- In US dollar terms, Singapore will have highest growth rate in 2017 at 6.6%
- The software segment will grow the fastest at 9.4% in 2017
IT SPENDING by banking and securities firms in the mature Asia/Pacific region will reach US$19.1 billion (RM80.2 billion) in 2017, an increase of 4.7% from 2016, according to Gartner, Inc.
This forecast provides total enterprise IT spending for internal spending and spending on data centres, devices, software, IT services and telecom services.
Gartner said the mature Asia/Pacific region consists of the following countries: Australia, New Zealand, Singapore and South Korea.
In US dollar terms, Singapore will have the highest growth rate in 2017 at 6.6%, followed by New Zealand at 6.5%.
The software segment will grow the fastest at 9.4% in 2017, as firms in the banking and securities industry invest more in applications, infrastructure and vertical-specific software.
Solutions that help firms with “grow the business” initiatives are moving up in priority.
The banking and securities industry has been increasingly trying to come up with partnerships or new models to tackle new incumbents from fintech, leading to increased attention and investments.
“The banking and securities industry is working to reinvent the business models due to these new players and are trying to integrate the digital platforms firmly into business and operating models” said Gartner principal research analyst .
Further information on 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, 3Q16 Update”.
The banking and securities industry forecast provides total enterprise IT spending, including internal spending and multiple lines of detail surrounding spending on data centre, devices, software, IT services and telecom services for 43 countries within 11 regions.
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