Big-time computer hardware and services provider International Business Machines (IBM) has a lot going for it, especially its aggressive new buyback program. But there is another big contributor to IBM's success: emerging markets.

The company has had impressive growth in commodity- and export-oriented economies around the world. These include the emerging market nations of Brazil, Russia, India and China -- the so-called BRIC nations. But what you may not know is that these countries are rapidly modernizing their information technology infrastructure with those dollars and euros that they are earning in the global market. According to analysts at Davenport Equity Research, spending on computer hardware and software in these countries is expected to grow 13% through 2013, reaching more than $57 billion.

As you can imagine, this bodes well for IBM, which is already beginning to feel the revenue growth from these nations. During the second quarter, emerging market revenue increased 32% year-over-year, to $1.2 billion, beating the 25% growth posted in the first quarter. By 2010, IBM will generate 10% of its revenues in the BRIC economies. Revenue growth for IBM will likely improve moving forward, as corporate IT departments in the developed world are also ramping up expenditures, especially in software.

IBM continues its successful shift from being primarily focused on hardware to a broader focus on services and software, which carry higher margins. Add this to the demand of emerging markets for IBM's hardware and software as they modernize their IT systems, and you can see the potential for serious growth in revenues for the company.