Over 5% growth is expected in financial services IT spending this year, heightening market opportunities for service providers.
According to IDC, a significant part of this spending will be to support key projects focused on big data and analytics in finance, with almost all major banks around the world highlighting analytics deployments as part of their competitive strategies.
This is particularly true for retail banking, as banks seek to understand and respond to customer behaviour and build excellence in customer experience through use of data analytics platforms
Looking ahead, IDC predicts IT spending will hit $2.7 trillion by 2021, with consumers, banks, manufacturers and telecommunications providers leading the market.
Software spending will exceed $600 billion by this time, IDC said, pointing to top contributors coming from manufacturing, banking and professional services.