Market research and advisory company Gartner predicts that IT spending by banking and securities firms in India is set to reach $7.8 billion in 2017, a whopping 8.6 per cent rise from 2016.
The Gartner report, ‘Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2014-2020, 3Q16 Update’, said that IT services and software will both be the fastest growing segments at 12.6 per cent in 2017, as firms in the banking and securities industry would invest more in applications and business processes, specifically in business process outsourcing (BPO).
The report provides information on total enterprise IT spending, including internal spending and multiple lines of detail surrounding spending on data centre, devices, software, IT services and telecom services for 43 countries in 11 regions.
“The banking and securities industry is increasingly working towards investing in core banking solutions to transform the legacy systems. Additionally, we are also seeing a lot of investment from the banks to leverage digital technologies to enhance the customer facing platforms,” said Moutusi Sau, Principal Research Analyst at Gartner, while talking about the future endeavours in the banking sector.
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