With the whole world grappling with the repercussions of the COVID-19 pandemic, businesses today, are under pressure to reimagine their strategies and reinvent themselves to cater to the changing consumer behaviour and market demand. The race towards a digital future is intensifying and opportunities are getting more concentrated. As organisations navigate their priorities while strategically implementing work from home scenarios, mobile workforce, risk mitigation, security, and business continuity, the IT spending patterns as seeing a significant shift.
Edge Insights’ research found that in 2019, corporate India spent $27 bn on IT; based on the initial estimates of 2020 (Pre-COVID19) it should have grown to $31.8 bn, 18% up, with digital technologies leading the charge. Post COVID-19, the $31.8 bn has shrunk to $28 bn, a growth of just one percentage point. The pandemic has thus wiped out $4 bn from the market, with disproportionate pain being felt by some vendors.
The next few quarters will see organisations scrambling to right size investments, product portfolios, sales organisations and channels to adjust to the new market realities. Amidst this, CXOs are faced with multiple challenges to set the organisational priorities right. CEOs and Sales Heads are struggling to define their market and set realistic targets while Strategy Heads are spending countless hours carving out winning tactics. CMOs are busy creating effective messaging that resonates with their TG and the on-ground sales team is working out tactics to close business faster. To keep up, stay afloat and grow amidst the crisis, their market research will need to grow multi-folds.
SalesEdge is India’s only growth intelligence platform created to address this requirement of enterprises in any given scenario. It provides access to in-depth data and insights on close to 1,30,000 companies (and growing) in India, covering the total IT spending patterns between traditional IT and digital IT, further broken down to the last mile. SalesEdge provides a unique strategic perspective of the digital shift, technology adoption, and business use cases that drive spending. With its ever-growing depth of research, supported by the Edge Insights Digital Innovation Survey conducted bi-annually, SalesEdge adapts and quickly captures insights to reflect changing market scenarios.
Watch the video to hear more about the findings of Edge Insights from Jaideep Mehta, CEO, Mosaic Digital (the parent company of SalesEdge) or log on to salesedge.tech for more details.
SalesEdge is a proprietary research platform owned by Mosaic Digital, the company that publishes TechCircle. No TechCircle journalist is involved in the creation of this content.