Global core market spend to hit $10bn in 2017

12 August 2013

Global spending on core banking technology is set for steady growth over the next four years, according to new research from Celent.

The increase will not be a major rise but it is set to breach the $10 billion barrier in 2017.

According to the report, around 8.6 billion will be invested by banks across the globe on core systems, with a four per cent rate of growth in the next few years.

Maintenance is set to rise at 6.1 per cent, compared to just 2.4 per cent for new projects.

Celent predicts the biggest source of this growth will come from the US as a result of pent-up demand for core replacement. Once a few large banks make the move to include the technology in their plans, others will follow.

Dan Latimore, senior vice-president of the banking group at Celent, said: "A growing number of banks are at the point where pressures on the business are sufficient to convince them that it's time to undertake a core replacement."

By Claire Archer

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