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Gartner Says IT Spending in the Banking and Securities Industry in the Middle Eastern & North African Region to Reach $12.4 Billion in 2017

IT spending by banking and securities firms in the Middle East and North Africa is forecast to grow to $12.4 billion in 2017, a 3.5 percent increase from 2016, according to Gartner, Inc. This forecast provides total enterprise IT spending for internal spending and spending data on data center systems, devices, software, IT services and telecom services.

Software spending continues to have the fastest growth rate at 9.5 percent, followed by data center systems at 6.7 percent.

"IT spending has been dampened by uncertainty in the global scenario. But, data center systems are making a comeback in banking and securities as banks are investing in core applications and servers," said Moutusi Sau, principal research analyst at Gartner.