It's getting hard to deny the signs that the IT industry is starting to emerge from its torpor.

This was evident at last week's Software Innovation conference hosted by the RVC venture capital firm here in New York. I moderated a panel on the industry big picture, and the panelists agreed that things are looking up.

Pat Kenealy, CEO of International Data Group, noted that his IDC research subsidiary had called a turn in the IT market early this summer. A top Wall Street technology manager (who is cautious about being quoted publicly) agreed, estimating that the change came around May or June. He thinks spending on IT is starting to grow substantially across Wall Street.

More hopes on the future.