Gartner Says Indian Insurers Spending on IT Forecast To Reach 177 Billion Rupees In 2014
Grow the Business IT Spending Is Intensifying
Analysts Will Examine Key Trends In The Insurance Industry At Gartner Symposium/ITxpo 2013, October 21-24, Goa, India
Indian insurance companies will spend 107 billion rupees on IT products and services in 2013, a 16 percent increase from 2012, according to Gartner, Inc. Insurance spending on IT will increase more than 9 percent in 2014 to reach 117 billion rupees. This forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.
Gartner analysts discussed the trends in the insurance industry at Gartner Symposium/ITxpo, being held here through October 24.
IT services will not only be the biggest spending segment for the insurance industry in 2014, but it will also be the fastest growing at 16.2 percent in 2014. This growth rate is continuing to be driven by strong uptake of business process outsourcing (BPO) at 24.1 percent and consulting at 20.1 percent. Growth is also strong for enterprise software at 20 percent, especially customer relationship management (CRM).
“Insurers in India are also looking to digitalize their processes – especially at the front end,” said Derry Finkeldey, principal analyst at Gartner. “Demand for consulting services around all aspects of the customer relationship and delivery of service (such as through mobility) is strong.”
Further information on insurance sector IT spending is available in the Gartner report, ‘Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2011-2017, 3Q13 Update’, available at http://www.gartner.com/document/2601718. This vertical industries forecast provides total enterprise IT spending, including internal spending and multiple lines of detail for spending on hardware, software, IT services, and telecommunications for vertical industries and 43 countries within seven geographies.
About Gartner Symposium/ITxpo
Gartner Symposium/ITxpo is the world’s most important gathering of CIOs and senior IT executives. This event delivers independent and objective content with the authority and weight of the world’s leading IT research and advisory organization, and provides access to the latest solutions from key technology providers. Gartner’s annual Symposium/ITxpo events are key components of attendees’ annual planning efforts. IT executives rely on Gartner Symposium/ITxpo to gain insight into how their organizations can use IT to address business challenges and improve operational efficiency.
Additional information for Gartner Symposium/ITxpo in India is available at www.gartner.com/in/symposium.
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