NEW DELHI: Driven by growth in software and IT services revenue, IT spending by banking and securities firms in India is forecast to reach USD 7.8 billion in 2017, an 8.6 per cent rise from 2016, says Gartner,Inc. This forecast provides total enterprise IT spending for internal spending and spending on data center, devices,software, IT services and telecom services, Information technology researchand advisory company Gartner said. 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 invest more in applications and business processes, specifically in business process outsourcing (BPO).
“The focus is on integrating the digital framework firmly into the banking and securities industry in India,” the company said in a statement.“The banking and securities industry is increasingly working towards investing in core banking solutions to transform the legacy systems. Additionally, we are seeing a lot of investment from the banks to leverage digital technologies to enhance the customer facing platforms,” Principal Research analyst at Gartner, Moutusi Sau said.
The Gartner report, ‘Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2014-2020, 3Q16 Update,’ provides information on total enterprise IT spending, including internal spending and multiple lines of detail surrounding spending on data center, devices, software, IT services and telecom services for 43 countries within 11 regions.
The worldwide IT spending is forecast to reach $3.5 trillion in 2017, up 2.9 percent from 2016 estimated spending of $3.4 trillion, according to the latest forecast by Gartner, Inc.
The bright spot for the IT spending has been the software and IT services segments. Software spending is projected to grow 6 percent in 2016, and it will grow another 7.2 percent in 2017, as per Gartner Inc forecast.
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