Ovum predicts that IT spending in financial markets will begin to grow positively in 2011 as financial companies look to improve performance and comply with new regulations.
According to an independent technology analyst's forecast, the spending on IT vendors in the financial sector in 2011 will grow by 4.5%. This is an alarming growth rate, because the company’s spending on IT in the financial sector in 2010 only grew by 0.3%, and 2009 was a 4.2% decline.
Daniel Mayo, Ovum analyst and the latest report author, said that commercial competition will drive market growth, promote their performance and flexibility, and drive a large investment demand for compliance and reporting systems.
He said: "The financial market in 2011 is not stable, but it has no impact on IT spending, and will bring considerable business opportunities for suppliers. Companies look forward to IT systems to ensure that their management departments and business units can play Best performance, and they also want their logistics department to be more automated."
"They will invest a lot in the system and help them to comply with the string of requirements set by the global gold regulations."
According to Mayo's view, although all this will bring huge business opportunities for suppliers, the procurement department still expects to keep prices down, and company agencies will freeze or delay plans to reflect market changes, so the decision is not yet clear.
He added: "Suppliers also need to notice that Asia's IT spending is becoming more and more important in 2011, and corporate investment will flow to financial hubs. London and New York will also maintain its pivotal position, but banks will transfer With some of the forces coming to Asia (Singapore and Hong Kong have benefited most), Asia will become more and more influential because senior executives will return to Asia again. Because of this, the reliable image of suppliers in Asia will be in 2011. It has become crucial."
According to an independent technology analyst's forecast, the spending on IT vendors in the financial sector in 2011 will grow by 4.5%. This is an alarming growth rate, because the company’s spending on IT in the financial sector in 2010 only grew by 0.3%, and 2009 was a 4.2% decline.
Daniel Mayo, Ovum analyst and the latest report author, said that commercial competition will drive market growth, promote their performance and flexibility, and drive a large investment demand for compliance and reporting systems.
He said: "The financial market in 2011 is not stable, but it has no impact on IT spending, and will bring considerable business opportunities for suppliers. Companies look forward to IT systems to ensure that their management departments and business units can play Best performance, and they also want their logistics department to be more automated."
"They will invest a lot in the system and help them to comply with the string of requirements set by the global gold regulations."
According to Mayo's view, although all this will bring huge business opportunities for suppliers, the procurement department still expects to keep prices down, and company agencies will freeze or delay plans to reflect market changes, so the decision is not yet clear.
He added: "Suppliers also need to notice that Asia's IT spending is becoming more and more important in 2011, and corporate investment will flow to financial hubs. London and New York will also maintain its pivotal position, but banks will transfer With some of the forces coming to Asia (Singapore and Hong Kong have benefited most), Asia will become more and more influential because senior executives will return to Asia again. Because of this, the reliable image of suppliers in Asia will be in 2011. It has become crucial."
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