The entire world has been profoundly affected by COVID-19 in incalculable ways and the APAC region is expected to experience the greatest economic downturn in a post-COVID world, with varying degrees of recession and recovery depending on how long it takes to find a cure or at least see a significant downturn in further infection globally. For example, countries that rely heavily on tourism and manufacturing expect to see a long recovery time as mega-consumers like China, USA and parts of the EU recover financially.
Studies report YOY growth of IT spending, up from 1.9B USD in 2015 to 2.25 in 2019. Spending was projected to increase regularly – and now we can throw way the predictions with the spread of COVID-19 and the relative global shut-down. To look at the 4 Spiceworks predictions from 2019 for the 2020 fiscal year, 44% of businesses were expected to increase IT budgets, while 1 in 4 enterprises were expected to invest in IT security due to a recent security incident.
It’s time for CIO’s to reconsider where they spend their budget – and it’s time to get smart about allocations. Cyber-threat is no less threatening and GDPR and compliance fines and penalties are no lower. Cloud is increasingly important with an increasingly remote workforce. Forbes writer Louis Columbus said it best in his article COVID-19’s Impact on Tech Spending This Year when he said “Every industry is economically hurting already from the COVID-19 pandemic. Now is the time for enterprise software providers to go the extra mile for their customers across all industries and help them recover and grow again.”
Why Sangfor Technologies?
If you are interested in learning more about IT security, infrastructure and cloud trends in a post-COVID world, click HERE to register to join Sangfor experts on May 14th at 15:00 (GMT+8 Hong Kong time), in their first Virtual Conference and a candid and live discussion of what to expect, the smartest moves for IT spending in the recovery period and beyond. Sangfor has built their reputation on looking to the future for IT inspiration – and it’s needed now more than ever.
Sangfor Technologies is an APAC-based, global leading vendor of IT infrastructure solutions specializing in Network Security and Cloud Computing. Visit us at www.sangfor.com to learn more about Sangfor’s network security options, and let Sangfor make your IT simpler, more secure and more valuable.
