Russia-Ukraine War Impacts Global ICT MarketsRussia-Ukraine War Impacts Global ICT Markets
A new survey found that more than half the respondents are reassessing their tech spending plans for 2022.
March 7, 2022
The information and communications technology (ICT) market has been affected by the conflict. Specifically, the economic sanctions and other measures levied upon Russia by the United States, the European Union (EU), and other countries have impacted the ICT. A new IDC report provides an initial assessment of how the crisis will affect ICT spending and technology markets worldwide.
The report is “The Impact of the Russia-Ukraine War on the Global ICT Market Landscape — IDC’s March 4, 2022, First Take.” It provides an initial assessment of the implications the crisis presents for the worldwide ICT market. The report offers recommendations to tech providers and buyers to rapidly adapt and react to fast-changing market conditions.
IDC’s Andrea Siviero
Andrea Siviero is associate research director, European Customer Insights & Analysis.
“The evolving geopolitical scenario will undoubtedly affect global ICT demand in the coming months and years,” Siviero said.
A new IDC survey found that more than half the respondents are reassessing their tech spending plans for 2022. About 10% are expecting strong adjustments to their ICT investment plans.
Regional and Worldwide ICT Market
The IDC expects a steep decline and slow recovery for ICT spending in Russia and Ukraine. The global impact of this decline will be somewhat limited. Combined, the two countries only account for 5.5% of all ICT spending in Europe and 1% worldwide. At the same time, the crisis will likely impact trade, supply chains, capital flows and energy prices. This will affect the broader economy with negative consequences for both the regional and worldwide ICT market.
Click on the slideshow above to learn more about these consequences.
Philip Carter is group vice president, Worldwide Thought Leadership Research.
Given the fluid nature of the conflict, IDC recommends that companies identify weak links in their value chain ecosystem. Carter also said the organization recommends companies develop agile supply chain strategies. Additionally, they should create action plans that enable them to anticipate and react to a range of disruptive market movements.
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