The International Data Corporation (IDC) has forecasted global IT spending to decline by 2.7 percent in 2020 because of the economic impact of the coronavirus pandemic. While all industries will be impacted by the worldwide economic downtime, IDC revealed that some will decrease their IT spending more than others.
According to IDC, Industry and Company Size, document hospitality and tourism-heavy industries such as transportation, personal and consumer services will be affected the most with IT spending tipped to decline by at least 5%. The corporation added that discrete and process manufacturing are both huge market opportunities for tech and they face major risks because of the pandemic, with spending tipped to fall by over 3% this year.

COVID-19 IT spending 2020
Photo credit: itu.int

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According to GuardianNG, Program Vice President, Customer Insights & Analysis, Jessica Goepfert had this to say, “While industries that offer digitally-enabled or critical services offer some bright spots, those industries that rely on physical products, and in-person presence, or provide luxury services are struggling.”
“Once the near-term reprioritization is underway, the next step is to understand the path to recovery. For instance, industries which have suffered major shutdowns and layoffs will be slower to invest in technology than those that have been able to maintain somewhat normal operations. In order to mitigate risk and exposure to the economic downturn, technology suppliers must reprioritize and refocus their efforts toward the more resilient segments.”
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