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COVID-19: A perspective on the technology sector

COVID-19: A perspective on the technology sector

100 seconds with Chris Astley on the challenges facing technology companies

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“Technology companies have seen the steepest drop in business activity since the global financial crisis over a decade ago.” 

In our 100 seconds video, Chris Astley looks at the results of the latest KPMG UK Tech Monitor Index and discusses the impact of COVID-19 in the technology sector. 

In the first quarter of 2020, technology firms saw a rapid fall in non-essential corporate spending. Together with business closure this resulted in many non-essential projects being cancelled as companies focussed on crisis management. But, while business confidence has fallen sharply, it remains stronger than for most other areas of the economy.

“We’re likely to see more people working remotely.”

As we move into recovery, we can expect:

  • tech companies to be back in the spotlight as the demand for reliable, fast connectivity increases
  • efforts to accelerate solutions like the Internet of Things and artificial intelligence to customers
  • an increased focus on cyber security
  • tech companies to revisit customer segmentation and consumer experience.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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