IT spending in banking, securities industry in India to touch $8.9 billion in 2017: Study

NEW DELHI:  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.

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," said Sau.

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.