Global technology spending for the year is estimated to grow 1% compared to the previous forecast of 5%, according to a new forecast by the International Data Corporation (IDC).
As the COVID-19 pandemic hampers economic activities around the globe, tech spending in the Asia Pacific region is now projected to drop to 1% growth or worse.
“Some of the biggest impact we have seen as a result of COVID-19 are the changing demands on technologies, processes and mindset as they relate to work-from-home mandates and supply chain disruptions,” stated Sandra Ng, group vice president, practice group at IDC Asia/Pacific. “We have already seen an uptake of video meetings, audio conference calls and collaboration platforms as a result of rethinking work.”
Hardware, including PCs, mobile phones and peripherals, are expected to decline 3% compared to the earlier forecast of growing at 3%.