IT spending to decline 2.7% due to COVID-19

Worldwide IT spending is expected to decline 2.7 percent in 2020 as COVID-19 impacts the global economy.
IT spending on hardware, software, and IT services is likely to decline by more than real GDP, as commercial IT buyers and consumers implement rapid cuts to capital spending in line with declining revenues, profits, market valuations, and employee headcounts.

“IT spending will decline in 2020, despite increased demand and usage for some technologies and services by individual companies and consumers,” said Stephen Minton, program vice president in IDC’s Customer Insights & Analysis group.

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