Tech Industry Layoffs Should Be a Clearer Signal for The Deceleration of IT Services Revenue In 2023
- Mass job cuts in the technology sector have occurred since mid-2022 and remain more elevated in early 2023, especially in the US.
- Reasons behind massive tech layoffs consist of an unsupportive macro backdrop (economic downturn, high inflation, higher interest rates) and, particularly, overhiring during the pandemic.
- B2B tech companies specializing in software, IT infrastructure, and IT services, which largely support businesses’ DX progress, also witnessed notable layoffs recently, signaling the temporary deceleration of DX-related revenue growth in 2023.
- We expect that businesses will most likely prefer lower-cost IT vendors, including Vietnam players, amid an economic downturn.
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