A Gartner study has shown that the Indian financial sector would spend Rs.53,600 crore on IT products and services in 2015. The report, titled ‘Forecast: Enterprise IT spending by vertical industry market worldwide’, said the IT spend by Indian banking and securities companies in 2015 will be 15% more than Rs 46,600 crore spent during calendar year 2014. The spending includes those on internal IT, external IT services and telecommunications. Gartner said the sector was the largest overall spending category at Rs 18,300 crore, accounting for 34% of the enterprise IT market. Software is forecast to achieve the highest growth rate amongst the top level IT spending categories – 19.2% in 2015, Gartner research director Vittorio D’Orazio said in the report. He added that as competition intensifies, banks would invest more in technology to win market share and drive expansion. We expect an increase in IT spending in branches, core banking systems and mobile channel space.
