The IT industry is growing again, and will return to modest growth during 2010, according to a report from market research firm Gartner.

Spending on IT will grow to $3.4 trillion this year - that's a 4.6 percent rise on spending in 2009.

All major segments are expected to grow this year, said Richard Gordon, research VP at Gartner.

"Our updated forecast for IT spending to reach $3.4 trillion in 2010 is actually a year earlier than we expected," he said. "While this forecast might seem bullish at first, it's important to factor in the impact that exchange rates will have on the markets. Much of the increase in our revised 2010 forecast can be attributed to a projected decline in the value of the US dollar compared to 2009," he said.

The table below shows Gartner's forecast for worldwide IT spending, expressed in billions of US dollars.

 
2009 spend
2009 growth
2010 spend
2010 growth
Hardware
362.4
-13.9%
331.7
1.6%
Software
220.7
-2.1%
231.5
4.9%
IT Services
780.9
-3.5%
842.2
5.6%
Telecom
1,887.7
-3.6%
1,976.6
4.7%
Telco Services
1,524.1
-2.9%
1,588.5
4.2%
All IT
3,215.7
-4.6%
3,364.1
4.6%

Gartner surveyed 1,586 chief information officers (CIOs) and that indicated that worldwide budgets in 2010 will grow by a weighted global average of 1.3 percent in nominal terms.

Spending growth will be greatest in Latin America, the Middle East and Africa and in Asia Pacific. Recovery in Western Europe, the US and Japan will be slower.