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The Indian financial services industry (FSI) will spend Rs 37,700 crore on IT products and services in 2012 said research firm Gartner. This is an increase of 17.4 per cent over 2011 spending of Rs 32,100 crore. Gartner said that telecommunications equipment and services represents the biggest spending category, and it is forecast to reach Rs 13,100 crore in 2012, up from Rs 11,300 crore in 2011. However, spending on software is expected to grow the fastest in 2012, with revenue totalling Rs 3,400 crore in 2012, up 28 per cent from 2011 revenue of nearly Rs 2,700 crore.
"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," said Mr. Derry Finkeldey, Principal Research Analyst at Gartner. "Mobile is really top of mind for CIOs currently, and enterprise spending on devices is increasing and expected to grow by nearly 50 per cent in 2012. There is also a corresponding growth in mobile network services of nearly 30 per cent.”
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