Worldwide banking and investment services IT spending is projected to reach a substantial $652.1 billion in 2023, marking an impressive 8.1% increase from the previous year, as reported by Gartner.

The report attributed the projected investment growth into IT infrastructure to current economic headwinds that have changed the context for technology investments in banking and investment services this year. Rather than cutting IT budgets, organizations are spending more on the types of technologies that generate significantly higher business outcomes.

According to Gartner, CIOs will spend the largest amount of new or additional funding in 2023 on cybersecurity, data and analytics, integration technologies and cloud.

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