Global Banking IT Spend: 2015-2017
To provide the global banking IT spend for the years 2015-2017.
Global Banking IT spend 2015-2017
- According to Celent, in 2015, total bank IT spending across North America, Europe, and Asia-Pacific grew to $196.7 billion an increase of approximately 4.6% over the spend in 2014.
- In 2016, bank IT spending across North America, Europe, Asia-Pacific, and Latin America grew to $241 billion in 2016, 3.9% higher than in 2015.
- Celent predicted that bank IT spending in these regions (North America, Europe, Asia-Pacific, and Latin America), would grow "4% and 4.3% in 2017 and 2018, respectively," from the 2016 figure of $241 billion. Consequently the estimate for bank IT spending in North America, Europe, Asia-Pacific, and Latin America in 2017 can be $251 billion (104.3% of $241 billion).
- For verification, Celent predicted that global bank IT spending would climb 4.2% to $261.1 billion in 2018. This means that the estimate for 2017 was $250 billion (95.8% of $261.1 billion).
Summary of Findings
- In this hour of research, we were not able to find precompiled data on the global bank IT spend for the years 2015 -2018. The publicly available data from reports done by Celent give the bank IT spend for North America, Europe, Asia-Pacific, and Latin America; but not for Middle East and Africa. This information is provided above.
- Although there was publicly available information from Gartner, for 2017 ($499 billion) and 2016 ($485 billion), we found that the IT spend provided was for the larger "banking and securities market," and not the banking industry alone. We therefore opted to provide the bank IT spend for North America, Europe, Asia-Pacific, and Latin America, as provided by Celent.
- We were able to determine that comprehenisive information from IDC on the worldwide bank IT spend is available for the years requested, but the report is behind paywalls.
Proposed next steps:
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We propose further research to provide 2-3 factors that are driving the growth in global banking IT spend. For each, we will state the factor, provide an explanation of why we chose it, and give 1-2 examples/statistics/thought leaders discussing it, that illustrate it.
We also propose continued research to provide 2-3 best case practices in implementing technology in banking, globally. For each one, we will identify the best practice, provide an overview of how it is used, provide 1-2 examples of banks that are implementing it, and any success metrics on this implementation, as available.