According to Gartner Inc., the Indian financial services industry will spend Rs 377 billion on IT products and services in 2012, an increase of 17.4 percent over 2011.
This forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.
Telecommunications equipment and services represents the biggest spending category, and it is forecast to reach Rs 131 billion in 2012, up from Rs 113 billion in 2011. However, spending on software is expected to grow the fastest in 2012, with revenue totaling Rs 34 billion in 2012, up 28 percent from revenue of nearly Rs 27 billion in 2011. This is being driven by a very high growth in enterprise software applications such as financial and administration packages, and customer relationship management.
Commenting on the findings, Derry Finkeldey, principal research analyst at Gartner said, ?The real spend drivers will be the Indian retail bankers, although all financial services sectors including insurance and securities are increasing IT spend as they build out their infrastructures. Mobile is really at the top of mind for CIOs currently, and enterprise spend on devices is increasing and expected to grow by nearly 50 percent in 2012. There is also a corresponding growth in mobile network services, of nearly 30 percent.?
