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IDC predicts that global IT spending will jump by 3.8% in 2010, to $1.47 trillion.
Hardware purchasing of equipment such as PCs, servers, storage and network equipment is expected to grow by 6.4%.
IDC expects software purchases to increase by 3.1%.
Growth in IT services is expected to be a bit slower, with an increase of 1.5%.
Gartner is even more optimistic, expecting IT spending to reach $2 trilliona 4.1% increase.
Gartner sees the most IT spending increases in the government sector.
Gartner predicts national and international government IT spending to increase by 6.2% to $234.2 billion.
Regional and local governments are expected to boost their spending by 4.3% to $184.4 billion.
Gartner expects a healthy rise in the banking and financial vertical, where it expects a 4.6% increase to $396.6 billion.