Survey hints at spending uptick

Chief information officers (CIOs) expect to increase their IT budgets next year by 3 %, according to Merrill Lynch & 's TechStrat Survey of 75 US and 25 European CIOs. For 2003, the CIOs said they expect their IT spending to increase an average of only 1 % over last year's levels.

Also in the September report, the CIOs said that in an economic recovery, they would be more likely to spend money on software than on hardware and networking. Therefore, Merrill analysts predict that higher application software sales will be the "true sign" of an IT spending recovery.

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