A recent study by tehcnology analyst Ovum has discovered that approximately $37. 5 billion of IT contracts globally will be up for renewal within the next six months.
The report forecasts that the greatest opportunities will be in the financial services, energy/utilities and communications industries. Not-for-profit, aerospace & defence and life sciences will also be sectors with significant forthcoming contracts up for grabs.
The research, conducted using Ovum’s new ICT Opportunity Profiler tool, examined more than 20 business sectors and identified over 500 IT contracts due to expire before Septemebr 2010.
The findings should come as good news for an IT industry that has faced greater competition and cost-cutting in the wake of the global finacial crisis (GFC).
It is estimated that hundreds of the contracts range between $1 million and $1 billion in value.