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|Global retail banking technology spend to reach $131bn by end of 2015, says Ovum|
|Tuesday, 14 April 2015|
Today Ovum, the global analyst house, announces that IT budgets in the global retail banking industry will reach $131bn in 2015, an increase of 4.3% over the previous year. This will rise to $157.6bn by 2019. This is driven by improvements in the global macroeconomic outlook, which has caused banks to focus on growth, rather than cost reduction and compliance-centric projects.
In 2015, global spending will be led by Europe and North America, but growth will be most rapid in Asia and MEA. Spending by banks in the US and Canada will reach $505.5 bn in 2015, a 4.7% increase from last year. This is driven specifically by the US’ economic growth. Due to instability issues in the eurozone, budgets in Europe will only rise by 3.1% in 2015, driving total spending to $42.4bn. This does mask the disparity between different countries in the continent though, as Europe will still account for 32% of global retail bank IT spending.
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