In 2015 Global Retail Banking technology Expenses to Amount at US$131 billion
Published By : 27 Apr 2015 | Published By : QYRESEARCH
A global analyst house, Ovum, has disclosed that the IT budgets in the retail banking industry across the globe will amount at US$131 billion in 2015, a rise of 4.3% over the past year. This will increase to US$157.6 billion by the end of 2019. This is fueled by the improvements in the global outlook regarding macro-economy, which has compelled banks to focus on development, rather than reduction of cost and the projects that are compliance-centric.
In 2015, the global spending will be headed by North America and Europe, but Asia and MEA region will register the fastest growth. The expenditure by banks in the US and in Canada will reach around US$505.5 billion in the end of 2015, around 4.7% increase from the previous year.
The economic growth of the US economic is the key driver for this. Owing to the issues regarding volatility in the euro-zone, the budgets in Europe will rise by just 3.1% in 2015, reaching US$42.4 billion of the total expenditure. This does mask the inequality between various nations in the continent though, as Europe will still hold 32% of global retail bank IT expenditure.
It will be Asia and the MEA region though, which will see the highest growth this year. Total budget in Asia will reach around US$27.5 billion in 2015 that is a rise of 5.6% from 2014, whereas MEA will develop by 5.3% attaining US$2.4 billion.