Will IT Industry Survive the Economic Crisis?
Global Market in 2022-23
Characterized by its unevenness, the Global economic landscape in 2022-2023 experienced robust rebounds. This contrast created a challenging environment for businesses of all kinds including the IT sector. The year 2022 was marked by major losses for the largest Tech companies. The disruption caused by the COVID-19 pandemic's rising inflation leads to an increase in the rates which causes investor concerns. Several major companies such as Facebook, Apple, Amazon, Netflix, Google, and Tesla have lost over 3 trillion dollars in combined market value. This dual challenge of these parties and industry-specific variations created a complex landscape to navigate.
The IT industry often faces falling sales during an economic crisis. It's another challenge that businesses and consumers cut back on IT investments and purchases. This led to declining revenue for IT companies. Creating a ripple effect of falling sales affects everything from research and development to innovation.