Gartner in its recent update has forecasted that worldwide enterprise IT spending across all industry markets is forecast to surpass USD 2.4 trillion in 2010, a 4.1 per cent increase from 2009 spending. It observes that industries are returning to growth after a difficult year in 2009 when IT spending by vertical market totaled USD 2.3 trillion, a 5.6 per cent decline from 2008.

"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. "National and international government will show the strongest growth in 2010, as IT spending is forecast to grow 6.2 percent globally."

"Among the two largest industry segments, IT spending in the banking and securities market will rebound to USD 396.9 billion 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 USD 428.9 billion, a 3.1 per cent increase from 2009."

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

The research firm recommends that technology and service providers execute business and marketing plans for 2010 based on a 4.1 per cent annual growth rate, but prepare contingencies to mitigate the downside risk of a slow-growth scenario or a "double dip" recession, based on uncertainties in the economic environment.