Goldman Sachs: US CIOs predict spending cuts until late 2003

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Goldman Sachs: US CIOs predict spending cuts until late 2003

Leading US businesses will not increase their IT spending until the second half of 2003, according to a study by investment bank Goldman Sachs.

The survey of 100 IT executives from the 1,000 largest US companies found that IT spending will grow by about 2% to 3% in 2003, with any significant upturn in purchasing at least three quarters away.

US companies are likely to underspend their IT budgets because of uncertain business conditions, while cost cutting remains the key business priority.

The Goldman study also noted that interest in Linux may be growing, but the adoption rate is still low because of the technology's immaturity.

The report found that Cisco Systems, Microsoft and Network Appliance continue to gain market share, while other companies showing notable growth included IBM, EMC, BEA Systems, Hewlett-Packard, Internet Security Systems, Red Hat and Veritas.

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