2020.
The Gartner survey also revealed that communication services, as the market’s largest segment, are forecast to reach $1.3trn in revenue, a 2.9% drop year-over-year.
Although the Gartner data indicate global IT spending will grow by 4% to over $3.7trn in 2021, this value still represents a 1.6% drop compared to 2019 figures.
IT Spending in China to Grow 6.4% YoY, Japan to Witness the Biggest Drop
The IDC data revealed the COVID-19 pandemic is projected to have different impacts on IT spending by region in 2020. China is set to witness a 6.4% growth in IT spending, the most significant increase this year. Latin America ranked second with a 5.5% increase.
Statistics show that the United States’ IT spending is projected to grow by merely 0.2% in 2020 compared to the pre-COVID-19 forecast of 6.6% growth.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
RELIANCE JIO INFOCOMM LTD.
EXIDE INDUSTRIES LTD.
NETWEB TECHNOLOGIES INDIA LTD.
ZOHO CORPORATION PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : RAJENDRA SINGH PAWAR
Rajendra Singh Pawar is the Executive Chairman and Co-Founder of NIIT ...
ICONS OF INDIA : SACHIN BANSAL
Sachin Bansal is an Indian entrepreneur. He is best known as the found...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
PARTNER SPEAKERS
PSU
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
