Today in Tech: IT Spending in 2012, Correlation Ventures & More

IT Services spending in 2012 to grow by 2.3%: GartnerSeveral reports on Gartner's estimates of global IT spending had an upbeat tone. The research firm has raised its estimates from 2.5% to 3%. Companies will spend $3.6 trillion on IT in 2012. "While the challenges facing global economic growth persist — the eurozone crisis, weaker U.S. recovery, a slowdown in China — the outlook has at least stabilized," Richard Gordon, research vice president at Gartner said in a press statement.What does it mean for Indian IT companies? Not much.IT Services will grow only by 2.3% in 2012 (It grew 7.7% last year). This translates to an incremental spend of 19 billion dollars. That seems to be a big amount – close to 20% of the Indian IT sector, and double the revenues of India’s largest IT services firm. But these two numbers also indicate why its impact will be small. Assuming that India will not grab significantly more share in the market this year, this should translate to an additional 2 billion for the entire sector in India. In other words, nothing that will make Indian IT companies happier.However, Gartner is a little more optimistic for 2013, estimating that companies will spend 4.4% more on total IT, and 4.8% more on IT Services. This is how the chart looks like.Here's the table:Worldwide IT Spending Forecast (Billions of U.S. Dollars)