News Flash: 2002 Stunk - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

News Flash: 2002 Stunk

A new study puts numbers to what we all know: This was the worst year in the history of the IT industry.

It is the worst of times for IT, say IDC analysts who now dub 2002 the worst year in the history of the industry. The $875 billion IT industry suffered its largest decline ever this year, with a growth rate of negative 2.3%, the analysts say.

The industry shrank about 3% in the past two years, compared with an average annual growth rate of 12% for the past 20 years, IDC says. But it predicts the growth rate next year to be 5.8%.

Significant changes in the economic or geopolitical environment, such as prolonged war in Iraq or a stock market plunge, could result in lower growth rates for IT spending, leading IDC to produce an alternate, more pessimistic forecast of 2% growth in IT spending next year, the analysts say.

Under more favorable assumptions, IT spending in the United States would grow 4.4% next year, led by renewed demand for servers, security, and network equipment, IDC says.

The worldwide systems market, including PCs, servers, and workstations, declined 9.3% this year, the analysts say. Storage shrank by 10.6% and is not expected to recover to its 2001 size until after 2006. The network equipment market experienced a 7.6% decline, driven by sales to telecom service providers.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
News
How COVID is Changing Technology Futures
Jessica Davis, Senior Editor, Enterprise Apps,  7/23/2020
Slideshows
10 Ways AI Is Transforming Enterprise Software
Cynthia Harvey, Freelance Journalist, InformationWeek,  7/13/2020
Commentary
IT Career Paths You May Not Have Considered
Lisa Morgan, Freelance Writer,  6/30/2020
Register for InformationWeek Newsletters
Video
Current Issue
Special Report: Why Performance Testing is Crucial Today
This special report will help enterprises determine what they should expect from performance testing solutions and how to put them to work most efficiently. Get it today!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll