Spending on IT products and services to pick up in 2010 says research company Celent
Financial services institutions will cut their global IT spending by 1.3% to $353.3bn (£242bn) this year, according to a report by research company Celent.
The study, IT Spending in Financial Services: A Global Perspective, said investment in 2009 would be substantially lower than in 2008, when spending hit $358bn.
IT spending rose 4.5% worldwide last year, while growth of 6.4% was achieved in 2007.
Celent expects global spending on IT products and services to bounce back in 2010, increasing to $364.5bn.
European and North American financial firms spend an almost equal amount on IT. Institutions in Europe and North America account for 37.7% and 33.5% respectively of global IT investments by financial service institutions.
A report compiled by the CBI and PricewaterhouseCoopers on trends in financial services found the UK insurance sector would do less cost-cutting than other financial institutions (see page 15).
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet