Series of Worldwide IT Spending Guides focus on banking, capital
markets, and insurance industries
Banks will account for half of the worldwide total in 2014 with IT
spending forecast to be $215 billion.
Asia/Pacific, Latin America, Middle East and Africa will see growth
exceeding 7% while Europe and North America remain well below 5%.
Capital Markets firms will invest $110 billion in IT in 2014, with
North America accounting for almost half of that amount.
Insurance companies will spend $100 billion on IT worldwide in 2014
FRAMINGHAM, Mass.--(BUSINESS WIRE)--
Financial Insights today announced an updated set of Worldwide IT
Spending Guides that provide an analysis on the current status and
projected growth of IT spending in the banking, capital markets, and
insurance industries. These reports, published bi-annually, offer an
outlook on IT spending over the next five years. According to the new
guides, IDC Financial Insights forecasts worldwide financial services IT
spending will top $430 billion in 2014.
Additional highlights from the guides include:
Worldwide Banking IT Spending Guide, (Doc #FI243883) provides a
five-year outlook on IT spending by banks, specialized banking
institutions, and credit unions, and offers IT vendors key information
needed to develop effective market strategies and measure growth areas.
According to Karen
Massey, Senior Analyst, Banking, IDC Financial Insights, "Bankers
continue to be selective with IT initiatives, focusing on those that can
deliver value to their clients and the organization, while also
satisfying the mandate of reducing costs and improving efficiency.
Expect to see projects around risk and compliance, core and
infrastructure modernization, customer experience, and security, which
are lifting our otherwise tempered forecasts."