LONDON, July 23, 2020
Germany's tech market will likely contract by roughly 5%, while France and UK's could fall by 8–9%
LONDON, July 23, 2020 /PRNewswire/ -- Forrester (NASDAQ: FORR) predicts that, due to the coronavirus and resulting recessions, tech spending in the UK, France, and Germany will decline by 5% to 7% in 2020 from 2019 levels in the most optimistic case. Forrester also forecasts that the UK will be the most vulnerable out of the three countries, with a deeper decline in 2020 and continued, but slightly less negative, declining growth in 2021, while France and Germany are more likely to experience modest recoveries in 2021.
Across all three countries, the impact of the coronavirus on tech spending will vary depending on their approach to managing the pandemic, their economic stabilisation programs, and preexisting economic and political conditions.
Key findings include:
"COVID-19 is significantly impacting tech spending and budgets in the UK, France, and Germany, with the UK looking like it will be hit the hardest in 2020 and beyond," said Andrew Bartels, VP and principal analyst at Forrester. "A key factor in how well a country's economy and tech market will bounce back is dependent on how early and aggressively it acted to contain the spread, as well as its economic stabilisation program in place."
Forrester (NASDAQ: FORR) is one of the most influential research and advisory firms in the world. We work with business and technology leaders to drive customer-obsessed vision, strategy, and execution that accelerate growth. Forrester's insights are grounded in annual surveys of more than 690,000 consumers and business leaders worldwide, rigorous and objective methodologies, and shared wisdom of our clients. Through proprietary research, data and analytics, custom consulting, exclusive peer groups, certifications, and events, we are revolutionising how businesses grow in the age of the customer; learn more at forrester.com.
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