The IT industry should see moderate growth of nearly 5 percent according to a new report.

Research firm Gartner revised its outlook for worldwide IT spending this year, predicting the industry as a whole will see 4.6 percent growth to $3.4 trillion, up from its previous prediction of 3.3 percent predicted earlier.

The figure represents a turn around from the previous year where IT spending fell by 4.6 percent. The revised forecast takes into account an expected weakening of the U.S. dollar.

Emerging markets will see the strongest gains. Gartner predicts that spending will increase 9.3 percent in Latin America, 7.7 percent in the Middle East and Africa and 7 percent in the Asia-Pacific region.

Due to the recession, the U.S. is expected to post only 2.5 percent growth, with Japan just 1.8 percent. In a bright spot outside of emerging markets, Gartner expects Western Europe to come in at 5.2 percent growth.

The recovery from the recession will take between 12 to 18 months