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IT spending in UK financial services sector to be biggest in Europe

The UK will be the biggest European market for IT spending in the banking and insurance sectors this year, with growth also outstripping the US.

The UK will be the biggest European market for IT spending in the banking and insurance sectors this year, with growth also outstripping the US.

Analyst Datamonitor said more widespread internet banking and web security improvements were among the factors driving UK spending growth.

Datamonitor said the UK IT market in banking this year would be worth $23bn (£13.5bn), and spending in the insurance market would reach $16bn (£9.4bn).

Datamonitor said the UK would hold its spending leadership position in Europe until at least 2008.

The analyst said that through to 2008, the year-on-year rate of growth in IT spending by UK banks is expected to be 8.1%. This compares with just 4.5% at US banks.

Datamonitor added that IT spending in the UK insurance industry was expected to grow by an annual 4.1% to 2008, compared to 3.5% in the US.

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