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Singapore, October 26, 2016

Gartner Says IT Spending in the Banking and Securities Industry in the Mature APAC Region to Reach $19.1 Billion in 2017

IT spending by banking and securities firms in the mature Asia/Pacific region will reach $19.1 billion dollars in 2017, an increase of 4.7 percent from 2016, according to Gartner, Inc. This forecast provides total enterprise IT spending for internal spending and spending data on data center, devices, software, IT services and telecom services. 

Gartner said the mature Asia/Pacific region consists of the following countries: Australia, New Zealand, Singapore and South Korea. In US dollar terms, Singapore will have the highest growth rate in 2017 at 6.6 percent, followed by New Zealand at 6.5 percent. 

The software segment will grow the fastest at 9.4 percent in 2017, as firms in the banking and securities industry invest more in applications, infrastructure and vertical-specific software. Solutions that help firms with "grow the business" initiatives are moving up in priority. The banking and securities industry has been increasingly trying to come up with partnerships or new models to tackle new incumbents from Fintech, leading to increased attention and investments. 

"The banking and securities industry is working to reinvent the business models due to these new players and are trying to integrate the digital platforms firmly into business and operating models" said Moutusi Sau, principal research analyst at Gartner. 

Further information on banking and securities industry IT spending is available for Gartner clients in the report: "Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2014-2020, 3Q16 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.

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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