While the software and devices segments are smaller than telecom services, IT services, and internal services, they are experiencing stronger growth. Software and devices are the fastest growing segments with 7.4 percent and 7.1 percent increases in 2015, largely due to the customer-centric strategies of banks that drives customer insight projects and mobility initiatives that include an increasing use of tablets and mobile phones while better understanding customers with business intelligence tools and analytics.

“Software spending will perform better than other IT segments due to the reduction in operational budgets which will be a consequence of reduced oil revenue across these countries,” said Vittorio D’Orazio, research director at Gartner. “CRM solutions, as well as core banking software, will drive spending in this segment.”

Telecom services will be the largest segment in overall IT spending in the banking and securities market at $5.5 billion USD in 2015. This segment is forecast to decline 1.8 percent compared to 2014.