IT spending by banking and securities firms in the mature Asia/Pacific region will reach $22 billion dollars in 2016, a 0.47 percent increase from 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.
Gartner said the mature Asia/Pacific region consists of the following countries: Australia, New Zealand, Singapore and South Korea. In U.S. dollar terms, Singapore will have the highest growth rate in 2016 at 3.2 percent, followed by New Zealand at 1.3 percent.
Software will grow the fastest at 6.3 percent, as firms in the banking and securities industry invest more in online, mobile, analytics and data solutions. Solutions that help firms grow revenue on digital channels move up in priority. The banking and securities industry has increased attention to growth of the new financial technology (Fintech) market, leading to investments and partnerships.
"There is a push towards using digital technologies to achieve revenue growth. This is not only in using online and mobile channels, but for better use of data and analytics across all channels," said Rajesh Kandaswamy, research director at Gartner.
Further information on the banking and securities industry IT spending is available to Gartner clients in the report: "Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2014-2020, 1Q16 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.