Vertical market IT spend feels impact of recession

Worldwide vertical market IT spending is projected to total $2.7 trillion in 2009, a 0.5% increase from 2008, according...

Worldwide vertical market IT spending is projected to total $2.7 trillion in 2009, a 0.5% increase from 2008, according to analyst Gartner.

It predicts utilities, healthcare and government will be the strongest-growing segments of the market in 2009.

"The economic slowdown, triggered by the US sub-prime market crisis, along with fluctuating oil prices and currency exchange rates, impacted many industries and countries around the world in IT spending," said Gartner analyst John-David Lovelock.

"Internal spending, hardware and system integration in the financial sector were particularly hard-hit in 2008, and will continue suffering through 2009," he said.

In contrast, healthcare grew 8.3% worldwide in 2008, and utilities grew 7.7%, Lovelock said.

The utilities industry is forecast to yield the biggest growth in 2009, at 2.9%. Smart grids and energy supplies are viewed as national and strategic issues in many countries, and spending on IT is a necessity, said the analyst.

The healthcare industry is expected to post the second highest increase in 2009, with 2.2% growth. Countries in which healthcare is primarily publicly funded will be sheltered from the worst of the economic turmoil. Gartner said governments tend to keep healthcare funding at least stable in difficult economic conditions.



Enjoy the benefits of CW+ membership, learn more and join.

Read more on IT risk management



Forgot Password?

No problem! Submit your e-mail address below. We'll send you an email containing your password.

Your password has been sent to:




  • Dissecting the Hack

    In this excerpt from chapter three of Dissecting the Hack: The V3RB0TEN Network, authors Jayson E. Street, Kristin Sims and Brian...

  • Digital Identity Management

    In this excerpt of Digital Identity Management, authors Maryline Laurent and Samia Bousefrane discuss principles of biometrics ...

  • Becoming a Global Chief Security Executive Officer

    In this excerpt of Becoming a Global Chief Security Executive Officer: A How to Guide for Next Generation Security Leaders, ...