Banks and securities industry will exceed government spending on IT in India

New Delhi, February 14 2017: The government iof India isexpected to spend the equivalent of  $7.8 billion  on Information Technology this year --  an increase of 9.5 percent over 2016.
The money will  be spent  by  local, state and central governments combined on internal services, software,  IT Services, data centre systems, devices and telecom services.  This is the finding of the latest study by tech analysts Gartner.
IT services (which includes consulting, software support, business process outsourcing, IT outsourcing, implementation, and hardware support) is expected to grow 14.6 percent in 2017 to reach $2 billion, making it the largest segment within the IT spending category. “Government spending on IT services will total $2,093 million USD in 2017, a 15 percent increase from 2016,” said Moutusi Sau , principal research analyst at Gartner
The software segment includes enterprise resource planning (ERP), supply chain management (SCM), customer resource management (CRM), desktop, infrastructure, vertical specific software and other application tools. The software segment is expected to grow 15.7 percent in 2017 to reach $1 billion. Desktop will be the fastest growing segment with 16 percent growth in this category.

Devices spending -- on  printers, copiers, MFPs, mobile devices, PCs and tablets-- will grow 12.7 percent in 2017 to reach $917 million.
IT Spending in the Banking and Securities Industry in India to reach $8.9 Billion in 2017
Interestingly,  Gartner suggests IT spending by banking and securities firms in India   will exceed the government spend to  reach $8.9 billion dollars in 2017, an increase of 9.7 percent from 2016.This spend will be on  similar lines  --  ie, on data centre systems, devices, software,  IT servics and telecom services.
IT services will grow the fastest at 13.8 percent in 2017, as firms in the banking and securities industry invest more in business processes. The focus is on outsourcing the activities to achieve operational efficiency and reduce costs in the banking and securities industry in India.
“The banking and securities industry in India saw a sea of change from earlier years in 2016 due to the sudden demonetization announcement,” said  Moutusi Sau  “Banks are increasingly working to enhance their customer facing platforms and investing in payment tools.”