Findings from a study by IT analysts Gartner cited the debt problems certain member states within Europe are going through and the subsequent actions by governments as the main reasons behind the dip.
In the first quarter, Gartner estimated that growth in IT spending would be 5.3 per cent, a figure which has now fallen to 3.9 per cent.
IT spending is now expected to total $3.350 trillion, which will remain higher than the $3.225 trillion recorded in 2009, the report showed.
Richard Gordon, Gartner research vice-president, said that the euro weakened against the US dollar during the second quarter, which is another reason behind the revised estimate.
He explained: âChief executive officers are targeting 2010 as a 'return to growth' year, and to enable growth strategies, chief Financial officers expect increased IT spending.
âHowever, chief information officers are seeing only marginal increases in budgets and are constrained to essential enterprise IT spending with discretionary spending still on hold.â
Further findings from the study revealed that global investment in computer hardware will be up 9.1 per cent on last yearâs total, reaching $365 billion.
By Jim Ottewill