Worldwide IT spending is projected to total $3.7tr in 2018, an increase of 6.2% from 2017, according to the latest forecast by Gartner.
"Although global IT spending is forecast to grow 6.2% this year, the declining US dollar has caused currency tailwinds which are the main reason for this strong growth," said John-David Lovelock, research vice president at Gartner.
"This is the highest annual growth rate that Gartner has forecast since 2007 and would be a sign of a new cycle of IT growth.
"However, spending on IT around the world is growing at expected levels and is in line with expected global economic growth.
"Through 2018 and 2019, the US dollar is expected to trend stronger while enduring tremendous volatility due to the uncertain political environment, the North American Free Trade Agreement renegotiation and the potential for trade wars."
Enterprise software spending is forecast to experience the highest growth in 2018 with an 11.1% increase.
Barring unexpected disruption, the software industry is expected to continue capitalising on the evolution of digital business.
Application software spending is expected to continue to rise through 2019, and infrastructure software will also continue to grow, bolstered by modernisation initiatives.