New IDC Financial Insights Projects Worldwide Risk IT and Services Market to Account for $71.2 billion in 2014
06 Dec 2013
Risk IT to account for 16.5% of all IT spending in 2014
FRAMINGHAM, Mass., December 6, 2013–IDC Financial Insights today announced the availability of the new report, “Worldwide IT Spending 2012-2017 – Risk IT (RITS) Spending Guide 2H 13 Update,” (Doc # FI244586). According to the new spending guide, the worldwide risk information technologies and services (RITS) market will account for $71.2 billion in 2014, and is expected to reach $87.4 billion by 2017, growing at a composite aggregate growth rate (CAGR) of 6.92% during the forecast period. As a percentage of total IT spending, Risk IT will account for 16.5% of all spending in 2014, growing to 18% of total spending by 2017, as risk management technologies, services, and solutions continue to participate in a growing market that is core to business strategies across the banking, capital markets, and insurance sectors.
According to Michael Versace, Global Research Director, IDC Financial Insights and author of the report, “Regulatory pressures, tightening, and oversight resulting from the financial and economic upheavals of the past decade and the first three years of the current decade continue to be prime motivators for risk management investments. Risk IT strategies and investments over the forecast period will remain critical as policymakers around the globe stay focused on capital buffers, trade transparency, accounting and reporting improvements, internal control and IT system continuity, third-party risk, financial crime and fraud, and the impact of cyber threats on the safety and soundness of the financial marketplace.”
Additional key findings include:
- Risk officers will continue to operate from a full plate of regulatory change, as their organizations absorb the regulatory underpinnings of future financial operations.
- Risk management mash-ups of big data analytics, cloud, and social networking offer the greatest opportunity to contribute to customer value creation, improved control, and efficiencies in operations for the industry.
- Risk management and regulatory compliance will not be a safe-haven from the demand for operational efficiency.
The bi-annual report was developed to provide a consistent, global view of the industry while including meaningful and industry-specific forecasts relative to the technologies and services for managing credit, market, and operational risks across three primary financial services sectors including Banking, Capital Markets and Insurance. Recently, IDC Financial Insights published an updated set of Worldwide IT Spending Guides to provide an analysis on the current status and projected growth of IT spending in the banking, capital market and insurance industries. To learn please visit: http://www.idc.com/getdoc.jsp?containerId=prUS24407313.
IDC Financial Insights provides this benchmark tool with consistent, detailed market data on the corresponding industry, providing a profile of the IT growth opportunity segmented by technology components, solution categories, and institution types and sizes. These pivot table tools present spending forecasts according to current assumptions related to economic trends, end-user surveys, and IDC Financial Insights’ comprehensive segmented research expertise. In addition, the Spending Guides provides targeted data for sales organizations with specific spending predictions and analysis correlated by institution size and type.
To learn more about IDC Financial Insights’ Worldwide IT Spending Guides for Financial Services, please visit us HERE.
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About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email firstname.lastname@example.org, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.
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