Global IT spending is expected to reach $1.5 trillion by 2010, new research shows.

The IDC report predicts worldwide IT spending will grow by 6 per cent each year until 2010. Global spending last year totalled $1.2 trillion.

The study also claims that international spending on IT services is set to reach $587 billion by the end of the decade, reflecting an annual growth rate of 6 per cent. The largest areas of growth will be government, banking and discrete manufacturing, according to the report.

Software expenditure is expected to hit $237 billion over the same period, with an annual growth rate of 8 per cent. The fastest growing markets will be healthcare, communications and government, the intelligence firm said.

Furthermore, hardware spending will peak at $562 billion in 2010 driven by spending from consumers and government sectors, the research claims.