Banking and Security Software Spending to Mount – Gartner

Gartner Says Software Spending for the Middle Eastern & North African Banking and Securities Firms to Grow 7.4 Percent In 2015

Banking and securities companies in the Middle East and North Africa will spend approximately $12.9 billion USD on IT products and services in 2015, an increase of 1 percent over 2014 revenue of nearly $12.8 billion USD, according to Gartner,

This forecast includes spending by banking organizations on internal IT services (including personnel), IT services, software, data center technologies, devices and telecom services.

“Software spending will perform better than other IT segments due to the reduction in operational budgets which will be a consequence of reduced oil revenue across these countries,” said Vittorio D’Orazio, research director at Gartner. “CRM solutions, as well as core banking software, will drive spending in this segment.”

Telecom services will be the largest segment in overall IT spending in the banking and securities market at $5.5 billion USD in 2015. This segment is forecast to decline 1.8 percent compared to 2014.