Worldwide industry vertical market IT spending is projected to total $2.28 trillion in 2009, a 6.8 percent decline from 2008, according to Gartner, an information technology research and advisory company . Analysts predict the market will return to growth in 2010, when it will grow at 2.3 percent to reach $2.34 trillion.

“Our expectations for when the market will return to positive growth in IT spending, and for how strong that growth will be, vary significantly by industry sector, with the majority of industries expected to enter a period of sustained, positive growth in 2011,” said Kenneth Brant, research director at Gartner.

Also Read   Related Stories News Now - Industry vertical market IT-spend dips 6.8% in 2009 : Gartner - E-book readers likely to take off in 2010: Gartner - Effective data processing to help firms improve ops - Global PC shipments to grow 2.8% in 2009: Gartner - Semiconductor revenues expected to rebound in '10 - Semiconductor revenue to fall 11.4%: Gartner

Also Read   Related Stories News Now - Pre-market: Range-bound movement likely - Airlines say carbon law cutting EU off from growth - World stocks eke out gains, euro falls - US sets more duties on India steel pipe - Email, wiretaps, at trial link Rajat Gupta to Rajaratnam More

The report says that financial services will lead all industry vertical markets, with IT spending totalling $502.6 billion in 2009; however, this segment will decline 8.3 percent. The agriculture, mining and construction market will experience the steepest decline in IT spending this year, declining 9.2 percent. The national and international government industry will show the slowest decline in IT spending as revenue decreases 3.6 per cent.

Gartner says that technology and service providers should plan their 2010 marketing campaigns, sales and service engagements with clearer value propositions aimed at the chief financial officer (CFO) and strategic business unit (SBU) leaders and with account teams composed and trained to execute in a changed sales environment. “This deep and prolonged recession has the potential to create a new market environment with stronger spheres of financial and business influence in many industries’ IT buying centers,” said Brant. “Vendors should develop andôor expand financial models for project justification and sales training on selling to the financial buyer and business leader.”

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Pre-market: Range-bound movement likely - Airlines say carbon law cutting EU off from growth - World stocks eke out gains, euro falls - US sets more duties on India steel pipe - Email, wiretaps, at trial link Rajat Gupta to Rajaratnam

Tags : Gartner | Kenneth Brant | CFO | SBU   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  The Best Seller is Also the No. 1 in Mileage. Click here -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE!