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Tuesday, 25 November 2008

IT sector to slump next year

By Serene Luo

TOUGH times are likely to force IT market growth worldwide next year down to a measly 2.3 per cent, revised downward from 5.8 per cent.

IT spending by companies will also be slow, even flat or negative, in developed economies, particularly in the United States and Western Europe, and in Asian countries like Singapore, South Korea and Japan too.

Yet, the Asia-Pacific markets are likely to be one of the least affected in this downturn, said technology market research firm Gartner, in a media briefing on Tuesday.

This is because 'emerging powerhouses' such as China and India, and growing markets like the Philippines, Vietnam and Indonesia will drive growth, and thus IT spend on products and services.

Gartner's managing vice-president Matthew Boon, who is based in North Sydney, also pointed out that many companies are likely to cut or delay discretionary IT spend, but preserve essential expenditures.

He, however, warned that companies should look at the long term in order to support growth once economies begin to recover.

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