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ARTICLE · 04 NOVEMBER 2011

IT Services Contract Awards Fall To Lowest Level Since 2003

Eversheds Sutherland
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The global IT services market saw contract value fall 40 per cent in the second quarter of 2011 year-on-year, representing a low not seen since 2003.

United KingdomMedia, Telecoms, IT, Entertainment
Charlotte Walker-Osborn
Charlotte Walker-Osborn
Sam Jardine
Sam Jardine

What? The global IT services market saw contract value fall 40 per cent in the second quarter of 2011 year-on-year, representing a low not seen since 2003.

So what? A report by research company Ovum found that contract value for this year's second quarter came up to $19 billion (£11.8 billion), which marks a 40 per cent decline from the same time last year and the lowest quarterly figure for more than eight years. Ovum blamed the figures on a lack of large-scale Government projects to offset lacklustre returns from enterprise customers.

Additionally, the number of deals worldwide has gone downhill for the fourth consecutive quarter and had dropped 20 per cent year-on-year to 384 deals, the report noted.

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