Global information technology spending by financial services institutions will decline by 1.3 per cent to US$353.3 billion during 2009, according to US research and consulting firm Celent.
This projection, which is substantially lower than the 4.5 per cent growth achieved in 2008 and 6.4 per cent growth in 2007, is carried in a Celent report titled “IT Spending in Financial Services: A Global Perspective”.
Celent expects global spending on IT products and services to grow to US$364.5 billion by 2010, up from the 2008 spend figure of US$358 billion — a compound annual growth rate (CAGR) of a mere 0.9 per cent.
Among all regions, the report projects the fastest growth will be seen in financial services institutions in Asia-Pacific, with IT spending increasing by 8.9 per cent in 2008 and a CAGR of 4.1 per cent from 2008 to 2010.
Growth will continue to rise in this region, and total spending in Asia-Pacific is expected to reach US$90.3 billion in 2010.
Latin America and Africa are expected to grow at a relatively modest rate of 3.1 per cent.
