IT spending in Banking and Securities will reach Rs 422 bn in 2013

According to Gartner, Indian banking and securities companies will spend Rs 422 bn on IT products and services in 2013, an increase of more than 13% over 2012 revenue of Rs 373 bn. This forecast includes spending by financial institutions on internal IT (largely personnel), hardware, software, external IT services, and telecommunications.

 

IT services is the largest overall spending category at Rs 132 bn rupees in 2013 which confirms the strong focus on the financial services sector by IT services providers, many of which are leveraging their prominent position within this domestic market.

 

Software is forecast to achieve the highest growth rate amongst the top level IT spending categories, at about 18% in 2013.

 

"The expansion strategy of banks is still paramount in India, as well as in other countries of the APAC region. The Reserve Bank of India is making plans to increase the penetration of banks across the country and even opening up the market to new entrants," said Vittorio D'Orazio, research director at Gartner.