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Goa, India, November 2, 2015

Gartner Says Indian Banking and Securities Firms to Spend 499 Billion Rupees on IT in 2015

Analysts Forecast Strong Growth in Software and IT Services

Indian banking and securities companies will spend 499 billion rupees on IT products and services in 2015, an increase of 9.8 percent over 2014 spend of 455 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.

“Established firms in the industry are investing to strengthen their operational infrastructure to support regulatory needs, as well as sustain increasing demands from the digital channels. Moreover, Reserve Bank of India has issued licenses for 11 payment banks and another 10 small finance banks, “said Rajesh Kandasamy, research director at Gartner “These new entrants will grow the IT market by their own technology investments, and also by stimulating the incumbents to invest in modern technology. India has also been upgrading, and increasing, the technology infrastructure that facilitates payments. Banks will take advantage of these by building technology-enabled services on top.”

“Technology will play a more pervasive role in banking and securities, and in all aspects of the business. Indian banks will increase investments in digital solutions, modernize back-end systems and increase their reliability and speed,” added Mr. Kandaswamy.

Further information on banking and securities industry IT spending is available in the Gartner report: “Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2013-2019, 3Q15 Update” at http://www.gartner.com/document/3146718. 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.

Business trends are the main focus at Gartner Symposium/ITxpo 2015, November 2-5 in Goa, India.Members of the media can register for the event by contacting Sony Shetty at sony.shetty@gartner.com.

 

About Gartner Symposium/ITxpo

Gartner Symposium/ITxpo is the world's most important gathering of CIOs and other senior IT executives. This event delivers independent and objective content with the authority of the world's leading IT research and advisory organization, and provides access to the latest solutions from key technology providers. Gartner's annual Symposium/ITxpo events are key components of attendees' annual planning efforts. IT executives rely on these events to gain insight into how their organizations can use IT to overcome business challenges and improve operational efficiency.

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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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