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Mumbai, India, February 13, 2017

Gartner Says IT Spending in the Banking and Securities Industry in India to Reach $8.9 Billion in 2017

IT spending by banking and securities firms in India will reach $8.9 billion dollars in 2017, an increase of 9.7 percent from 2016, according to Gartner, Inc. This forecast provides total enterprise IT spending for internal spending and spending data on data center systems, devices, software, IT services and telecom services.

IT services will grow the fastest at 13.8 percent in 2017, as firms in the banking and securities industry invest more in business processes, specifically in business process outsourcing. The focus is on outsourcing the activities to achieve operational efficiency and reduce costs in the banking and securities industry in India.

"The banking and securities industry in India saw a sea of change from earlier years in 2016 due to the sudden demonetization announcement," said Moutusi Sau, principal research analyst at Gartner. "Banks are increasingly working to enhance their customer facing platforms and investing in payment tools."

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, 2014-2020, 4Q16 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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