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Sunday, January 24, 2010

Will IT Sector Flourish in 2010, Global Economy in 2010


Global research firm Gartner Inc. has predicted that worldwide IT spending would rise 4.6 percent to $3.4 trillion in 2010, on the back of an economic recovery and a declining dollar. In 2009, spending on information technology fell 4.6 percent to $3.22 trillion, the firm said in a note. Much of the increase in 2010 forecast could be attributed to a projected decline in the value of the U.S. dollar compared to 2009. All major segments such as computer hardware, software, IT services would contribute to the growth, with emerging markets leading the recovery. Recovery in western Europe, the United States and Japan is expected to start more slowly than the emerging markets of Latin America, the Middle East, Africa and Asia Pacific. Although recovery will be slow, over the next 12 to 18 months, gross domestic product is projected to increase, consumer confidence is expected to improve, and the availability of credit should increase. At the same time, demand for new technologies will be released as enterprises focus on new growth opportunities and increase spending plans. Leading Indian software services companies Tata Consultancy Services, Infosys Technologies and Wipro published quarterly forecasts and indicated a recovery in the global economy was boosting demand for outsourcing which on the other hand is good for Indian economy also!

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