IT spending by financial institutions in the big four markets of the Middle East and Africa (MEA), according to a research from International Data Corporation (IDC).
Saudi Arabia, South Africa, the UAE, and Turkey are set for strong year-on-year growth of 10.8% in 2014. Spurred by investments in the emerging 3rd Platform technologies, total IT spending in this space is set to reach $4.3 billion in 2014.
"The finance sector has always driven the innovative use of ICT technologies across other verticals," says Jebin George, a senior research analyst for vertical markets at IDC Middle East, Turkey, and Africa.
"This drive for innovation through IT remains the top priority for CIOs in the sector and is resulting in strong investment in 3rd Platform technologies like Big Data analytics, cloud, and mobility as CIOs increasingly realize the transformative capabilities of these solutions on the way business is conducted," he added.