Finance Sector Racheting Up IT Spending–But Not So Much In New York

Adrianne Jeffries — Mon, 08 Aug 2011 11:39:28 -0400

Investment in information technology (read: data centers and developer salaries) fell hard in 2008 and 2009 but is trending back up in a big way, according to a new forecast by London-based global market research agency Ovum. "Spending on IT by the financial markets industry will hit almost $90 billion by 2015, driven by strong growth in Asia-Pacific and a bounce-back in the hedge funds sector," according to a press release.

Ovum expects the market to reach pre-recession levels by 2012, predicting growth in every region, so expect to see more Wall Street recruiters salivating over talented engineers. But the bulk of growth won't be in New York, historically one of the capitals of the world financial system, Ovum says, but in China, Singapore and Hong Kong. Ditto for the incumbent U.K. and Ireland, where spending on finance IT is also expected to lag behind Asia's.

“While there will be growth in nearly every major market, the Asia-Pacific countries will be at the forefront. This is mainly due to global companies shifting their decision-making power from New York and London to cities such as Beijing, because of their growing economic influence," Daniel Mayo, Ovum financial markets technology analyst, said in the release.

Any devs out there getting LinkedIn requests from Hong Kong-ers (Kongsters?) or Singaporeans? Let us know.

Betabeat » Finance Sector Racheting Up IT Spending–But Not So Much In New York

Finance Sector Racheting Up IT Spending–But Not So Much In New York