FSI to spend 377 Bn on IT Products & Services

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

 

The Indian financial services industry (FSI) is believed to spend 377 billion rupees on IT products and services in 2012, an increase of 17.4 percent over 2011 revenue of 321 billion rupees, according to Gartner, Inc. This forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.

Derry Finkeldey, Principal Research Analyst, 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 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. This focus on mobility is a global trend, but particularly pertinent to Indian FSIs. They are all focused on leveraging the high mobile penetration to bring banking services to a wider audience.”

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