Worldwide IT spending is forecast to total $3.8 trillion in 2012, a 3.7 percent increase from 2011, according to the latest outlook by Gartner. In 2011, worldwide IT spending totaled $3.7 trillion, up 6.9 percent from 2010 levels.

Gartner has revised downward its outlook for 2012 global IT spending from its previous forecast of 4.6 percent growth. All four major technology sectors computing hardware, enterprise software, IT services and telecommunications equipment and services are expected to experience slower spending growth in 2012 than previously forecast.

"Faltering global economic growth, the eurozone crisis and the impact of Thailand's floods on hard-disk drive (HDD) production have all taken their toll on the outlook for IT spending," said Richard Gordon, research vice president at Gartner.

The Thailand floods, that left one-third of the country under water, are having serious implications for businesses worldwide, particularly with computer and storage purchases. Although large PC OEMs will see fewer problems than others in the industry, no company will be wholly immune to the effects on the HDD supply chain.

Telecom equipment spending is projected to show the strongest growth, with revenue increasing 6.9 percent in 2012, followed by the enterprise software market, which will grow 6.4 percent.