The Boston-based financial research and consulting firm said its analysis shows that 72.8% of total IT spend in the sector is on maintenance, a number expected to drop to 70% in 2013.
"Economic conditions and the financial crisis have resulted in a slow moving shift to increased spending on new investments. This will change as financial services firms put greater emphasis on innovation. It will, however, take several years before it has a material impact," the think firm said.
Overall, IT spend in 2011 is expected to reach $363.8 billion worldwide in 2011, an increase of 3.7% over 2010. That compares with 2.5% growth in 2010, with growth rate beginning to climb across most regions and IT products and services, the think firm said.
The new report, "IT Spending in Financial Services: A Global Perspective", showed that North American and European firms account for about an equal share of the total investment, combining for 68%. Asia-Pacific spending accounts for 26.4%, with 5.8% split between Latin America and Africa.