IT spending by banking and securities firms in India will reach $7.8 billion dollars in 2017, an increase of 8.6 percent from 2016, according to Gartner, Inc.

This forecast provides total enterprise IT spending for internal spending and spending data on data center, devices, software, IT services and telecom services.

IT services and software will both be the fastest growing segments at 12.6 percent in 2017, as firms in the banking and securities industry invest more in applications and business processes, specifically in business process outsourcing (BPO). The focus is on integrating the digital framework firmly into the banking and securities industry in India.

"The banking and securities industry is increasingly working towards investing in core banking solutions to transform the legacy systems. Additionally, we are also seeing a lot of investment from the banks to leverage digital technologies to enhance the customer facing platforms," said Moutusi Sau, principal research analyst at Gartner.