Global IT spend by financial services to fall in 2009: Celent
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.
Recommended for you
As investors increasingly seek to embed ESG considerations in their portfolios, a specialist adviser has offered tips for financial planners who may feel overwhelmed in tackling these complex topics with clients.
Global investment consultancy bfinance is expanding into offering services for wealth managers as they seek advanced investment strategies for their clients.
The majority of advisers are failing to proactively understand their clients’ needs and satisfaction, with just one in four practices formally seeking feedback in the last two years, according to Business Health.
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
