IT Spending Bounces Back
A growth spurt is expected in external spending and IT investments in North America after a meager 2011.
Insurance Networking News, May 1, 2012
A recent report from Celent anticipates a 6.3-percent increase in global IT spending for 2012 when compared to last year. IT spending grew a mere 1.1 percent globally in 2011; North American insurers decreased IT spending slightly.
What is fueling the anticipated jump? Relative economic stability is one factor, but more crucial is continued premium growth. In its report, "IT Spending in Insurance: A Global Perspective," Celent estimates IT spending to directly reflect that increase in spending capital, leading to a recovery in IT spending in North America. Despite stumbling in 2011 to $45.8 billion, North American spending in 2012 is expected to rebound beyond its 2010 total of $48 billion to reach $50.6 billion. Continuing the growth trend, Celent expects IT spend to reach $56 billion in 2013 and $58.5 billion in 2014.
Partially because of a resilience last year in external spending and new IT investments—new investments was the only segment of funding that saw an increase in 2011—Celent anticipates these areas to experience acute growth.
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