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Mumbai, India, November 4, 2014

Gartner Says Indian Banking & Securities Firms to Spend 469 Billion Rupees on IT in 2014

Analysts Forecast Strong Growth in Software

Indian banking and securities companies will spend 469 billion rupees on IT products and services in 2014, an increase of more than 10 percent over 2013 revenue of 427 billion rupees, according to Gartner, Inc. This forecast includes spending by financial institutions on internal IT (largely personnel), hardware, software, external IT services and telecommunications.

IT services is the largest overall spending category at almost 155 billion rupees in 2014 (33 percent of the entire enterprise IT market) which confirms the interest of the banking industry for IT services which is becoming a leading industry in the country.

However, software is forecast to achieve the highest growth rate amongst the top level IT spending categories – at about 16.7 percent in 2014 – which will slow down in the following years compared to the IT services market.

“New bank licenses will be soon granted by RBI. This will trigger a new wave of IT spending across the country as RBI’s goal is to reach a higher local penetration for banking services, and this means more branches,” said Vittorio D’Orazio, research director at Gartner. “Front-office technologies, such as branch-related hardware and software, will be the sweet spot, as well as new channels such as mobile and ATMs/kiosks.”

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, 2012-2018, 3Q14 Update’, available at - http://www.gartner.com/document/2868717, or for all industries ‘Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 3Q14 Update’ at http://www.gartner.com/document/2882717.This vertical industries forecast provides total enterprise IT spending, including internal spending and multiple lines of detail for spending on hardware, software, IT services, and telecommunications for vertical industries and 43 countries within seven geographies.

About Gartner

Gartner, Inc. (NYSE: IT), is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities today and build the successful organizations of tomorrow.

Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and objective resource for more than 15,000 organizations in more than 100 countries — across all major functions, in every industry and enterprise size.

To learn more about how we help decision makers fuel the future of business, visit gartner.com.

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