BWW Geeks World

Gartner Says Indian Insurers To Spend 101 Billion Rupees On IT In 2013

Related: Gartner, Indian
Gartner Says Indian Insurers To Spend 101 Billion Rupees On IT In 2013

Indian insurance companies will spend 101 billion rupees on IT products and services in 2013, an increase of more than 9 percent over 2012 revenue of 92.5 billion rupees, according to Gartner, Inc. This forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.

IT services has overtaken telecommunications to become the biggest spending segment, and is forecast to reach 30.6 billion rupees in 2013, up from 27 billion in 2012. IT services is achieving the highest growth rate amongst the top level IT spending segments - forecast to exceed 13 percent in 2013, with growth of 23.4 percent forecast for business process outsourcing services. Consulting is also a high growth segment at over 18.2 percent in 2013.

"We are continuing to see Indian insurers lead the charge to outsourcing and business process outsourcing," said Derry Finkeldey, principal analyst at Gartner. "The Indian insurance industry is experiencing huge growth in transaction volumes, and Indian consumers are quite progressive in terms of seeking online and mobile services. Insurers are turning to experienced IT vendors to help them navigate the inevitable complexity this is producing."

"The Indian domestic market for IT services is dynamic and highly competitive - with many of the leading names focused on the insurance sector and offering their own proprietary solutions for the industry. This competitiveness is ultimately great for insurance buyers."

Further information on insurance sector IT spending is available in the Gartner report: 'Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2010-2016, 4Q12 Update', available athttp://www.gartner.com/resId=2305215. 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.

Comment & Share

Related Links
WatchGuard Technologies New Partner Program Sets Industry High Water Mark for ProfitabilityWatchGuard Technologies New Partner Program Sets Industry High Water Mark for Profitability
July 31, 2014
Orchestro Sees Continued Growth in Demand Analytics; Expands Executive TeamOrchestro Sees Continued Growth in Demand Analytics; Expands Executive Team
July 31, 2014
CNN's Josh Rubin and Gartner Inc.'s Allen Weiner Join the Daily DotCNN's Josh Rubin and Gartner Inc.'s Allen Weiner Join the Daily Dot
July 31, 2014
Deloitte's Cyber Threat War-Gaming Services Help C-Suite, Technical Staff Prepare, Respond and be Resilient to Cyber AttacksDeloitte's Cyber Threat War-Gaming Services Help C-Suite, Technical Staff Prepare, Respond and be Resilient to Cyber Attacks
July 31, 2014
74% of C-Level Executives Do Not Believe CISOs Deserve a Seat at the Leadership Table74% of C-Level Executives Do Not Believe CISOs Deserve a Seat at the Leadership Table
July 31, 2014


About Author

Subscribe to Author Alerts

Become a Fan, Follower & Subscriber