In many boardrooms in the U.S., decision-makers are debating which of the latest technologies deserve investment. IT spending has become an important part of any company's budget and, according to a recent study, that number is only going to grow.
The new forecast was released by Gartner,and found that worldwide spending on IT products and services will grow 4.1 percent this year to roughly $3.8 trillion.
Gartner analyst Richard Gordon said in a statement last week that cuts in U.S. government spending and the ongoing debt crisis in Cyprus have caused the fragile business and consumer sentiment throughout much of the world. However, this trend is not projected to last.
"The new shocks are expected to be short-lived, and while they may cause some pauses in discretionary spending along the way, strategic IT initiatives will continue," Gordon said.
The largest segment tracked by the study was telecom services, which is predicted to see a 2 percent increase to $1.69 trillion. Enterprise software revenues will also experience an bump, growing 2.9 percent over last year to $297 billion. Other areas that will see increased spending include database platforms, data integration and supply chain software.
When it comes to hardware like mobile devices and computers, spending will increase just under 8 percent and close out at $718 billion, according to the report.
Implementing the latest technology and services takes much more than just throwing money at the problem. Businesses need to be aware of the many potential pitfalls of incorporating any form of tech. This is when an IT consulting firm can become an invaluable resource and help keep any company hitting on all cylinders.