Bangalore, India, 10th February, 2017 — IT spending by banking and securities firms in India will reach $8.9 billion dollars in 2017, an increase of 9.7 percent from 2016, according to Gartner, Inc. This forecast provides total enterprise IT spending for internal spending and spending data on data center systems, devices, software, IT services and telecom services.
IT services will grow the fastest at 13.8 percent in 2017, as firms in the banking and securities industry invest more in business processes, specifically in business process outsourcing. The focus is on outsourcing the activities to achieve operational efficiency and reduce costs in the banking and securities industry in India.
“The banking and securities industry in India saw a sea of change from earlier years in 2016 due to the sudden demonetization announcement,” said Moutusi Sau, principal research analyst at Gartner. “Banks are increasingly working to enhance their customer facing platforms and investing in payment tools.”
Further information on the banking and securities industry IT spending is available in the Gartner report: “Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2014-2020, 4Q16 Update”. The banking and securities industry forecast provides 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.
Gartner, Inc. (NYSE: IT) is the world’s leading information technology research and advisory company. Gartner delivers the technology-related insight necessary for its clients to make the right decisions, every day. From CIOs and senior information technology (IT) leaders in corporations and government agencies, to business leaders in high-tech and telecom enterprises and professional services firms, to supply chain professionals, digital marketing professionals and technology investors, Gartner is the valuable partner to clients in more than 10,000 distinct enterprises. Gartner works with clients to research, analyze and interpret the business of IT within the context of their individual roles. Gartner is headquartered in Stamford, Connecticut, U.S.A., and has almost 9,000 associates, including 1,900 research analysts and consultants, operating in more than 90 countries. For more information, visit www.gartner.com.