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Recession is Over for Tech: US IT Market to Grow 8.4 Percent in 2010, Predicts Forrester Research

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April 08, 2010

Recession is Over for Tech: US IT Market to Grow 8.4 Percent in 2010, Predicts Forrester Research

By Patrick Barnard, Group Managing Editor, TMCnet

There have been numerous reports in the past two months which indicate that the tech industry, and in particular the communications industry, in the US is starting to rebound from the global economic recession - this despite the fact that unemployment continues to hover around 9 percent.

Many US corporations appear to be ready to start investing again in software and systems that can improve their operations - and recent financial reports and earnings forecasts from major tech firms indicate that sales of enterprise technology products are rebounding.

A new study by Forrester Research, "US and Global IT Market Outlook: Q1 2010," confirms the trend.

"The tech recovery has started in the US and around the world," the report states, adding that in the fourth quarter of 2009 "IT market indicators showed an end to declines, setting the stage for stronger growth in 2010."

The report predicts that the US IT market will grow by 8.4 percent, to $550 billion, in 2010, while the global IT market in US dollars will grow by 7.7 percent to $1.6 trillion.

"Computer equipment and software will be the strongest product categories, with PCs, peripherals, and storage equipment leading the computer category and operating system software and applications setting the pace for software," the report summary states. "Communications equipment purchases are looking up, especially for enterprise and small and medium-size business (SMB) buying. IT services will lag a bit, with systems integration project work waiting for licensed software purchases to rise. On an industry basis, US manufacturers, financial services firms, utilities, and healthcare will see the strongest growth in 2010."

Forrester (News - Alert) predicts that the US and Asia Pacific "will be standout regions in local currency terms, while the stronger euro and European country debt concerns will keep Western and Central Europe expanding at the slowest rate among the regions."

Patrick Barnard is a senior Web editor for TMCnet, covering call and contact center technologies. He also compiles and regularly contributes to TMCnet e-Newsletters in the areas of robotics, IT, M2M, OCS and customer interaction solutions. To read more of Patrick's articles, please visit his columnist page.

Edited by Patrick Barnard

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