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Figures released today show raising fears over job security in the IT sector, according to a source.

Research carried out by recruitment company InterQuest claims latest statistics indicate four times more IT contractors are worried about their job security now than in February, reports vnunet.com.

There has also been a 20 per cent increase in redundancies, with one in three companies admitting to job cuts.

Gary Ashworth, InterQuest's executive chairman, told the website: "The results of our survey show it is only now that we [the IT industry] are feeling the effects of the credit crunch."

He added contractors should remain confident as because the industry is one of the last to suffer during the credit crunch it will be "one of the first areas to pick up again when the economy revives".

The figures come shortly after analysts for Gartner claimed IT investment is set to grow by 4.5 per cent in 2008.

According to a recent survey by Connect, the two biggest IT headaches for businesses were 'everyday hassles with IT' (37 per cent) and 'security concerns' (32 per cent) In a recent survey of SMEs for Connect, the two most important benefits of outsourcing were 'guaranteed response times' and 'allowing in-house IT staff to concentrate on more strategic issues'