Printing Innovation Asia Issue 11 2020
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Global IT Spending to Plunge by $210bn in 2020, a 5.5% Drop YoY The economic fallout from the coronavirus pandemic is forcing businesses and organizations across the world to prioritize their spending on technology and IT services. Many of them reset their budgets to finance only critical projects over initiatives aimed at transformation and growth, which triggered a significant drop in IT spending this year. According to data presented by BuyShares.co.uk, 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 expected to spend $459bn
are on
