Worldwide IT spending is projected to total $4.1 trillion in 2021, an increase of 8.4% from 2020, according to the latest forecast by Gartner, Inc. The source of funds for new digital business initiatives will more frequently come from business departments outside IT and charged as a cost of revenue or cost of goods sold (COGS).

Worldwide IT spending is projected to total $3.76 trillion in 2019, an increase of 3.2 percent from 2018, according to the latest forecast by Gartner, Inc. Additionally, all segments are forecast to exhibit growth in 2019 despite threats such as recession and Brexit.

With personnel accounting for more than 40 percent of the typical IT operational budget, properly allocating personnel time and expenses to projects, tasks, or service delivery is vital for managing IT costs and pricing IT services. Nevertheless, many organizations do not keep track of where IT personnel are spending their time, according to a new report by Computer Economics.