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Indian banking and securities companies will spend about Rs 469 billion on IT products and services in 2014, an increase of more than 10% over 2013 revenue of Rs 427 billion, Gartner said in a statement issued today. This forecast includes spending by financial institutions on internal IT (largely personnel), hardware, software, external IT services and telecommunications.
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IT services is the largest overall spending category at almost Rs 155 billion in 2014 (33%of the entire enterprise IT market) which confirms the interest of the banking industry for IT services which is becoming a leading industry in the country.
However, software is forecast to achieve the highest growth rate amongst the top level IT spending categories – at about 16.7% in 2014, which will slow down in the following years compared to the IT services market.
“New bank licenses will be soon granted by RBI. This will trigger a new wave of IT spending across the country as RBI’s goal is to reach a higher local penetration for banking services, and this means more branches,” said Vittorio D’Orazio, Research Director at Gartner. “Front-office technologies, such as branch-related hardware and software, will be the sweet spot, as well as new channels such as mobile and ATMs/kiosks.”
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