Global enterprise IT spending across all industry markets is forecast to cross $2.4 trillion in 2010, an increase of 2.9% compared to last year, according to a new report from IT research and advisory firm Gartner.
Gartner said that all industries are returning to growth after a challenging year in 2009, which recorded a decline of 5.9% from 2008 and posted $2.3 trillion in IT spending by vertical market.
Kenneth Brant, research director at Gartner, said: "The enterprise IT market will return to growth in 2010, but we now expect it will grow by only 2.9% globally, down from 4.1% growth we had forecast earlier this year. Utilities and the national and international government sectors will experience the strongest growth rates in 2010, with IT spending growing 4.7% and 4%, respectively in 2010."
The market researcher estimates that IT spending in retail and wholesale trade market will grow 2.7% and 2.6%, respectively, over the year 2009. It expects IT spending in banking and securities, and communications media and services market to reach $390bn and $379bn in 2010, growing 2.8% and 3.6% respectively, over the previous year.
Mr Brant, said: "We’re advising our technology provider clients to prepare business plans for 2011 on the basis of our most-likely scenario for enterprise IT spending growth 3.5%. However, they should act now to develop contingencies to mitigate the risk of zero growth in 2011, a scenario that carries a lower probability but a much-higher potential impact.
"The bottom line is that technology providers need to be prepared for the worst case, where commercial IT markets stagnate and governments transition to fiscal austerity programs.
