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Gartner Says the Banking and Securities Industry in India To Grow 8.6 Percent in 2017

Capital Market 

The Forecast/ Current Scenario: IT spending by and securities firms in will grow 8.6 percent in 2017 to reach $8.9 billion, according to Gartner, Inc.

Analyst Take: The Indian sector has undergone a transformation. Banks are gradually lowering the number of branches and increasing capability in terms of their existing infrastructure, said Moutusi Sau, principal research analyst at Gartner. Despite effects of demonetization in the sector, banks will continue with transformation projects.

Analysis: Demonetization is the primary reason for the slowdown in the and securities market in But the effects will be short-lived. The slowing manufacturing sector is also having an indirect effect on the and securities sector.

IT services will grow the fastest at 13.8 percent in 2017 followed by software at 13.4 percent. Firms in the and securities industry are investing more in enterprise resource planning (ERP)/ supply chain management (SCM)/ customer relationship management (CRM) to upgrade their existing infrastructure.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 20 2017. 12:25 IST
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