NEW DELHI: A boom in demand for specific digital services during the pandemic-induced lockdown notwithstanding, global IT spending is likely to shrink 8% in 2020 at an estimated $3.4 trillion, Gartner Inc has forecast.
The economic downturn brought on by the virus outbreak and the lockdown of factories and cities to contain it has made CIOs across the world defer spending on digital transformation initiatives while prioritising spending on critical technologies. “CIOs have moved into emergency cost optimisation which means that investments will be minimised and prioritised on operations that keep the business running, which will be the top priority for most organisations through 2020," John-David Lovelock, distinguished research vice