The last few years have seen an economic boom in the Technology, Media & Telecoms (TMT) sector. In the period between 2019 and 2022, tech giants saw an average year-on-year growth of nearly 40%. Local advertising revenue increased by an average of 15-20% for the same period. After a COVID-plagued 2020, Telcos globally saw the strongest revenue growth in a decade in 2021 and 2022 – up to 6% in some regions.
While many companies in the sector had been growing their employee base to meet the buoyancy of the market, an increasing number of TMT organizations have started to rethink their operating model and organizational structures – in the hope to not only weather the impact of reduced consumer spend, but also to position themselves for success in the long-run.