Organizations around the world will collectively spend more than $3.6 trillion on IT products and services, Gartner said today.
That sounds like a healthy chunk of change, but it marks only a 3 percent increase from last year when spending totaled around $3.5 trillion. Still, Gartner's latest forecast is a bit more optimistic than the 2.5 percent rise it projected last quarter.
"While the challenges facing global economic growth persist -- the eurozone crisis, weaker U.S. recovery, a slowdown in China -- the outlook has at least stabilized," Richard Gordon, a research vice president at Gartner, said in a statement. "There has been little change in either business confidence or consumer sentiment in the past quarter, so the short-term outlook is for continued caution in IT spending."
In the face of a sluggish year, the the cloud may be one of the few bright spots, according to Gartner. Companies are expected to shell out around $109 billion on cloud services this year, up from $91 billion last year. Spending on the cloud could reach as high as $207 billion by 2016.
As the largest market for IT spending, telecommunications is also due for a promising year.
Enterprises will spend around 377 billion on telecom equipment and $1.7 trillion on telecom services, Gartner noted. The growth is expected to come from new network connections set up in emerging markets and more connected mobile and electronic devices popping up in mature markets.