The worldwide IT market took a major plunge in the current fiscal quarter but will soon to recover by the end fourth quarter and into 2010, according to Forrester analyst research on Tuesday.

The firm now sees the global IT market to decline by 10.6 percent in US dollars, more than halfway for U.S market.

 The big drops are not precursors to further declines, said Andrew Bartels, a principal analyst at Forrester. Rather, we think they are evidence of a temporary pause in U.S. tech purchases, which we expect to start recovering in the fourth quarter, as businesses realize that they overreacted in the first quarter.

It also projected computer equipment purchase to decline 13.5 percent to communication equipment of 12.4 percent, software down 8.2 percent and IT consulting and outsourcing to drop 8.6 percent.

However it expects IT spending and services to resume soon particularly in US IT investment and purchases, followed by Europe and Asia in 2010.