IT Budgets Vary By Industry

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Has IT budget growth remained consistent across different industry sectors?

IT Budgets Vary By Industry

Although high tech budget growth has remained relatively flat for the past year, research from Computer Economics found that technology budget changes varied significantly by IT industry sector. Some vertical markets showed positive growth while others did not fair as well.

Hardest hit was the manufacturing sector, which experienced declines of up to five and a half percent. Also showing negative gains was the retail sector, yet their drop was relatively mild at just one percent.

Somewhat surprising was the fact that the banking and finance market was found to have an IT operational spending increase of nearly five percent. However, this can be attributed, in part, to extra IT work required to consolidate systems and resources from those organizations that were involved with takeovers and acquisitions. Also important to note is the vital tie between banking and IT. There is only so much that can be cut from technology budgets in this IT job industry. Banking is a highly data driven industry. Customers today depend on the convenience of online banking and ATMs. These services must be adequately supported and protected for banking firms to remain in business.

   

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