Tech buyers: Understanding a market in flux

In such an extraordinary year, defined by the COVID-19 pandemic and the resultant global lockdowns, TechMarketView’s expert analyst team has had to consider the extreme uncertainty that remains for us all.

For that reason, we have created UK Software and IT Services (SITS) market forecasts for the next four years based on two market scenarios to help those investing in - and those supplying - products and services understand change and opportunity.

Scenario A is based on our most optimistic view of prospects for the UK SITS market. It is founded on the presumption that the UK SITS market will suffer a relatively shallow reverse in fortunes during 2020 as a result of the pandemic, and will rebound fairly promptly thereafter, as the wider UK economy enjoys a V-shaped recovery.

Scenario B takes a far more cautious view of the prospects for future growth and is based on the UK SITS market experiencing a sharp decline during 2020. It assumes that both technology spend and the wider UK economy will remain in recession during 2021, with the UK SITS market not returning to growth until 2022. If this outcome comes to pass, by 2023 the UK SITS Market will be worth approximately £4bn less than under our more optimistic, Scenario A.

Over the last few months, organisations across all UK industries have, supported by their ICT suppliers, responded to unprecedented circumstances. With rapid responses required, many of the barriers that are often accused of slowing down IT and digital progression were knocked down.  

As we continue to pick a way forward through the pandemic, organisations are reflecting on their experiences during the initial wave. In both the public and private sectors, they have had their eyes opened to their vulnerabilities. At the same time, organisations are looking at the potential of digital technologies through a different lens. Old business assumptions are being put aside as they press the ‘reset’ button.

To make sure you are prepared to respond in the months ahead, download UK SITS Market Trends & Forecasts 2020 now.

Tech buyers can access the report through our Tech User Programme.

And don’t forget, you can engage directly with the TechMarketView analyst team through a virtual engagement designed to suit your organisation’s needs.  

If you are not yet a subscriber, please contact Deb Seth to find out how to gain access to this invaluable research.

Posted by Kate Hanaghan at '09:30' - Tagged: forecasts   research   techinvestment