By Gemma Simpson, 26 February 2007 15:45
NEWS
Western Europe's vertical markets - such as retail and manufacturing - will be spending $406.5bn on IT by 2010, according to research.
The retail sector is expected to spend 5.4 per cent more on IT during 2007, compared to 2006, with all the vertical markets investing at an average annual growth rate of 4.3 per cent between 2006 and 2010, a report from research house IDC predicts.
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The manufacturing sector was the biggest IT spender last year - out of 18 verticals - accounting for nearly 22 per of the total 2006 IT spend - and is expected to continue spending more on IT with a predicted annual compound rate of 3.9 per cent for 2006 to 2010.
In terms of what these sectors are investing in, software will be the fastest growing area of spending with vertical industries spending 6.6 per cent more on software during 2007 than 2006.
Spending on IT services will be up 5.2 per cent and hardware will see a growth of 4.6 per cent during 2007, compared with last year's figures, the report predicts.
During 2007, the vertical industries will fork out a total of $374bn for IT, with the services segment taking the lion's share of 45.1 per cent of this year's spending.
Hardware will account for 34 per cent of the £374bn spend, with packaged software only getting 20.9 per cent.
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