The global computer hardware market is expected to decline from US$934.9 billion in 2019 to $897.6 billion in 2020 at a compound annual growth rate (CAGR) of -4%, according to Research and Markets.

The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. On the bright side, the research group says tThe market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $1036.6 billion in 2023.

North America was the largest region in the global computer hardware market, accounting for 43% of the market in 2019. Asia Pacific was the second largest region accounting for 29% of the global computer hardware market. Africa was the smallest region in the global computer hardware market.

Research and Markets says the Internet of Things (IoT) is emerging as the next big trend in the computers market with the ability to create an impact across the business spectrum. The Internet of Things merged the physical and online worlds to open up to a host of opportunities for companies, governments and consumers.