Financial sector IT spending slows

Growth in 2007 is predicted to be more than two per cent lower than the year before

Global IT spending has slowed in 2007

Financial services sector technology spending in 2007 was substantially lower than the year before, according to research.

The spend for last year is predicted to be $342bn (£172bn) worldwide - an increase of 5.9 per cent, compared with 8.7 per cent in 2006, say the figures from researcher Celent.

The Asia-Pacific region had the year's fastest growth rate, at 7.6 per cent. But it is a smaller slice of the global market than the dominant European and North American financial services sectors, which account for 37.1 per cent and 34.2 per cent respectively.