How COVID-19 Impacts European ICT Markets — Mid March 2020 View
The coronavirus outbreak across European countries and the necessary containment measures put in place by governments will substantially affect European ICT markets, accelerating the impact already felt from the shocks in Asia. In this extremely fluid scenario, International Data Corporation (IDC) expects to see a significant slowdown in technology spending in 2020 across European organizations, with regional ICT spending growth rates for 2020 expected to halve from 2.8% to 1.4% compared to the December 2019 forecast, as the crisis seeps into virtually all European economies. "Factors weighing on investment will range from a decrease in customer demand to supply chains breaking up," said Carla La Croce, senior research analyst at IDC Europe. "Nevertheless, there are areas in which spending will grow. There are specific solutions and use cases, such as videoconferencing, intelligent supply, chatbots, and elearning platforms among others, highlighting how technology can help businesses and societies face (and hopefully surmount) these new challenges."
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