IDC - Financial Services Still The Largest Spending Industry Sector In Australia, But Spending Growth Is Slowing
31 Jul 2012
Sydney, Australia, July 31,
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
"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%.
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?
This media release relates to
document: Doc # AU8036612X, Australia Banking, Financial Services and
Insurance ICT Market 2011–2015 Forecast and Analysis.
For more information, contact:
+61 2 9925 2211