Despite the current global economic climate, more companies plan to boost rather than cut IT spending this year, according to results of a survey by market researcher Gartner Inc. and investment banking firm Soundview Technology Group Inc.
Overall, 60 percent of the 1,048 IT managers surveyed at Gartner's Fall Symposium/ITxpo last October said their companies will increase IT spending this year.
The petroleum, mining, and energy industry will enjoy the largest projected increase in spending, with a 15.9 percent jump from last year's spending levels predicted by IT managers. The agribusiness, fishing, and forestry industry will see a 10 percent increase, and the business services industry will increase IT spending by almost 8 percent.
Likely areas of growth in 2002 for IT vendors include security, storage, and Web-based applications, said Gartner and Soundview in a previous statement. Those findings shed light on higher IT spending rates in the energy industry as power plants and oil refineries seek to protect themselves from hackers and other IT-related attacks.
IT managers whose budgets will shrink are found primarily in manufacturing. The IT budget in that industry is expected to drop by 6.2 percent. The nondurable goods manufacturing sector figures to be especially hard hit, with IT managers there expecting to see their budgets decrease by 15 percent.