Global bank IT spending on the rise as European market recovers
11 February 2014 | 6914 views | 0
Total bank IT spending across North America, Europe, and Asia-Pacific will grow to $188 billion in 2014, an increase of approximately 4.4% over 2013, according to analyst house Celent.
The Celent report's headline numbers show that, after years of little to no growth, spending by European banks is finally recovering, expected to rise 2.9% in 2014 to $62.1 billion before ramping up further through 2016, increasing by 4.3% to $67.1 billion.
Meanwhile, US and Canadian institutions will continue to see solid tech investment, up 4.5% in 2014 to $59.5 billion and 4.6% in 2016 to $62.2 billion.
Once again though, Asia Pacific leads the way, with growth of 5.8% in 2014 to $66.5 billion, although Celent does then predict a slight drop off in the following year.
Jacob Jegher, senior analyst, Celent banking group and report co-author says: "Banks across the globe are devoting significant resources to technology. They are emphasising innovation and new technology investments."