The COVID-19 came as a double-edged sword to the IT industry. Although lockdown rules, remote working, and distance learning speeded up the digitalization of daily life by years, the economic uncertainty and pandemic-caused layoffs had a huge impact on IT spending. According to data presented by Aksje Bloggen, global spending on IT devices such as PCs, tablets and mobile phones plunged by 8% YoY to $653bn in 2020. This figure is expected to recover to $705bn in 2021, still $7bn less than before the pandemic. A Two-Year Recovery to 2019 Spending Rates After dropping for five years in a row, global spending on IT devices jumped to $665bn in 2017, revealed the Gartner survey. The increasing trend continued in the next two years, with the figure rising to $712bn in 2019. However, the COVID-19 triggered almost a $60bn drop, with global spending on PCs, tablets and mobile phones falling to $653bn in 2020. Although this figure is expected to rise by 8% and hit $705bn in 2021, statistics show it will take another year for global spending on IT devices to reach pre-COVID-19 levels. The Statista Technology Market Outlook data also revealed not all IT devices are expected to witness the same trends. According to Statista data, revenues of the global mobile phones industry are forecast to grow by 5.7% and reach $504bn in 2021. This year is also expected to witness a growing demand for laptops, with total sales revenue in this segment rising by 1.3% YoY to $142.1bn. The TrendForce survey also revealed global laptop shipments are estimated to rise to over 216 million units in 2021, up from 200.5 million in 2020. However, global desktop PC sales is set to plunge by 1.7% to $57.4bn in 2021. The tablets segment is forecast to witness the biggest drop, with revenues falling by almost 6% YoY to $37.5bn this year. Smartphone and Laptop Sales Revenues to hit $700B by 2024, Desktop PC and Tablet Segments to Continue Falling Although global spending on IT devices is set to continue rising in the following years, Statista estimates show significant differences in demand for certain products in this segment. Mobile phone sales are expected to continue booming and generate $552.4bn in revenue by 2024, a 9.5% increase in three years. As the two leading markets, China and the United States are forecast to generate one-third of that value. The global laptop market is also set to witness an increasing trend, with revenues rising by 4% to $147.9bn in this period. Statistics show the combined revenues of mobile phones and laptop sales are expected to hit over $700bn by 2024. On the other hand, the downsizing trend in the desktop PC and tablet markets is set to continue in the following years. By 2024, desktop PC sales will generate $54.9bn in revenue, a 4.5% drop in three years. The IDC data also showed a significant drop in global shipments, with the number of units falling from 76 million in 2021 to 73 million in 2024. Revenues in the tablets segment are expected to plunge by 7.4% to $34.7bn in 2024, with global shipments falling from almost 150 million in 2020 to 122 million in 2024.