IT spending in banking, securities to reach $7.8 billion in 2017

IT spending by banking and securities firms in India will reach $7.8 billion in 2017, an 8.6 per cent rise from 2016, says Gartner Inc.

This forecast provides total enterprise IT spending for internal spending and spending on data center, devices, software, IT services and telecom services, Information technology research and advisory company Gartner said.

IT services and software will both be the fastest growing segments at 12.6 per cent in 2017, as firms in the banking and securities industry invest more in applications and business processes, specifically in business process outsourcing (BPO).

"The focus is on integrating the digital framework firmly into the banking and securities industry in India," it said.

"The banking and securities industry is increasingly working towards investing in core banking solutions to transform the legacy systems. Additionally, we are also seeing a lot of investment from the banks to leverage digital technologies to enhance the customer facing platforms," Principal Research analyst at Gartner, Moutusi Sau said.

The Gartner report, 'Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2014-2020, 3Q16 Update', provides information on 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.