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6 Ways The Tech Industry Is Confronting The Coronavirus Pandemic

The coronavirus pandemic has hit the IT industry hard with supply chain disruptions, plunging stock prices and forecasts of reduced IT spending.

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Bracing For Decreased IT Spending 

It’s inevitable that enterprises across nearly all major vertical industries are going to drastically cut IT spending in the coming quarters and year as revenue shortfalls limit their ability to refresh systems and fund digital transformation initiatives.

IDC just cut its IT spending forecast for 2020, expecting to see a “significant slowdown” in hardware along with software and services spending as the coronavirus pandemic continues to spread across the globe.

The market research firm now forecasts only 1 percent growth in IT spending in 2020, compared to its original expectation in January of 5 percent growth year-over-year, adding that its spending forecast is likely to keep notching downward.

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