Press Esc to close
Thursday 18 September 2014
News updated at 11:07 AM IST
Weather
Max: 29.7°C
Min : 20.2°C
In Bangalore
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
BJP MP from Mathura Hema Malini at a function on women empowerment...

BJP MP from Mathura Hema Malini at a function on women empowerment...

Differently-abled children wear masks of Prime Minister Narendra Modi to celebrate his birthday...

Differently-abled children wear masks of Prime Minister Narendra Modi to celebrate his birthday...

Villagers perform worship of elephants on the occasion of Biswakarma Puja...

Villagers perform worship of elephants on the occasion of Biswakarma Puja...

Devotees take part in a procession on the occasion of Sri Krishna Janmashtami celebrations...

Devotees take part in a procession on the occasion of Sri Krishna Janmashtami celebrations...

Younga Yoo, shoots past India's Umapatidevi Thokchom at women's first round group A soccer match...

Younga Yoo, shoots past India's Umapatidevi Thokchom at women's first round group A soccer match...

A man pulls an inflatable raft with his son, through the flood water...

A man pulls an inflatable raft with his son, through the flood water...

Cars submerged in flood water after the Jammu and Kashmir floods...

Cars submerged in flood water after the Jammu and Kashmir floods...

Sonam Kapoor and Kirron Kher during a promotional event for their upcoming film Khoobsurat...

Sonam Kapoor and Kirron Kher during a promotional event for their upcoming film Khoobsurat...

Narendra Modi and Chinese President Xi Jinping, holding umbrella watch a cultural performance...

Narendra Modi and Chinese President Xi Jinping, holding umbrella watch a cultural performance...

Prime Minister Narendra Modi and Chinese President Xi Jinping on a traditional swing...

Prime Minister Narendra Modi and Chinese President Xi Jinping on a traditional swing...

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