Manufacturing and banking to spend heavily on IT

IDC predicted that manufacturing and banking companies will account for nearly one-third of an estimated $391 bil spent on technology products by U.S. businesses in 2004. Government spending on regulatory projects also is slated to rise. IT spending in manufacturing industries will reach roughly $80 bil this year, a 4.2% increase over the $76.5 bil reported in 2003. In financial services, including the banking and insurance markets, the research company expects budgets to climb to nearly $83 bil, a 4.1% rise compared with $79.7 bil last year.