Total bank IT spending across North America, Europe, and Asia-Pacific will grow to $196.7 billion in 2015, an increase of approximately 4.6% over 2014, according to forecasts by Celent.
The upward trend in spending will be led by Asia-Pacific banks, says the analyst house. IT budgetary growth by banks in this region is forecast to rise by 5.6% in 2015 to $70.3 billion.
North American bank spending will grow by a solid 4.5% in 2015 to $62.2 billion. In 2016 it will increase by 4.2% to $64.8 billion.
Spending by European banks will rise at a more conservative 3.7% in 2015 to reach $64.3 billion. IT Budgets in the region will continue to show upward momentum through 2017 as spending increases by 4.4% to $70.1 billion.
Of the total investment in IT in 2015, Celent estimates 75.4%, or $148.3 billion, will go to maintenance. This percentage is set to drop to 73.4%, or $158.2 billion, in 2017 as financial services firms strengthen their focus on innovation.
“IT spending momentum is positive and consistent, and will continue for the next few years,” says Celent analyst Jacob Jegher. “Banks across the globe are positioning themselves to leverage the benefits of technology and focus on innovation."