IT spend by Indian banking sector to grow 13%

Spending could hit US$6.3 billion.

Research firm Gartner said the spend by Indian banking and securities companies on IT products and services in 2013 includes expenses on internal IT services (including personnel), IT services, software, data center technologies, devices and telecom services.

Gartner said the sector spent US$5.6 billion for these IT products and services in 2012.

IT services is expected to be the largest segment in overall spending category at US$1.99 billion in 2013, due to a strong focus on the financial services sector by IT services providers.

The segment is also growing stronger than other segments at nearly 18% compared to 2012, Gartner said.

Software is the second fastest growing segment with spending on pace to increase 17.1%, followed by internal services (including IT personnel) at 15.7%.

In the software segment, desktop software and enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM) are expected to grow 22.1% and 21.7%, respectively.