Worldwide bank IT spending continues to grow at a 5.2% compound annual growth rate, according to a new report from Framingham, Mass.-based IDC Financial Insights.

The report entitled, “Worldwide IT Spending 2010–2015:Worldwide Banking IT Spending Guide, 1H12 Update" also found that Latin America and the Middle East are among the fastest growing bank IT spending regions, with IT spending predicted to increase 10% in these areas. According to IDC, forecasts for North America are a full percentage point higher than in the previous forecast. The CAGR for the forecast period is now at 3.7% as U.S. banks emerge from the financial crisis and Canadian banks continue their strategic investments, said the firm.

Source: Bank Tech