{"id":104471,"date":"2023-06-28T10:01:37","date_gmt":"2023-06-28T03:01:37","guid":{"rendered":"http:\/\/www.thestorythailand.com\/?p=104471"},"modified":"2023-06-28T10:02:25","modified_gmt":"2023-06-28T03:02:25","slug":"worldwide-banking-and-investment-services-it-spending-to-reach-652-billion-in-2023","status":"publish","type":"post","link":"https:\/\/www.thestorythailand.com\/en\/worldwide-banking-and-investment-services-it-spending-to-reach-652-billion-in-2023\/","title":{"rendered":"Worldwide banking and investment services IT spending to reach $652 billion in 2023"},"content":{"rendered":"\n<p>Worldwide banking and investment services IT spending is forecast to total $652.1 billion in 2023, an increase of 8.1% from 2022, according to Gartner, Inc. Spending on software will see the largest growth with an increase of 13.5% in 2023.<\/p>\n\n\n\n<p>\u201cCurrent economic headwinds have changed the context for technology investments in banking and investment services this year,\u201d said<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gartner.com\/en\/experts\/debbie-buckland\" target=\"_blank\">\u00a0Debbie Buckland<\/a>, Director Analyst at Gartner. \u201cRather than cutting IT budgets, organizations are spending more on the types of technologies that generate significantly higher business outcomes. Spending on software, for example, is shifting away from building it in-house, in favor of buying solutions that generate value from investments more rapidly.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"423\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" src=\"https:\/\/www.thestorythailand.com\/wp-content\/uploads\/2023\/06\/Resize-Gartner-Forecasts-Worldwide-Banking-1-1.jpg\" alt=\"\u201cTo deal with the current economic climate, banking and investment services CIOs are now prioritizing more conservative objectives that support resilient and sustainable growth, such as a better customer experience (CX) and more efficient operations,\u201d said Pete Redshaw, VP Analyst at Gartner. \u201cThis is a change from previous years when outright growth \u2013 new territories, new customers, new lines of business \u2013 was the primary objective of banking CEOs.\u201d\n\nIT Services Remains Largest Spending Segment\nDriven by the increased use of consulting services and infrastructure as a service (IaaS), IT services will be the largest spending category, forecast to reach almost $270 billion in 2023. This is an increase of 9.3% over 2022, reflecting the increasingly important role IT service providers play in helping banking and investment services organizations navigate emerging opportunities and challenges.\n\n\u201cEconomic uncertainty is leading organizations to break down long-term contracts into multiple shorter projects,\u201d said Buckland. \u201cThey\u2019re also reluctant to sign new contracts, commit to long-term initiatives or take on new technology partners, which is driving an increase in the use of IT consulting services.\u201d\n\nTalent Shortage Driving Spend in Internal Services\nWith the global talent shortage impacting banking and investment services organizations, spending on internal services will increase by 4.2% in 2023 to support the increased costs of hiring and retaining talent.\n \n\u201cEven after the recent widespread redundancies at many of the technology giants, banks are no longer seen automatically by top talent as the most desirable, rewarding or stimulating destinations,\u201d said Redshaw. \u201cMore innovative solutions are needed, such as dropping the requirement for university education and adding benefits such as lifetime retraining, hybrid teams, agile methods and fintech partnerships.\u201d\n\" class=\"wp-image-104472\" srcset=\"https:\/\/www.thestorythailand.com\/wp-content\/uploads\/2023\/06\/Resize-Gartner-Forecasts-Worldwide-Banking-1-1.jpg 750w, https:\/\/www.thestorythailand.com\/wp-content\/uploads\/2023\/06\/Resize-Gartner-Forecasts-Worldwide-Banking-1-1-300x169.jpg 300w, https:\/\/www.thestorythailand.com\/wp-content\/uploads\/2023\/06\/Resize-Gartner-Forecasts-Worldwide-Banking-1-1-150x85.jpg 150w, https:\/\/www.thestorythailand.com\/wp-content\/uploads\/2023\/06\/Resize-Gartner-Forecasts-Worldwide-Banking-1-1-696x393.jpg 696w, https:\/\/www.thestorythailand.com\/wp-content\/uploads\/2023\/06\/Resize-Gartner-Forecasts-Worldwide-Banking-1-1-745x420.jpg 745w\" \/><\/figure>\n\n\n\n<p><strong>Investment In Cloud Continues Unabated<\/strong><\/p>\n\n\n\n<p>According to the Gartner<a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2022-10-18-gartner-survey-of-over-2000-cios-reveals-the-need-to-accelerate-time-to-value-from-digital-investments\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;2023 CIO and Technology Executive Survey<\/a>, banking and investment services CIOs will spend the largest amount of new or additional funding in 2023 on<a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/04-12-2023-gartner-identifies-the-top-cybersecurity-trends-for-2023\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;cybersecurity<\/a>,<a href=\"https:\/\/www.gartner.com\/en\/articles\/10-data-and-analytics-trends-to-keep-on-your-radar\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;data and analytics<\/a>, integration technologies and<a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2023-04-19-gartner-forecasts-worldwide-public-cloud-end-user-spending-to-reach-nearly-600-billion-in-2023\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;cloud<\/a>.<\/p>\n\n\n\n<p>More than half plan to increase investments in cloud, while reducing IT spending in their own data centers. This is reflected by slower growth in data center systems spending from 13.2% in 2022 to 5.7% in 2023 (see Table 1).<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gartner.com\/en\/doc\/782271-2023-predicts-ability-to-quanitify-esg-initiatives-will-make-or-break-banks-success-with-them0?utm_medium=press-release&amp;utm_campaign=RM_GB_2023_ITTRND_NPP_PR1_BANKINGFORECASTPR&amp;utm_term=gi\" target=\"_blank\">\u00a0Banks<\/a>\u00a0are disengaging from tangible assets and capital expenditure (capex) in favor of adopting services and operating expenditure (opex), to meet evolving customer and market expectations.<\/p>\n\n\n\n<p>\u201cTo deal with the current economic climate,<a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2022-09-12-gartner-says-banking-as-a-service-will-hit-mainstream\"> banking<\/a> and investment services CIOs are now prioritizing more conservative objectives that support resilient and sustainable growth, such as a better customer experience (CX) and more efficient operations,\u201d said<a href=\"https:\/\/www.gartner.com\/en\/experts\/peter-redshaw\"> Pete Redshaw<\/a>, VP Analyst at Gartner. \u201cThis is a change from previous years when outright growth \u2013 new territories, new customers, new lines of business \u2013 was the primary objective of banking CEOs.\u201d<\/p>\n\n\n\n<p><strong>IT Services Remains Largest Spending Segment<\/strong><\/p>\n\n\n\n<p>Driven by the increased use of consulting services and infrastructure as a service (IaaS), IT services will be the largest spending category, forecast to reach almost $270 billion in 2023. This is an increase of 9.3% over 2022, reflecting the increasingly important role IT service providers play in helping banking and investment services organizations navigate emerging opportunities and challenges.<\/p>\n\n\n\n<p>\u201cEconomic uncertainty is leading organizations to break down long-term contracts into multiple shorter projects,\u201d said Buckland. \u201cThey\u2019re also reluctant to sign new contracts, commit to long-term initiatives or take on new technology partners, which is driving an increase in the use of IT consulting services.\u201d<\/p>\n\n\n\n<p><strong>Talent Shortage Driving Spend in Internal Services<\/strong><\/p>\n\n\n\n<p>With the global talent shortage impacting banking and investment services organizations, spending on internal services will increase by 4.2% in 2023 to support the increased costs of hiring and retaining talent.<\/p>\n\n\n\n<p>\u201cEven after the recent widespread<a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2023-03-07-do-recent-layoffs-mean-the-tech-talent-crunch-is-over\"> redundancies<\/a> at many of the technology giants, banks are no longer seen automatically by top talent as the most desirable, rewarding or stimulating destinations,\u201d said Redshaw. \u201cMore innovative solutions are needed, such as dropping the requirement for university education and adding benefits such as lifetime retraining, hybrid teams, agile methods and fintech partnerships.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.thestorythailand.com\/en\/27\/06\/2023\/104424\/\">MINT announces acquisition of Sizzler brand<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.thestorythailand.com\/en\/27\/06\/2023\/104434\/\">Digital Transformation and sustainability are one of the topmost business priorities for Thailand organizations<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Worldwide banking and investment services IT spending is forecast to total $652.1 billion in 2023, an increase of 8.1% from 2022<\/p>\n","protected":false},"author":8,"featured_media":104475,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[122],"tags":[6603,19900,1075],"class_list":["post-104471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology-en","tag-gartner-2","tag-banking-and-investment","tag-worldwide-it-spending"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Worldwide banking and investment services IT spending to reach $652 billion in 2023<\/title>\n<meta name=\"description\" content=\"Worldwide banking and investment services IT spending is forecast to total $652.1 billion in 2023, an increase of 8.1% from 2022, according to Gartner, Inc. 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