By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
The biggest of the four IT market segments is telecommunications products and services, which will make up 58.4% of the total, followed by IT services, hardware and software.
Spending on telecommunications products and services is expected to increase 4.8% in 2002 over 2001, while IT services spending is on track to grow 2.8%. Dataquest expects spending on hardware to finish 2002 with a 1.3% decrease, and spending on software to rise 3.6%.
The main drivers for the telecommunications market are the fixed and mobile services segments, which together are expected to grow 8.8% in 2002, over 2001.
In IT services, the healthiest segment is the provision of management services, according to Kathryn Hall, principal analyst for Gartner Dataquest's IT services group.
"In the outsourcing area, management services are enjoying relatively healthy growth during this economic downturn because of an emphasis on cost reduction and efficiency enhancement," she said. "On the other hand, consulting, development and integration are most often sold through discretionary project contracts that can be delayed or not done during a weak economy."
In the hardware market, the PC segment, which is the largest, is expected to post "a slight increase" in spending, but revenues are falling for Unix servers and handheld devices.
Worldwide IT spending is expected to grow a healthier 7% to $2,460bn (£1,570bn) in 2003, over 2002, according to Dataquest. Spending on telecommunications services and products is expected to increase 7.5%, followed by IT services (7.1%), software (6.5%) and hardware (4.8%).