Press Releases

Dubai, February 17, 2016

Gartner Says IT Spending for the Middle Eastern & North African Banking and Securities Firms to Grow 2.4 Percent in 2016

Analysts Attribute IT Spending Growth to Customer-Centric Strategies of Banks

IT spending by banking and securities firms in the Middle East and North Africa (MENA) will be approximately $12.5 billion in 2016, a 2.4 percent increase over 2015, according to Gartner, Inc. This forecast includes spending on internal IT services (including personnel), IT services, software, data center technologies, devices and telecom services.

Software spending continues to have the fastest growth rate at 9.3 percent in 2016, followed by internal services at 4.7 percent. Banks are increasingly availing of advanced analytics across their business, while investments to enhance and strengthen digital channels continue moderately. Banks are enhancing their front-office solutions to empower the employees as well.

“IT spending increases moderately in 2016, dampened by the low oil prices. Investments for high-priority programs in flight continue, while brand new initiatives will be selectively launched in 2016,” said Rajesh Kandaswamy, research director at Gartner.

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, 2013-2019, 4Q15 Update”. 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.

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