IT Industry: Covid-19 Impact Analysis with Industry Production, Sales and Consumption Analysis and Forecast to 2027
Global IT Industry Report Overview
An overview of conceptual frameworks, analytical approaches of the IT industry is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market.
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
Covid-19 Impact Analysis
"Final Report will add the analysis of the impact of COVID-19 on this industry"
Impact Analysis of Covid-19 on the Global IT Industry
The novel Coronavirus, or COVID-19, which was initially founded in Wuhan, Hubei Province, China, has now spread all around the world. The virus has gone global with cases in over 150 countries. The outbreak of the novel coronavirus, or COVID-19, is wicked and hazardous for people around the globe. In a like manner, the business industries worldwide are also suffering from the repercussions of the global pandemic.
The impact of COVID-19 is being felt around the world and similarly, it is having a significant effect on the technology or IT sector. Starting from harmful imprints on the catering of raw material, to disturbances in the electronics value chain, to risk of inflation on products. In fact, with a temporary break of some businesses and business motion slowing down for many, the consequences of the pandemic of COVID-19 are even worse for the global economy than the ones following the Great Financial Crisis in 2007-2008.
Impact on IT Industry
The giant IT services companies and key market players are witnessing a consequential slowdown in growth during this financial year as they confront the major change created by the COVID-19 pandemic. The epidemic of the novel Coronavirus, or COVID-19, has led to revised growth forecasts for global IT spending. The difficulties in catering resources, or in other words, the supply chain restraints is creating serious complications for the whole IT sector. Some of the probable long-run impacts on technology sectors is the launch of new products like smartphones may be delayed and whilst factories in Asia are resuming, companies are struggling and experiencing challenges getting production fully running.
Also, the PC and tablet market is observing its steepest decline till date with a presently projected drop of 12.2 percent in 2020 in comparison to the previous year. In contrast to the shortage and uncertainty of supply chains draining the IT industry down, the software market is considered a growth catalyst. The software market till date is the least affected segment as per the adjusted forecast with a projected growth rate of 1.7 percent in the year 2020. In present times, the software market is the only segment in the global IT industry which still has signs of growth in the current year 2020. And talking about all the other segments in the whole IT industry are dragged down by the repercussions of COVID-19 and also projected to decline more in the forecast period. Nevertheless, hardware IT companies are projected to observe a high rise in demand from the enterprises, who are taking huge orders for laptops and mobile devices to support employees who are now working from home. IT spending forecasts indicate continued demand for cloud infrastructure services and potential increases in spending on specialized software.
The increased demand for communications equipment and telecom services is also forecasted for the coming time as most of the organizations encourage employees to work from home, and schools and other educational institutions move to online classes and online examinations. The companies without remote-working technologies are facing difficulties in continuing their business and thus, IT service providers are projected to play a major role in procuring remote-technology driven devices, setting up a reliable, resilient, flexible and secure network, IT security, disaster recovery systems, etc. Moreover, the need for the hour is the ever-faster access to data, network equipment, and communications as never before, which escalates the need for speeding up 5G network deployments and adoption of 5G equipment. This can also be seen as a good opportunity for the global IT industry. In addition to that, the increase in the use of teleconferencing software as more technology companies encourage employees to telecommute is projected to benefit IT companies as well as the whole IT industry.
About Meridian Market Consultants
Meridian Market Consultants (MMC) is committed to provide deep insights that serve as a creative tool for the client that enables it to perform confidently in the market. At MMC we adhere to the client's needs and regularly ponder to bring out more valuable and real outcomes for our customers. We are equipped with a strategically enhanced group of researchers and analysts that redefines and stabilizes the business polarity in different categorical dimensions of the market.