Vertical markets IT spending on the up

Growth will be particularly strong in the financial industry

Worldwide IT spending will increase this year after a difficult 2009, according to a new report from Gartner.

The analyst firm said in its Enterprise IT Spending report that IT spending across all industry sectors will grow by just over four per cent, taking it to a yearly value of $2.4 trillion (£1.66tn).

Gartner explained that growth will be particularly strong in the financial industry, where security is a key consideration, and where the newest technology is most often seen.

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

IT spending in the banking and securities market will rebound to $396.9bn (£274bn) 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 (£296bn), a 3.1 per cent increase from 2009, the report said.

Technology companies and service providers are expected to increase sales, but should be prepared for the potential of a downward lurch in the economy, according to Gartner.

"Vendors should convert to a growth market strategy, and allocate business development resources to maximise long-term industry growth opportunities," said Brant.

However, Gartner recommends that vendors continue to promote the value of solutions that deliver "cost optimisation" in 2010 and 2011, which it believes will be a "persistent value for IT buyers even as markets return to growth".