IT spending to grow a spanking 4.1 per cent with economy regrowth
Enterprise IT expenditure across all industry sectors will surpass $2.4 trillion this year, marking a healthy 4.1 per cent increase from 2009 spending.
According to analyst Gartner vertical markets are now returning to growth after a difficult year in 2009 when IT spending across the same sectors totaled $2.3 trillion, a 5.6 per cent decline from the previous year 2008.
“2010 will see IT spending in all major industries returning to growth, although that growth will vary by individual sector,” reports Gartner research Kenneth Brant. “National and international government will show the strongest growth in 2010, as IT spending is forecast to grow 6.2 per cent worldwide.”
Among the two largest industry segments, IT spending in the banking and securities market will reach $396.9bn in 2010 - a 4.6 per cent increase from 2009; whereas IT spending will recover more slowly in manufacturing and natural resources during 2010, growing to $428.9bn, a 3.1 per cent increase from 2009.
Overall, the banking and securities, plus communications, media and services sectors, will drive the greatest IT buy growth through 2014, growing at 2009-2014 compound annual growth rates (CAGRs) of 5.2 per cent and 4.6 per cent, respectively. Manufacturing and natural resources, and wholesale trade, will experience the slowest growth through 2014, showing projected 2009-2014 CAGRs of 3.0 per cent and 3.1 per cent, respectively.
Additional information is available in the report ‘Forecast Alert: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2008-2014, 1Q10 Update’ – see contacts below for more information.