Corporate IT spending is set to rebound in the second half of 2003, according to a Gartner survey.
Chief information officers (CIOs) indicated that they will be tripling their spending in 2003, creating growth of 5.4 per cent.
Software and IT services will see most significant improvement in 2003 and 2004, while hardware spending continues to remain flat with no percentage increase.
Peter Sondergaard, head of European research at Gartner, sugested that the most important issue in 2003 is to change how budgets are spent.
"Businesses will still be operating with budgets at the same level as in 2000," he said.
"While business priorities are still on cutting costs, IT departments must find a way to divert focus from pure cost-cutting to continued cost-optimisation, and to make investments that deliver business value from IT."
The survey showed that CIOs are looking to reduce IT budgets, realise the business value of technology, and provide leadership and guidance to the board.
Gartner explained that the most immediate method of demonstrating business value for technology is to invest in the consolidation of existing IT infrastructure.
The UK, Ireland and Italy are the spending bright spots where growth is expected to be the most significant.
Geoengineering on the sea floor near glaciers would form a new ice shelf to prevent melting
Alterations in capillary blood flow can be caused by body position change
Curiosity rover is in 'normal mode' but not transmitting scientific data back to base
NatWest outage comes a day after Barclays' IT systems shut out customers and staff