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Tech Spending: COVID-19 Forces IT to Shift Priorities and Spending
Covid-19 concerns and how to address the pandemic has had IT managers’ heads spinning trying to figure out what it all means.
Covid-19 is expected to drive an economic slowdown and recession. Normally, recessions would cause IT to pull back and wait for things to pick up more before similarly increasingly spending on IT, but this time may be different. Some analysts think that bulking up on technology will enable better and more secure home work and also better position organizations once business conditions settle down more.
Priorities within IT have changed dramatically over a short period of time. For example, a report by BCG found that security and remote work have shifted and become high priorities.
But overall, IT spending is still likely to be down. Gartner revised their 2020 IT spending estimate to decline 8 percent. John-David Lovelock, analyst at Gartner, said that “IT spending recovery will be slow through 2020, with the hardest hit industries, such as entertainment, air transport and heavy industry, taking over three years to come back to 2019 IT spending levels. Recovery requires a change in mindset for most organizations. There is no bouncing back. There needs to be a reset focused on moving forward.”
