Spending on IT around the world is estimated to reach $3.7 trillion this year.

That is according to global technology research firm, Gartner, which says purchases will grown by 4.5% over the next twelve months.

The company says Brexit, currency fluctuations and a possible global recession are still creating uncertainty when it comes to investment in IT.

Nevertheless, the research predicts the recovery in spending growth that began last year will continue. 

"Despite this uncertainty, businesses will continue to invest in IT as they anticipate revenue growth, but their spending patterns will shift," said John-David Lovelock research vice president at Gartner.

"Projects in digital business, blockchain, internet-of-things and progression from big data to algorithms to machine learning to artificial intelligence (AI) will continue to be main drivers of growth."

In total, $3.683 trillion will be spent on IT equipment, software and services this year, rising to $3.784 trillion in 2019.

The strongest spending growth, Gartner predicts, will be in the enterprise software sector which is expected to expand by 9.5% this year and 8.4% next, particularly in the area of software as a service (SaaS).

Devices spending will be the next most buoyant sector, Gartner says, with sales rising 5.6%.

The research also looks ahead to growth areas, with artificial intelligence forecast to create $2.9 trillion in new business opportunities by 2021 and recover 6.2 billion hours of worker productivity.