After a challenging 2023, many vendors were optimistic for improved market performance in H1 2024. The first six months of the year have, however, failed to meet expectations with macroeconomic issues continuing to act as a headwind against enterprise spend.
In Europe, the automotive industry has faced challenges with both Audi and VW closing factories in Belgium. This has had a significant impact on the overall regional economy, with the sector accounting for approximately 7% of the EU’s overall GDP.
On top of the standard summer vacation lull, business performance in H1 was also impacted by significant sporting events (the Euros and the Olympics) and various governmental elections (including the European Parliament and UK).
In the US, build-up to the Presidential Election in November continues to impact investment within the education sector. That is, education stakeholders are now unlikely to make any substantial investments before the election results are known.