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Global spend on IT devices set to plummet by more than $100bn

(Image credit: Image source: Shutterstock/violetkaipa)

The world is going to spend a lot less money on IT technology this year, according to a new report from LearnBonds.

As a direct result of the Covid-19 pandemic, the firm expects global spending on IT devices to fall by $108 billion, hitting a total of $590 billion.

According to the report, the global computing industry will also see a slump. Retail sales of laptops, tablets, desktop PCs, storage units, PC monitors, and keyboards are expected to fall from $278.9 billion in revenue last year, to $264.6 billion - a drop of $14.3 billion.

The largest revenue generator in the entire market, laptops and tablets, will drop 9.7 percent year-on-year, from $171.6bn in 2019 to $161.9bn this year. Desktop PC sales, meanwhile, will see revenue drop by $1.6 billion, and storage units by $1.2 billion.

Spending on PC monitors and projectors is expected to fall by more than a billion dollars, keyboard sales will fall by $200 million, and printers by $500 million.

“IT spending recovery will be slow through 2020, with the hardest hit industries, such as entertainment, air transport and heavy industry, taking over three years to come back to 2019 IT spending levels,“ said John-David Lovelock, Vice President at analyst firm Gartner.

Enterprise purchases will also tumble, with IT devices and data centre systems set to take the largest hit.