Global information technology spending is projected to be $3.8 trillion in 2012, up 3.7 percent from a year ago, according to Gartner. In 2011, IT spending was $3.7 trillion, up 6.9 percent from 2010.
Gartner cut its outlook for 2012. Its previous forecast was 4.6 percent for 2012. Gartner said that hardware, enterprise software, IT services and telecom equipment and services will see slower growth than the research firm projected.
Europe's economic problems and hard drive shortages due to flooding in Thailand are the primary reasons for the lower outlook.
Gartner projected that hard drive supply will be down 25 percent or more over the next six to nine months. The hard drive shortage will persist through 2012 and into 2013. Toss in eurozone issues and uncertain abounds.
Here's a look at Gartner's current view: