MANILA, Philippines—After a challenging 2009, enterprise information technology spending is projected to grow 2.9 percent this year to reach more than $2.4 trillion, with the manufacturing and natural resources sector accounting for bulk of overall spending.

According to research firm Gartner Inc., the manufacturing and natural resources sector may account for $426.1 billion of total enterprise IT spending this year, 2.6 percent more than last year’s $415.5 billion.

The second biggest spender may be the communications media and services vertical with a projected $392.5 billion, up 3.6 percent from the $378.8 billion registered a year ago.

A close third may be the banking and securities sector with $390.5 billion, an increase of 2.8 percent from the previous year’s $379.9 billion.

The biggest growth, however, will come from the utilities vertical at 4.7 percent to $125.6 billion this year from $119.9 billion last year.

National and international government spending may likewise grow at a faster pace than other verticals at 4 percent this year to $244.4 billion, from the previous year’s $235.1 billion.

Gartner research director Kenneth Brant said technology and service providers worldwide should target these high-growth industry segments from now until 2014.

At the same time, he said, they should also analyze low-growth segments, to take advantage of “unusual growth opportunities at the sub-industry segment level.”

In making their business plans, he said IT product and service providers should take into consideration projections on the economy, and the possible impact of these forecasts on enterprise IT spending.

“We’re advising our technology provider clients to prepare business plans for 2011 on the basis of our most likely scenario for enterprise IT spending growth—3.5 percent. However, they should act now to develop contingencies to mitigate the risk of zero growth in 2011—a scenario that carries a lower probability but a much higher potential impact,” Brant said. “The bottom line is technology providers need to be prepared for the worst.”