May end saw the steep fall in the number of active jobs in the technology and telecommunications field i.e. upto to 36.2 per cent, as compared with the same time last year, a trend that is unlikely to let up just yet, according to new analysis.
Data and Analytics Company Global Data research suggests that while there has already been widespread evidence of layoffs, pay cuts and furloughs among IT vendors as a result of market disruptions caused by the ongoing coronavirus pandemic, there is more economic pain on the horizon.
“Times are tough for enterprise IT vendors,” Global Data principal analyst Steven Schuchart said. “The economic downturn as a result of the COVID-19 pandemic has hit them hard.
“Some IT vendors, particularly the ones involved in cloud or collaboration, have seen great increases in business, but the traditional vendors and startups are taking a beating,” he added.
Indeed, while Microsoft, Cisco, Google and others have touted a rapid increase in uptake and usage of their unified collaboration platforms since remote work has become the norm for many employees, other vendors, especially those playing in the hardware space, have faced headwinds.
In May, for example, Hewlett Packard Enterprise (HPE) detailed the implementation of a major cost savings plan, following a move by the company to file a notice to withdraw its fiscal year 2020 financial guidance.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
