2020 Forecast for IT and Business Services in Banking and Financial Services

Growth in services spend by the banking industry is being driven by the shift to As-a-service economy. Whilst the past 2-3 year we have seen the “traditional”, outsourcing and professional services markets growing either very slowly or declining. With the emerging As-a-service markets seeing higher, double digit level growth as banks transform. This has meant the market overall has grown at low single digits for the last 2 years, particularly as some of the large banks transition from their legacy multi tower contracts.

This PoV provides an update to the HfS market size and forecast for the IT and business services spend of the banking and financial services industry globally.