IT and the Credit Crunch
I think that we can all agree that nearly everyone is being affected by the credit crunch, but how is the credit crunch effecting the IT industry?
According to a recent article the recession will 'destroy 40,000 UK IT services jobs'. They think that this 40,000 will go during this year and the following year, but will start to pick up in 2011. However it does not suggest exactly which areas in IT will where the cuts will be.
Another article which surveyed CIOs stated that 'renegotiating contracts with suppliers and headcount reduction (both staff and contactors)' was the main focus on reducing costs across IT. It also suggests that due to the recession IT budgets are being reduced by on average 4.7%. However the same article suggests that although conditions are the same in Europe and America, Latin America is experiencing a 4% rise in budgets at the moment. And thinks that late 2010/early 2011 will signal the rising of budgets again.
So times may look a little gloomy at the moment, but things are expected to pick up in about a years time. Every sector will be affected by the credit crunch, since each has a knock on effect on the rest, and IT as an industry is certainly not immune to the credit crunch.
What do you think? Will the recovery come quicker than this? Will certain areas prosper and others decline as a result?
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