According to a recent report from research & investing company Celent, global IT spending will increase by 3.7 percent during 2011.
The company's report, titled IT Spending in Financial Services: A Global Perspective, analyzed many IT trends across different regions, including North America, Europe and others, as well as different verticals, such as banking, insurance, securities and others.
The report estimates the fastest growth will take place among financial services institutions in Asia-Pacific, where spending will jump by 6.2 percent. Meanwhile, insurance companies located in North America and Europe will spend up to $98 billion this year.
"Insurers will still spend on technology, due to competitive pressures and efficiency mandates," the report states. "Overall life/health IT budgets will maintain their typical range of 3 percent to 4 percent of direct premium written. And property/casualty IT budgets will be at the top of that range due to continuing mandates to address inflexible legacy systems."
Furthermore, Celent expects spending to increase by 3.9 percent in 2012 and 2013. For businesses looking to upgrade technology, many have expanded mobile investment, increased security measures and even
business projectors for more videoconferencing.
In addition to the aforementioned sectors, many medium-sized businesses are also planning to increase their 2011 IT spending, according to a recent survey conducted by IBM.
