Sydney, Australia, July 31, 2012. ICT spending within the Banking, Financial Services and Insurance (BFSI) sector was $A9,664.6 million in 2011, but growth across the sector is slowing to 3.6% CAGR for the 5 years from 2011 to 2015, according to a study by IDC.

IDC's report, 'Banking, Financial Services and Insurance ICT Market Forecast and Analysis 2011 to 2015', details IDC's analysis of ICT spending of the BFSI vertical of the Australian ICT market and how the BFSI sector is responding to its competitive challenges.

"The Banking, Financial Services and Insurance sector is facing a more challenging period", says IDC research manager, Emilie Ditton. "Declining margins in the banking sector are driving a renewed focus on cost savings and productivity, but also revenue growth and customer engagement."

The BFSI sector is the dominant sector of ICT spending in the total Australia market, accounting for 22% of the enterprise ICT spending. IDC expects ICT spending within this sector will grow to $11,120.3 million by 2015, or 3.4% (CAGR) between 2010 and 2015. This represents a decline in 5 year CAGR from that published by IDC in its 2011 BFSI report of 5.0%.

"Spending priorities focused around cost savings, productivity and customer engagement are reflected in current deployment plans (chart below)," Ditton said. "In 2012/13 IDC expects opportunities in social business, advanced analytics and data management, mobility, unified communications and cloud computing.

Q. Are you currently using or do you have plans to deploy any of the following over the next 24 months?

Figure 1

This media release relates to document: Doc # AU8036612X, Australia Banking, Financial Services and Insurance ICT Market 2011–2015 Forecast and Analysis.

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