In 2011, IT budgets are expected to grow by at least 8 percent, according to CIO.com's recent Economic Impact Survey.

According to the survey, businesses currently making $1 billion a year will also be expanding their IT spending, but by 5 percent. According to an informal poll of CIOs, Gary Beach of NetworkWorld discovered a few of the reasons for the budget expansion.

Cloud computing represents one major area for growth. Cloud technology allows businesses to provide flexible services at lower costs. The initial installation price, however, is enough to require raised budgets.

One CIO gave the news source a general summary on the increased spending, saying, "for the first decade of the 21st century, the business rationale for IT investment was largely cost reduction or running the IT shop more efficiently ... The focus of IT investment for the coming decade will be on driving business innovation and business growth."

Another primary reason for increased IT funding is Windows 7. Many businesses are still running on Windows XP, which hit markets in 2001. In order to make the upgrade to Microsoft's new operating system, businesses need to plan an overhaul, as many systems are affected by such a drastic change.

A recent survey by Gartner found that global IT spending should increase by 2014. Overall, growth is expected to be slow, especially in North America, as the global economy recovers. By 2012, deliberate IT expansion is likely, especially in enterprise software. By 2014, the industry is expected to grow by almost $50 billion, eWeek reports.