How much for IT?

According to Gartner, the technology research and consulting firm, IT spend in financial services organizations worldwide is expected to grow between 4.9 and 5 percent from 2007 and 2009. In that same period, financial services firms in North America, already the world's biggest IT spenders, are also expected to be the only groups that will continue a positive trend in IT spend growth to reach a forecasted $239 billion in 2010. IT spend growth in Asia Pacific, which grew 8.3 percent in 2004, is projected to moderate to 6.6 percent by 2010. While financial services firms continue to spend most on external IT services and telecommunications, it is also interesting to note that internal IT spend as part of total IT spend is on a downward trend, from 27.5 percent in 2004, to a forecasted 20.8 percent in 2010.