Asia trounces US, UK in financial IT spending

The financial market’s IT budget will have the Asia Pacific region as its backbone, with total spend expected to reach as much as $90 billion by 2015.

Analysts over at Ovum say China, Hong Kong and Singapore will see a healthy compound annual growth rate through from 2011 to 2015.

China’s CAGR is expected to sit at 8.8 percent, Hong Kong at 8.1 percent and Singapore 7.1 percent. Investments won’t be that high but growth rates will trounce places like the US and the UK, where the line is more like six percent.

The most spending is going into risk management systems, and reporting systems too, which help rich people deal with industry regulations like Basel III, says Ovum. 

Total IT spending globally in  the hedge funds market should reach a  respectable CAGR of 11.1 percent, the soothsayers say, in other words the strongest IT growth in all business.

It’s a turnaround from the crap start of that recession in 2008, says Ovum. As the calendar turns to 2012, the market as a whole is predicted a return to pre-recession figures.