UK Financial Services SITS Market Trends and Forecasts 2019

Financial services is the largest commercial segment of the UK SITS market and generated total revenues of just under £12bn in 2018. Patterns of IT investment have shifted markedly of late, from “run the business” towards “change the business”. Technologies that can help to facilitate automation, customer engagement and new product development are currently amongst some of the most strategically important. The transformation of the industry has accelerated and both the insurance and the financial markets sectors are increasingly following the path set by retail banking.

This report contains TechMarketView's latest analysis of the market for Software and IT Services (SITS) within UK financial services (FS). It is part of a series of reports assessing market and supplier performance that includes the Financial Services UK SITS Supplier Ranking 2019 published in July 2019 and the Financial Services Supplier Prospects 2019 published in March 2019. 

For the first time in this report, we have included elements of our new Digital Evolution Model (DEM). TechMarketView’s DEM has been designed to highlight the shift in spending patterns from “Heritage” or legacy SITS to spend on the “New” transformational technology components (digital, platform and cyber). 

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