Going by a new report from market analyst firm Forrester Research, technology spending is apparently past its worst phase, and there are strong indications that the US and global spending on IT software and hardware will witness a notable turnaround in 2010.

Forrester’s projections, which precede the final data reports for the 2009 fourth quarter, are largely based on recent signs of global economic recovery, including the improved availability of credit and strong earning reports from vendors like Oracle.

Andrew Bartels, Forrester’s chief analyst, noted that “the technology downturn of 2008 and 2009 is unofficially over,” and added: “All the pieces are in place for a 2010 tech spending rebound. In the U. S., the tech recovery will be much stronger than the overall economic recovery, with technology spending growing at more than twice the rate of gross domestic product this year.”

Statistically speaking, the Forrester report said that IT expenditure in the US is expected to see a 6.6 percent growth in 2010, after having plunged 8.2 percent last year; while global IT spending will increase 8.1 percent in US dollars and 5.6 percent on local-currency basis.

Furthermore, the market watcher has also projected that spending in the so-called EMEA region – comprising Eastern Europe, the Middle East, and Africa – would witness a growth of about 2.4 percent; while Canada, Asia Pacific, and Latin America would grow 9.9 percent, 7.8percent, and 7.7 percent respectively.