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Coronavirus may cut global corporate tech spending 4.1% in 2020: survey – Source Reuters Tech News

NEW YORK (Reuters) – Global companies whose revenues have taken a hit during the coronavirus pandemic plan to cut technology spending this year by as much as 4.1%, according to the latest survey from U.S.-based Enterprise Technology Research (ETR).

A man works from home amid the coronavirus disease (COVID-19) outbreak in Shoreline, Washington, U.S., March 23, 2020. REUTERS/Brian Snyder

But that forecast drop in tech budgets would be less than initially feared because many companies actually intend to accelerate spending to support thousands of employees that now have to work from home as majority of governments around the world ordered national lockdowns.

Corporate revenue has taken a hit from broken supply chains, less demand from consumers and businesses and productivity losses with most employees working from home.

The fallout from the virus outbreak will result in a cut of between 3.7% to 4.1% in IT spending for 2020, based on ETR’s poll this month of about 1,300 of global…

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Source Reuters Tech News

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