{"id":2417,"date":"2011-09-08T07:00:48","date_gmt":"2011-09-08T15:00:48","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=2417"},"modified":"2011-09-08T07:00:48","modified_gmt":"2011-09-08T15:00:48","slug":"technology-it-budget-growth-estimates-revised-downward","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/technology-it-budget-growth-estimates-revised-downward\/","title":{"rendered":"Technology: IT Budget Growth Estimates Revised Downward"},"content":{"rendered":"

While many IT budgets remain huge, a majority of analysts and economists are now adjusting IT spending forecasts downward over the next year. \u00a0The US Federal budget currently comes in at around $80 billion, and\u00a0Peter Sondergaard<\/a>, Senior Vice President of Gartner Research, recently reported<\/a> at Gartner ITxpo conference in Orlando, reported that there are now 350 corporations in the world with IT budgets exceeding $1 billion IT. \u00a0But IT budgets of both large and small companies are poised to shrink the rest of this year and into 2012.<\/p>\n

For example<\/a>, within the Federal Government, the US Deparment of the Navy announced in August that it plans to cut IT spending by 25 percent over the next five years, and other federal agencies like Social Security are also planning cuts to their IT budgets. \u00a0Tech suppliers Dell<\/a>,\u00a0Brocade<\/a>, and Juniper Networks<\/a> are cutting their revenue estimates for the remainder of the year. \u00a0Dell is talking of a “a more uncertain demand environment.”<\/p>\n

Gartner <\/a>is cutting back on its IT annual growth estimates for 2012 from the previous estimate of 5 percent annual growth to just 3 percent.<\/p>\n

Jim Finkle<\/a> of Reuters quotes <\/a>Forrester Research analyst\u00a0Andrew Bartels<\/a> as saying that “we could go into an economic recession and see tech spending decline.”<\/div>\n

Rebecca Wettemann<\/a>, vice president and analyst with technology research firm Nucleus Research<\/a> said that companies are “putting more scrutiny on spending. They are looking at cutting back.”<\/p>\n

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While many IT budgets remain huge, a majority of analysts and economists are now adjusting IT spending forecasts downward over the next year. \u00a0The US Federal budget currently comes in at around $80 billion, and\u00a0Peter Sondergaard, Senior Vice President of…<\/span><\/p>\n

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