Analysts Attribute IT Spending Growth to Customer-Centric Strategies of Banks
Dubai, UAE -- IT spending by banking and securities firms in the Middle East and North Africa (MENA) will be approximately $12.5 billion in 2016, a 2.4 percent increase over 2015, according to Gartner, Inc. This forecast includes spending on internal IT services (including personnel), IT services, software, data center technologies, devices and telecom services.
Software spending continues to have the fastest growth rate at 9.3 percent in 2016, followed by internal services at 4.7 percent. Banks are increasingly availing of advanced analytics across their business, while investments to enhance and strengthen digital channels continue moderately. Banks are enhancing their front-office solutions to empower the employees as well.
"IT spending increases moderately in 2016, dampened by the low oil prices. Investments for high-priority programs in flight continue, while brand new initiatives will be selectively launched in 2016," said Rajesh Kandaswamy, research director at Gartner.
Further information on the banking and securities industry IT spending is available in the Gartner report: "Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2013-2019, 4Q15 Update". This vertical industries forecast provides total enterprise IT spending, including internal spending and multiple lines of detail for spending on hardware, software, IT services, and telecommunications for vertical industries and 43 countries within seven geographies.
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Gartner, Inc. (NYSE: IT) is the world's leading information technology research and advisory company. The company delivers the technology-related insight necessary for its clients to make the right decisions, every day. From CIOs and senior IT leaders in corporations and government agencies, to business leaders in high-tech and telecom enterprises and professional services firms, to technology investors, Gartner is the valuable partner to clients in approximately 10,000 distinct enterprises worldwide. Through the resources of Gartner Research, Gartner Executive Programs, Gartner Consulting and Gartner Events, Gartner works with every client to research, analyze and interpret the business of IT within the context of their individual role. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, USA, and has 7,600 associates, including more than 1,600 research analysts and consultants, and clients in 90 countries. For more information, visit www.gartner.com.
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© Press Release 2016
