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Global purchasing of information technology (IT) -- including computers, software and services -- increased eight percent to $1.5 trillion in 2010, according to researcher International Data Corporation (IDC).
Buying of hardware by companies increased 16 percent to $661 billion, the fastest rate of growth for hardware since 1996. Storage spending grew by 14 percent, servers by 9 percent, and PCs by 11 percent.
With business profits and stock markets back into a cycle of growth, many companies upgraded "mission critical systems and infrastructure over the course of the year," said Stephen Minton, vice president of IDC's IT Markets and Strategies Group.
Spending on software and services lagged hardware purchases, but grew four percent and two percent respectively.
The overall IT market will grow by seven percent this year to $1.65 trillion. Hardware buying will increase 10 percent, while software spending will increase five percent, and services four percent, according to IDC.
The U.S. IT market grew by six percent in 2010, and will expand by another five percent in 2011. However, emerging economies are again leading the way and driving the overall growth of the global industry to higher levels.