Total bank IT spending across North America, Europe, and Asia-Pacific will grow to US$179.2 billion in 2013, an increase of approximately 3.4% over 2012. This slight upward shift is an encouraging indicator of future growth; however, regional nuances cannot be ignored.
In a new report, IT Spending in Banking: A Global Perspective, Celent analyzes IT spending trends across different North America, Europe, and Asia-Pacific. The report compares and contrasts the direction of IT spending trends. The majority of the growth is coming from Asia-Pacific banks: spending by banks in this region will grow by 5.9% in 2013 to US$62.3 billion. This growth will continue in 2014 to reach US$66.5 billion.
US and Canadian banks are also reporting positive spending growth. North American banks' spending will grow by a solid 4.0% in 2013 to US$56.9 billion. This figure will increase to 4.4% in 2014 to US$59.4 billion. Once again, European banks are in far deeper trouble and are reporting little to no growth. Spending by European banks will grow 0.4% in 2013 to US$59.5 billion. European spending growth will continue to be flat through 2015, increasing by just 0.3% to US$59.9 billion.
"North American and Asia-Pacific banks are leading the IT spending charge," says Jacob Jegher, Senior Analyst with Celent's Banking Group and coauthor of the report. "The good news is that momentum is consistent and positive. When examining the sum of the three regions, IT spending is expected to grow by 3.6% in 2014 and 3.4% in 2015."