Global information technology spending by financial services institutions is expected to reach US$357.4bn in 2010, an increase of 2.9% over 2009. This figure is substantially higher than the 2.5% decline in growth experienced in 2009. Although 2010 will be challenging, global spending on IT products and services should grow to US$393.5bn by 2012, a 4.9% CAGR from 2010 to 2012, according to a new report, IT Spending in Financial Services: A Global Perspective, from Celent, a Boston-based financial research and consulting firm.
Key findings of the report include:
- European and North American financial institutions currently spend an almost equal amount on IT. Firms in Europe and North America account for 36% and 33.1%, respectively, of the global IT investments by financial services institutions. Firms in Asia-Pacific account for 25.2%, and Latin America and Africa account for the remaining 5.7%.
- Among all regions, the fastest growth will be seen in financial services institutions in Asia-Pacific, with IT spending increasing at 5.1% in 2010 and a CAGR of 6.2% from 2010 to 2012. Growth will continue to rise in this region, and total spending in Asia-Pacific is expected to reach US$101.7bn in 2012.
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