Good news: Worldwide IT spending is up

According to the latest estimates, growth in IT spending this year will be even better than previously anticipated.

Gartner had estimated worldwide IT spending would increase by 5.6% in 2011 compared to 2010. However, last week the research firm increased the estimate to 7.1%, ComputerWorld reports.

The biggest increase in spending will be seen in the hardware sector, with an 11.7 % increase. In terms of total dollars, the most money will be spent on telecommunications.

Another big cause for the spending boost: the increase in the use of cloud services. Though they aren’t a big part of overall IT spending, money spent on those services is growing four times faster than the overall growth in IT spending, Gartner reported.