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.
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