Worldwide IT spending is projected to decline by 7.3% from 2019 according to the latest forecast by Gartner, totaling just $3.5 trillion in 2020. While the global economy is expected to witness a ‘swoosh’ recovery, IT spending will experience more of a ‘swoop’ recovery.

The worldwide infrastructure as a service (IaaS) market grew 29.5 percent in 2017 to total $23.5 billion, up from $18.2 billion in 2016, according to Gartner, Inc. Amazon was the No. 1 vendor in the IaaS market in 2017, followed by Microsoft, Alibaba, Google and IBM.