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This IDC Financial Insights Perspective discusses the advance of the 3rd Platform and its four pillars — mobility, cloud, big data and analytics (BDA), and social business — that has caused a fundamental shift in how financial services companies are consuming and budgeting for IT and applications. Furthermore, the 3rd Platform is creating the most significant opportunities for financial institutions in decades. As a result, financial institutions are increasingly leveraging these four pillars to transform their businesses, with a keen focus on three of the four pillars — mobility, cloud, and big data and analytics. IDC has recently published IT spending forecasts across all industries for these three of the four pillars. The forecasts on mobility, cloud, and BDA have been published in late 2015, and the social business forecast will be published in early 2016. This Perspective includes top-line IT forecasts for:
- Mobility, cloud, and BDA
- Banking, insurance, and capital markets
- The United States and the rest of the world, totaling a worldwide forecast
Worldwide financial services IT spend on mobility, cloud, and BDA reached $114 billion of the total worldwide financial services IT spend of $455 billion in 2015, meaning financial institutions are spending more than 25% of IT budgets on just these three transformative technologies. This percentage will increase to almost 30% by 2019.