Tech misery to continue for another year

NEWS The beleaguered IT market will show no signs of recovery until late next year according to heavyweight CRM player Siebel. Many in the tech sector were hoping to see an upturn in IT spend this autumn but Tom Siebel, CEO and founder of Siebel, told a conference in Aspen, Colorado, on Monday that he didn't see a turnaround occurring until the third quarter of 2002. According to Reuters, Siebel said he expects his company's fortunes to follow the trends of the market as a whole. Siebel told conference delegates: "I don't think we have begun to see the carnage in information technology companies that are going to fail." He added: "Is it going to get better soon? We don't think so." The Progress and Freedom Foundation, which organised the conference, is a think tank which measures the impact of the digital revolution on public policy.