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Tech Industry

Recession slows IT services growth

The current recession will slow the growth of information technology services to the single digits this year, market researcher Dataquest said Monday. IT services are now expected to grow 7.1 percent worldwide in 2001 to $554 billion, eventually hitting $865 billion in 2005. Dataquest added that the poor economic conditions and the heightened threat of terrorism are expected to dampen growth, especially in the consulting arena, which will lag the general recovery by three quarters.

The current recession will slow the growth of information technology services to the single digits this year, market researcher Dataquest said Monday. IT services are now expected to grow 7.1 percent worldwide in 2001 to $554 billion, eventually hitting $865 billion in 2005. Dataquest added that the poor economic conditions and the heightened threat of terrorism are expected to dampen growth, especially in the consulting arena, which will lag the general recovery by three quarters.