ICT Spend in South Africa—Financial Services Sector
In 2014, the South African financial services sector was among the largest consumers of information and communication technologies (ICT), spending $ billion. The sector’s ICT spend is expected to grow at a compound annual growth rate (CAGR) of % to reach $ billion in 2019.
Banks and insurance companies, in particular, are becoming more customer-centric in order to increase their revenues and improve customer loyalty.
They are investing heavily in digitizing their service delivery by augmenting their branch presence through mobile and online service channels.
Systems integration, data centres, and fixed connectivity are some of the largest ICT spend categories by the financial services sector, while cloud and connectivity are much smaller.
Over the period 2014–2019, cloud services are expected to have the highest CAGR, at %, albeit coming from a very low base.
Financial services providers have only gradually adopted the cloud, moving only their non-mission critical applications into the cloud due to concerns over security.
About this report
This research service provides an analysis of ICT spend by the financial services sector in South Africa. The objective of the study is to contextualize ICT investment within the sector across 8 categories: cellular connectivity, cloud services, data centres, fixed and non-cellular connectivity, IT hardware, managed services, systems integration, and sector-specific technologies. The analysis includes an overview of the financial services sector, drivers and restraints, and technology trends driving investment in ICT, highlighting both the current and future spend from 2015 to 2019. The base year for analysis is 2014.
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