Press Esc to close
Wednesday 18 January 2017
News updated at 5:23 PM IST
Weather
Max: 28.9°C
Min : 15.4°C
In Bengaluru
Sunny day

IT spend for banking & securities firms to grow 9.8%: Gartner

New Delhi, Oct 20, 2013 (PTI):
 Software is expected to be the fastest growing segment, with 15.2 per cent growth in 2014, the study says.
Indian banking and securities companies' spending on IT products and services will grow by 9.8 per cent to Rs 46,200 crore in 2014 as compared to Rs 42,100 crore in the previous year, according to a study.

According to information technology research and advisory firm Gartner, this forecast includes spending by financial institutions on internal IT services, IT services, software, data centre technologies, devices and telecom services.

IT services will be the largest segment in overall spending in the banking and securities market at Rs 14,900 crore in 2014, due to the continuous focus on the financial services sector by IT services providers, it said.

Software is expected to be the fastest growing segment, with 15.2 per cent growth in 2014, it said.

In the software segment, it said, enterprise resource planning, supply chain management, customer relationship management (CRM) will grow at 21.5 per cent growth, while desktop software follows at 19.3 per cent.

Internal services (that includes IT personnel) is projected to be the third-fastest growing segment at 14.3 per cent, largely due to the expansion strategies of banks across the country, especially in rural areas, it added.

"The expansion of the bank’s network and increasing market share focus remain a top priority for banks in India. In practice, across all emerging markets, banks tend to exploit the front office over the back office in their investments," said Vittorio D’Orazio, research director at Gartner.

 

Go to Top

Photo Gallery
An G+3 Illegal building demolished by CIDCO at Nerul in Navi Mumbai...

An G+3 Illegal building demolished by CIDCO at Nerul in Navi Mumbai...

Sand artist Sudarsan Pattnaik creates a sand sculpture at Puri beach of Odisha on Tuesday...

Sand artist Sudarsan Pattnaik creates a sand sculpture at Puri beach of Odisha on Tuesday...

Train moves on snow covered Srinagar-Qazigund railyway track during heavy snowfall,at Anantnag...

Train moves on snow covered Srinagar-Qazigund railyway track during heavy snowfall,at Anantnag...

Columnist Shobhaa De, actor Shah Rukh Khan and Bollywood filmmaker Karan Johar...

Columnist Shobhaa De, actor Shah Rukh Khan and Bollywood filmmaker Karan Johar...

A Samajwadi (SP) party worker holds a toy bicycle representing the party's symbol...

A Samajwadi (SP) party worker holds a toy bicycle representing the party's symbol...

Tribal villagers take part in a community fishing as part of celebrations...

Tribal villagers take part in a community fishing as part of celebrations...

A man rides his scooty during fresh snowfall in Srinagar on Tuesday...

A man rides his scooty during fresh snowfall in Srinagar on Tuesday...

Tourists enjoy in snow after snowfall in Shimla...

Tourists enjoy in snow after snowfall in Shimla...

Union Minister of Railways Suresh Prabhu and CM Siddaramaiah are flagging off of MEMU services...

Union Minister of Railways Suresh Prabhu and CM Siddaramaiah are flagging off of MEMU services...

London Olympics bronze medallist grappler Yogeshwar Dutt during his wedding procession at his ...

London Olympics bronze medallist grappler Yogeshwar Dutt during his wedding procession at his ...

Like us on Facebook

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523