Research by Datamonitor has claimed that the global banking technology market will decline by almost two per cent this year and that the UK will lead the field with a massive seven per cent decline.
The analyst also predicts that overall technology growth will 'remain depressed' compared to pre-crisis forecasts up to 2012, and this equates to the removal of over $40bn banking IT spend over the next five years.
Although this is nothing unexpected considering the speed at which this global downturn has taken hold, it is still unpleasant to see this in black and white.
I'm sure a lot of VARs have been hard hit by this already, but most are savvy enough not to put all their eggs in one basket.
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