In 2013, China will take over Japan as the biggest consumer of IT products in Asia. According to IDC, China's total IT market size in 2012 is projected to reach 155 billion US dollars, with 20% growth rate YOY, and in 2013, this number will reach 170 billion dollars, 4% more than that of Japan. During China's Five Year Plan period (from 2011 to 2015), companies must invest more in their IT infrastructure to meet the demands of stable growth and innovations.
In the banking industry, total IT spending (software and services) in 2011 exceeded 15 billion US dollars, with a 19% growth rate compared to 2010, and, according to IDC, China's banking IT spending will keep a 20% CAGR (Compound Average Growth Rate), hitting 39 billion dollars in 2016. We expect that the new generation of core banking systems, risk control, big data analysis and mobile payment will be the main driving forces behind the IT spend.
