First, North American banks lead the other regions in overall spending; second, estimated growth in spending by region exhibits more widely divergent patterns than in the past. We forecast that spending by North American institutions will grow 5.5%, which is a healthy amount and greater than the growth we forecast for European institutions, which will increase their spending by a more moderate 3.2%. However, both regions’ spending growth will be overshadowed by that of Asia-Pacific, which we project to increase at a very healthy 7.3%. Finally, the continued unpredictability in Latin America will contribute to a meagre 2.2% rise in IT budgets there.
This article is based on TowerGroup research by Jim Eckenrode, managing director of banking & payments at TowerGroup.
E-mail: jeckenro@towergroup.com
