IT spending by banking and securities firms in the mature Asia/Pacific region will reach $19.1 billion dollars in 2017, an increase of 4.7 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.

Gartner said the mature Asia/Pacific region consists of the following countries: Australia, New Zealand, Singapore and South Korea. In US dollar terms, Singapore will have the highest growth rate in 2017 at 6.6 percent, followed by New Zealand at 6.5 percent.

The software segment will grow the fastest at 9.4 percent in 2017, as firms in the banking and securities industry invest more in applications, infrastructure and vertical-specific software. Solutions that help firms with "grow the business" initiatives are moving up in priority. The banking and securities industry has been increasingly trying to come up with partnerships or new models to tackle new incumbents from Fintech, leading to increased attention and investments.

"The banking and securities industry is working to reinvent the business models due to these new players and are trying to integrate the digital platforms firmly into business and operating models" said Moutusi Sau, principal research analyst at Gartner.