Celent aggregates financial services IT spending
trends across regions, across industry verticals, and around the world.
In a new report, IT Spending in Financial
Services: A Global Perspective, Celent analyzes IT spending trends
across different industry verticals (banking, insurance, and securities
and investments) and different regions (North America, Europe, and the
Asia-Pacific region), in addition to an overview of Latin America and
Africa. The prime focus of the report is to compare and contrast the
direction of IT spending trends among financial services institutions.
Celent estimates that global information technology
spending by financial services institutions will reach US$342.1 billion in
2007. This represents an increase of 5.9% over 2006. This figure is
substantially lower than the 8.7% growth achieved in 2006. Although the
next couple of years may be challenging, Celent expects global spending on
IT products and services to grow to US$386.7 billion by 2009, representing
a CAGR of 6.3% from 2007 to 2009.
“Growth rates have dropped across all regions,
contributing to this lower total,” says Jacob
Jegher, senior analyst in Celent's banking group and co-author of the
report. “US financial institutions have been hit particularly hard and
challenges in this region are contributing to growth declines. The credit
crunch and looming economic uncertainty have North American financial
institutions tightening their belts. Ripples from the US subprime crisis
are likely to have a dampening effect on other regions as well.”
This 62-page report contains 35 figures and 24 tables.
A table of contents is available
online.
