29 April 2017
Find out more

Bank IT spending in Asia/Pacific set for growth

10 February 2017  |  4047 views  |  0 Asia on globe

IT spending by banking and securities firms in mature Asia/Pacific markets will reach $67.1 billion in 2017, an increase of 5.4% from 2016, according to Gartner.

Gartner defines the mature Asia/Pacific region as Australia, Japan, New Zealand, Singapore and South Korea.

In US dollar terms, Japan is the largest market, but New Zealand will have the highest growth rate in 2017 at 6.4%t, 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 is growing the fastest in this category contributing 12.4% growth in 2017.

Moutusi Sau, principal research analyst at Gartner says: "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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNP Paribas to double digital spending to EUR3 billion

BNP Paribas to double digital spending to EUR3 billion

07 February 2017  |  8096 views  |  0 comments | 23 tweets | 28 linkedin
Bank CEOs fret about ROI as startups drive IT arms race

Bank CEOs fret about ROI as startups drive IT arms race

30 November 2016  |  8476 views  |  0 comments | 17 tweets | 21 linkedin
ABN Amro to finance digital spend by slashing jobs

ABN Amro to finance digital spend by slashing jobs

16 November 2016  |  4158 views  |  0 comments | 5 tweets | 7 linkedin
ING to spend EUR800 million on digital integration; shed 7000 jobs

ING to spend EUR800 million on digital integration; shed 7000 jobs

03 October 2016  |  12201 views  |  0 comments | 28 tweets | 27 linkedin
Standard Chartered to spend $3 billion on global tech hubs

Standard Chartered to spend $3 billion on global tech hubs

08 July 2016  |  10170 views  |  0 comments | 15 tweets | 10 linkedin
Bank IT spending in mature Asian markets to hit $22 billion

Bank IT spending in mature Asian markets to hit $22 billion

20 June 2016  |  4950 views  |  0 comments | 11 tweets | 7 linkedin

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsFind out morevisit dh.com

Top topics

Most viewed Most shared
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
7799 views comments | 15 tweets | 36 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7029 views comments | 17 tweets | 16 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6107 views comments | 22 tweets | 21 linkedin
Token raises $15.7 million as PSD2 approachesToken raises $15.7 million as PSD2 approac...
5958 views comments | 20 tweets | 20 linkedin
JPMorgan formally quits R3JPMorgan formally quits R3
5871 views comments | 23 tweets | 13 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job