IT Spending for Indian Banking & Securities Firms set to grow by 13% in 2013: Gartner

30th August 2013 | By Mouseworld Now Correspondent |

New Delhi, India, August 30, 2013: Indian banking and securities companies will spend around 417 billion rupees on IT products and services in 2013, an increase of more than 13 percent over 2012 revenue of 369 billion rupees, according to Gartner, Inc. This forecast includes spending by financial institutions on internal IT services (including personnel), IT services, software, data center technologies, devices and telecom services.

IT services will be the largest segment in overall spending category at 131 billion rupees in 2013, due to a strong focus on the financial services sector by IT services providers, it is growing stronger than other segments at nearly 18 percent compared to 2012.

Software is the second fastest growth segment, in spending on pace to increase 17.1 percent, followed by internal services (that includes IT personnel) at 15.7 percent. In the software segment, desktop software and enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM) will exceed the 20 percent growth landmark with 22.1 percent and 21.7 percent, respectively.

“Focus on expansion and increasing market share remains a top priority for banks in India. As in other emerging markets, the front office gets preference over the back office in major investments,” said Vittorio D’Orazio, research director at Gartner. “Although we have seen a number of requests from Indian banks regarding the modernization and legacy replacement of core banking systems, the major issue for many of those banks is still the gap between front-office and back-office services. This explains the growth rate for 2013 in the vertical specific software segment at 17.3 percent. We also see increasing adoption of packages, especially for ‘lite’ core banking systems to address modernization and replacement.”

 

© Mouseworld Now News Service

Tags: , , , , , , , ,

Leave your comment

IMPORTANT! To be able to proceed, you need to solve the following simple math

What is 6 + 14 ?
Please leave these two fields as-is:

Mouseworldnow Videos
  • r chandrashekhar president nasscom
  • Anant Maheshwari, President, Microsoft India
  • Suresh_Vaswani-220 by 220

Channel News

  • Cloudera Awards Top APAC Partners at annual Partner Summit more...
  • Rashi Peripherals Bags Indywood IT Excellence Award more...
  • Rashi Peripherals Conducts Multi-City Enterprise Partner Meet more...
  • Second Edition of Annual 4.5G & 5G Innovation Summit concludes on a successful note more...
  • Wydr launches India Wholesale E-Fair more...
Subscribe via email

Enter your email address:

Follow us on Facebook
QUESTION HOUR
What does the mouse ask?

Will the spurt in online video advertisement steal the twinkle from the TV ad platform?

View Results

Loading ... Loading ...
Newsletter Registration