More than 40% of large businesses have cut their IT budgets this year due to the global economic slowdown, according to research from analyst Forrester.
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The research was based on a survey of almost 1,000 IT managers across North America and Europe.
The survey found that 43% of firms have already cut their overall IT budgets in 2008 in reaction to the slowdown in the global economy, while 24% have put discretionary spending on hold.
Only 28% of respondents said the economy has had no impact on their IT budgets.
IT departments in the financial services industry were hit hardest, with 49% of IT shops in the financial services sector having seen a cut in budgets.
IT departments in North America have been impacted by the economy more than their counterparts in Europe. The survey found that 49% of North American firms have cut their IT budgets, compared with 31% of respondents in Europe.
"This is not an across-the-board spending slowdown the impact of the economy on IT budgets varies widely by industry and geography," said Forrester Research analyst John McCarthy.