*NEW RESEARCH* UK Financial Services SITS - Suppliers, Trends and Forecasts 2024

Growth within the UK Financial Services SITS market slowed significantly during 2023, driven largely by the challenging global economic climate and its impact on end-user organisations. However, despite the inhibiting factors dampening spend, the technology-led transformation of the UK Financial Services sector continued, albeit at a reduced rate.

Recognition of the limitations of outdated technologies and analogue business processes, coupled with the volume of in-flight projects, prevented the sector from turning its back on the transformation imperative. As economic conditions continue to improve and financial restraints are gradually eased, expenditure within the UK Financial Services SITS market will pick up once again, with sustained growth forecast through to 2027.

Reflecting softer demand for new technology initiatives during 2023, only six of the vendors in the Top 10 grew UK Financial Services SITS revenue by more than 1%, with two of these delivering a double-digit increase. Combined revenue for the Top 10 rose by 6.8%, representing a significant reduction on the growth experienced in 2022, when the comparable figure was +18.9%.

FinancialServicesViews subscribers can learn more by downloading UK Financial Services SIT - Suppliers, Trends and Forecasts 2024. If you do not currently have access to this report but would like to learn more, please contact Deb Seth.

Posted by Jon C Davies at '08:58'