IT spending across industries buoyant this year

Gartner predicts IT spending across all industry vertical markets will grow 4.1% in 2010

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IT spending across industries buoyant this year Worldwide IT spending across all industry markets will exceed $2.4 trillion this year, says Gartner.
By  Vineetha Menon Published  May 19, 2010

Research firm Gartner predicts that global enterprise IT spending across all industry markets will exceed $2.4 trillion this year, with the banking and securities sector getting the most attention.

The total IT spend figure represents a 4.1% increase over 2009 spending, signalling a return to growth after the financial crisis took its toll worldwide last year.

"2010 will see IT spending in all major industries returning to growth, although that growth will vary by individual sector," said Kenneth Brant, research director at Gartner.

Banking and securities, and communications, media and services will experience the greatest growth through 2014, growing at 2009-2014compound annual growth rates (CAGRs) of 5.2% and 4.6%, respectively. Manufacturing and natural resources, and wholesale trade will experience the weakest growth through 2014 according to Gartner, growing at 2009-2014CAGRs of 3% and 3.1% respectively.

While the news is relatively upbeat, research experts at the firm recommend technology and service providers prepare for the risk of slow-growth or a ‘double dip' recession "based on uncertainties in the economic environment".

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