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A study by advisory firm Zinnov has found that India’s domestic IT spend is valued at $30.4 billion, out of which BFSI (Banking, Financial Services and Insurance) sector contributes to 11.1 per cent.
The company in a release said that IT spend in BFSI vertical is expected to reach $3.5 billion by FY 2014, growing at a CAGR of 13 per cent.
Commenting on the study, Mr Praveen Bhadada, Director-Market Expansion, Zinnov, said: “The number of BFSI-specific IT deals in India has increased 600 per cent cumulatively in the last four years and nearly one-third of those deals are focused on modern technologies. The BFSI segment in India is demonstrating a definite inclination towards leveraging information technology to add real business value as it moves up the IT value chain.”
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