IT Spending in Banking: A Global Perspective
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Total bank IT spending across North America, Europe, and Asia-Pacific will grow to US$196.7 billion in 2015, an increase of approximately 4.6% over 2014. This upward shift is an encouraging indicator.
In the report IT Spending in Banking: A Global Perspective, Celent analyzes IT spending trends across North America, Europe, and Asia-Pacific. The report compares and contrasts the direction of IT spending trends. The majority of the growth is coming from Asia-Pacific banks: spending by banks in this region will grow 5.6% in 2015 to US$70.3 billion. This growth will remain relatively consistent in 2017, though it will decline slightly.
US and Canadian banks are also reporting encouraging results. North American bank spending will grow by a solid 4.5% in 2015 to US$62.2 billion. In 2016 it will increase by 4.2% to US$64.8 billion. European banks aren’t faring quite as well, yet banks find themselves committed overall to increasing their spending. Spending by European banks will grow 3.7% in 2015 to US$64.3 billion. European spending growth will continue to ramp up through 2017 as spending increases by 4.4% to US$70.1 billion.
“IT spending momentum is positive and consistent, and will continue for the next few years,” says Jacob Jegher, a research director with Celent's Banking practice and coauthor of the report. “Banks across the globe are positioning themselves to leverage the benefits of technology and focus on innovation. When we examine the sum of IT spending across the three regions, we expect IT spending to grow by 4.7% in 2016 and 4.6% in 2017.”
This report is divided by region (North America, Europe, and Asia-Pacific). Each section analyzes the budget allocations according to type of customer and of investment (internal versus external, maintenance versus new). An overview of the top technology trends in each region is also provided.