While there could be a potential upside in most sectors of the world economy, the impact of the raging coronavirus (COVID-19) on the IT services sector will be deep, immediate and long-lasting.
According to a report by GlobalData, data and Analytics Company, there is little optimism for IT services.
“The coronavirus will put incredible strain on the world economy, which will be effectively halted for three months or more. Many companies will not survive this initial phase. For IT services companies asking where new business will come from in 2020, the answer is painfully bleak: there will be none,” said Stuart Ravens, Chief Analyst Thematic Research at GlobalData.
The report, ‘Tech, Media & Telecom Trends 2020’, reflects on the impact of COVID-19 on 17 separate TMT sectors. Its analysis provides insight into the impact of COVID-19 on leading companies, as well as the impact of COVID-19 across 17 different technology sectors.
It discusses the short- and long-term impacts of COVID-19 on each sector and ranks on a company-by-company basis the individual impact of COVID-19 alongside nine other themes that affect that sector. All sectors will be negatively impacted.