APAC Banking & Securities Industry to spend USD 67.1 Billion in 2017: Gartner

The report forecasted positive growth in software services, which is encouraging signs for the mature APAC region

IT spending by banking and securities industry in the mature APAC region will reach USD 67.1 billion in 2017, a rise of 5.4% from 2016, according to Gartner. This forecast gives the total enterprise IT spending for internal spending and spending data on datacenter systems, devices, software, IT services and telecom services for 43 countries within 11 regions.

Gartner’s report further pointed out the mature APAC region comprises the following countries: Australia, Japan, New Zealand, Singapore and South Korea. In US dollar terms, Japan is the largest market; however, New Zealand will have the highest growth rate in 2017 at 6.4%, followed by Japan at 5.6%.

The software segment will grow the fastest at 8.5% in 2017, as firms in the banking and securities industry invest more in applications, infrastructure and vertical-specific software. Applications are growing the fastest in this category contributing 12.4% growth in 2017.

"The banking and securities industry is focused on investing in advanced data and analytics, as new tools like artificial intelligence are becoming popular in this industry," said Moutusi Sau, Principal Research Analyst at Gartner.

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