TECH SUPPLIER Dec 2020 - Market Forecast - Doc # EUR147089620

European IT Spending Forecast, 2020-2024: How Will Tech Support the "New Normal" After the COVID-19 Crisis?

By:

Andrea Minonne
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, Radoslav Dragov,
Carla La Croce
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Abstract

This IDC Market Forecast analyzes IT spending between 2019 and 2024 in Europe and provides a market size and forecast as well as key trends supporting technology investments by industry. This IT spending forecast is segmented into IDC's 20 standard vertical markets: banking, insurance, securities and investment services, discrete manufacturing, process manufacturing, retail, wholesale, professional services, personal and consumer services, healthcare provider, transportation, telecommunications, media, utilities, construction, resource industries, federal/central government, state/local government, education, and consumer.

"In 2020, we have experienced an unprecedent crisis that required profound changes on our lifestyles, the way we interact with each other, and the way we work. Lockdowns, quarantines, and social distancing had a strong impact on business revenues, causing a ripple effect on the technology market, which went downward. Nonetheless, technology was key to help societies and businesses deal with the COVID-19 crisis. Technology enabled organizations to rethink their workspaces, restructure their business models, and reinvent their products and services. Despite the slowdown, technologies such as robotic process automation (RPA), artificial intelligence (AI), analytics, and collaborative apps are pulling through the crisis well and are expected to continue to grow in the future," said Andrea Minonne, senior research analyst, IDC Customer Insights & Analysis.


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