Businesses and consumers will spend $3.4 trillion (£2.1 trillion) on computing hardware, software, IT services and telecommunications in 2010, according to research published by analyst company Gartner.
Richard Gordon, a Gartner research vice president, said that an improvement in general economic conditions and the availability of credit for businesses is responsible for some of the projected growth. "Pent-up demand for new technologies will be released as enterprises focus on new growth opportunities and increase spending plans," he says.
Emerging markets are leading expansion in the IT sector, with spending expected to increase 9.3 per cent in Latin America, 7.7 per cent in the Middle East and Africa, and 7 per cent in the Asia-Pacific region.
However, Gordon warns that a portion of this projected increase is due to the decline in the value of the US dollar, in which the spending forecast is denominated.