Indian banking and securities companies will increase IT spending by 15 percent to INR 536 billion in 2015, said Gartner.
IT services is the largest overall spending category at almost INR 183 billion in 2015 (34 percent of the entire enterprise IT market).
Software will achieve the highest growth rate amongst the top level IT spending categories – at about 19.2 percent in 2015.
After RBI releasing a clearer regulatory framework that set the guidelines for the new entrants in the Indian banking market, India might see up to 6 new banks set up by the end of 2016 and up to 50 by 2020.
“Banks will invest more in technology in order to win market share and drive expansion. There will also be a lot of greenfield projects. Specifically, we expect an increase in IT spending correlated to branch technology, inclusive of core banking systems, and in the mobile channel space,” said Vittorio D’Orazio, research director at Gartner.