While I’m pulling data from analysts, Gartner data on worldwide banking and securities IT spending – set to decline 4.7% in 2020, and rebound in 2021. PC and mobile devices will fall 12.1%. The recovery in 2021 – 6.6%.
How about data on COVID reaction? More Gartner data.
- For 70% of CIOs, enabling companywide pivots to remote work was listed as their proudest accomplishment within the response to the pandemic.
- Post-COVID-19 strategy planning has begun at 43% of companies, while 38% of CIOs said their organizationscontinue to grapple with the effects of the pandemic, and plan to turn to recovery soon.
Why do we care?
Here’s more data on this trend – we’ve moved beyond the work from home pivot, so don’t rest on your laurels. If CIOs have moved into strategy beyond, so should technology services providers here. CIOs are a great group to watch for trends, because if you’re selling outsourced CIO services…. Well, you should be one of these.
So, here’s the scoop – banking DOWN, which is surprising to me based on the fact the credit market is not the economic problem. That said, this is the ripple effect… banking is down because there are other industries down. It’s happening, so expect it to happen everywhere.
Thus, do that strategy planning. 43% means there is a lot of room to make that better.