After a five percent decline in 2009, the US IT services market is poised to recover this year and will reach $79 billion. This is according to a report from Forrester Research.
IT consulting remains to be the strongest segment in the US IT services, followed by hardware support/sales and system integration business.
“The cutbacks in tech purchases were in many cases driven by fear. Fear that the economy was headed toward a multiyear recession... and fear that firms would not be able to borrow from banks or the credit market if they needed, resulting in the drive to hoard cash and slash capital investment... As fears ease and prices rebound, the pent-up demand in those industries for IT goods and services will bounce back in 2010,” said the Forrester report.
Forrester report findings matched the projections of research firm Gartner on the global IT spending market, stating that it will grow 5.3 percent this year and will hit $3.4 trillion.