Global bank IT spending to rise; Asia leads the charge, but Europe flatlines
25 January 2013 | 7662 views | 0
Total bank IT spending across North America, Europe, and Asia-Pacific will grow to $179.2 billion in 2013, an increase of approximately 3.4% over 2012, according to analyst house Celent.
The majority of the growth is coming from Asia-Pacific banks: spending by banks in this region will grow by 5.9% in 2013 to $62.3 billion, says Celent This growth will continue in 2014 to reach $66.5 billion.
US and Canadian banks are also reporting positive - if modest - spending growth. North American banks' spending will grow by a solid four percent in 2013 to $56.9 billion. This figure will show a marginal increase to 4.4% in 2014 to $59.4 billion.
Once again, European banks are in far deeper trouble and are reporting little to no growth. Spending by European banks will grow just 0.4% in 2013 to $59.5 billion, forecasts Celent, and will continue to flatline through 2015, increasing by just 0.3% to 59.9 billion.
Jacob Jegher, senior analyst with Celent's Banking Group and co-author of the report, comments: "The good news is that momentum is consistent and positive. When examining the sum of the three regions, IT spending is expected to grow by 3.6% in 2014 and 3.4% in 2015."