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IDC polled over 10,000 IT managers in 27 countries for its eWorld 2001 survey, and found that although high tech stocks have been hit, the IT industry as a whole is still expected to invest over $5 trillion in developing e-business over the next four years.
By 2005, IDC believes the number of web sites will double, e-commerce will increase tenfold, and technology spending on web applications will quadruple. It says companies will spend more on web site infrastructure in 2001 than they did in five years preparing for Y2K.
But IDC warns that despite the increased spending, many companies are still unprepared for e-business. It claims that whilst 40 per cent of web sites can take orders, only 1 in 10 can handle web payments.