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Description
Forrester updates its forecast for business and government purchases of information and communications technologies globally and by region for 2020 and 2021.
Key takeaways:
- Slowing economic growth in the US, China, and Europe as well as the increased uncertainty from trade wars and Brexit will cause tech market growth to slow from 5% in 2018 and 4.6% in 2019 to less than 3% in 2020 and 2021 in constant currency terms.
- The US, India, and China will have the strongest tech market growth among the major countries, but even they will see growth slow. The UK and Italy are likely to see drops in their tech spending in 2020, although with a recovery in 2021.
- New project spending growth will take a hit in 2019 and 2020 as firms react to slowing revenues by trimming their new project portfolios. Spending on business technologies for winning, serving, and retaining customers will slow as firms respond to slower economic growth, but spending on back-office systems will hold up as firms strive to cut costs. Cloud spending will outpace the overall tech market but leave firms struggling with containing their burgeoning expenses.
- Plan for how to structure your tech budget and project portfolio to keep up with the market and competitors in this slow-growth environment.
Target audience level: intermediate
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