Hello Ikoskela,
Below you will find the results of my research regarding IT spending
(forecasts and historical) for the financial service industry
IT SPENDING OF THE U.S. FINANCIAL SERVICES INDUSTRY BY SECTOR, 2004-2008
2004 ($ billions)
Banking $47.6
Insurance $35.3
Securities and Investments $30.1
2005 ($ billions)
Banking $50.2
Insurance $36.4
Securities and Investments $31.1
2008 ($ billions) Projected
Banking $59.0
Insurance $42.2
Securities and Investments $34.2
Source: TowerGroup
?Among all financial services segments, the banking industry is the
largest user of technology in the U.S., according to a TowerGroup
analysis. The sector is projected to account for 42 percent of total
2005 financial services IT spending. The insurance and
securities/investment sectors are projected to account for 31 percent
and 27 percent, respectively.?
?Consumer banking accounts for twice as large a share of bank IT
spending as the wholesale banking sector, which provides services to
financial institutions.?
Financial Services Fact Book
http://www.financialservicesfacts.org/financial2/technology/it/
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According to the 2006 IT Spending Outlook Teleconference, ?petroleum,
retail, financial services and media plan biggest IT budget increases
in 2006.?
Forrester Research
http://www.forrester.com/Events/Content/0,5180,-1285,00.ppt
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?IT spending in the financial services sector will grow 4.1 percent
annually from 2004 to 2009. Priorities will shift from the back office
to delivery and distribution channels, as well as front-office
spending.?
Gartner: August 2005
http://www.gartner.com/DisplayDocument?doc_cd=130315
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2005 IT Spending Crossroads in the US Financial Services Industry
?In 2005, US FSIs will make $117.8 billion in IT investments,
representing a growth rate of 4.3% over 2004 and nearly $5 billion in
additional IT spending.?
The Tower Group
http://www.bai.org/bankingstrategies/2005-may-jun/FSISpendbrief.pdf
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Related information that might interest you:
A report by Forrester ? predicts tech spending growth will shrink from
7 percent increases in 2005 and 2006 to an anemic 2 percent growth in
2007, puts an historical spin on IT spending. Forrester notes that
when the GDP falls, tech spending falls even more. This will be
especially true now, while most companies are investing only in
technologies that offer tangible ROI, Forrester says. The firm expects
spending to rebound in 2008, as a new cycle of technology innovation
begins. Forrester predicts a new IT architecture stack will begin to
emerge, with cheap, virtualized hardware and network resources at the
bottom, shared software and services in the middle, and business
intelligence and interaction platforms ? not a cherry ? at the top.?
IT Business Edge
http://www.itbusinessedge.com/item/?ci=7719
Search terms used:
"IT Spending" ?Financial Services Industry"
"IT Spending" " Financial Services " billion 2006 2007 2008
Financial Services IT Spending
I hope the information provided is helpful!
Best Regards,
Bobbie7 |
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