Framingham, Mass.—Worldwide IT spending totaled $965 billion in 2004 and is expected to reach $1 trillion this year and $1.2 trillion by 2008, according to a new research report from IDC.
In the U.S., IT spending totaled $394.5 billion in 2004 and is projected to reach $416 billion this year and $501 billion by 2008, IDC projected.
Worldwide software spending is expected to total $213 billion this year, according to the report, with the largest increases in government and services. Software spending in the U.S. is expected to reach $106 billion this year, led by services, manufacturing and the consumer/home market.
The worldwide hardware market is forecast to be $389 million this year and to grow to $465 billion in 2008. Spending will be led by the consumer, media and government sectors, according to IDC.
The U.S. hardware market is expected to reach $132.5 billion this year, growing to $156.7 billion in 2008, according to IDC.