August 7, 2003 -- (WEB HOST INDUSTRY REVIEW) -- Several vertical industries continue to invest heavily in information technology, creating opportunities for vendors, according to a new report from research and analysis firm IDC (idc.com).
According to the report, the discrete manufacturing and banking sectors will be the biggest overall IT spenders.
IDC's research also showed that the government sector will surpass $126 billion in IT spending in 2007, spending for IT services will be led by banking, insurance and utilities and reach $162.3 billion, spending in software in 2007 will be $87.2 billion, and IT hardware spending will be the highest in the consumer, education, and media markets with $168.9 billion.
"The worldwide economy ended 2002 much weaker," noted Anne Lu, senior analyst, Worldwide Vertical Markets at IDC. "As a result, IT budgets were negatively impacted as the year progressed and industries struggled to manage costs and meet profit goals. However, certain vertical markets still present bright IT opportunities depending on regions and industries."
