IDC Updates IT Spending Forecast

Compiled By Jill Jusko Expect worldwide spending on information technology to increase to $981 billion in 2002, with an uptick becoming evident in the fourth quarter, says Framingham, Mass.-based IDC. That would mark a rise of 3.7% over 2001 spending. The market will grow by 9% in 2003 and exceed $1 trillion for the first time, the consultancy forecasts. "New projects are likely to remain on hold until 2003," says Stephen Minton, IDC program director of worldwide IT markets research. "The limited budget burn-off in Q4 will be concentrated on replacing products [that] have had extended lifecycles during the previous six quarters. This means that the recovery will be uneven at first, not favoring all IT vendors and market sectors at the same pace." IT spending in the United States is forecast to reach $436 billion this year, which would be an increase of 3% over 2001. Growth in the U.S. will accelerate to 9% in 2003. Hot growth opportunities in 2003 include China, India, Korea, Russia, the Philippines, South Africa and Poland, IDC predicts.

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