FRAMINGHAM, Mass.--(BUSINESS WIRE)--According to a new IDC Financial Insights forecast, Worldwide IT Spending 2013–2018: Worldwide Risk IT Spending Guide, 1H15 (Doc #FI255746), worldwide risk information technologies and services (RITS) spending will reach $78.6 billion in 2015 and is expected to reach $96.3 billion by 2018 at a compound annual growth rate (CAGR) of 6.97% during the 2013–2018 forecast period. The bi-annual spending guide is published to provide a consistent, global view of the risk technologies market 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: Banking, Capital Markets, and Insurance.
- ClicktoTweet: New #IDCFinancialInsights Projects Worldwide #RiskIT and #ServicesMarket to Account for $78.60 billion in 2015
Key highlights from the new report include:
- Total IT spending for the worldwide financial services market for 2015 is forecast to reach $458.4 billion for hardware, software, and internal and external IT services. By the end of the forecast period in 2018, this spending will reach $522.3 billion.
- The components of this total market devoted to risk management will account for an average of 17.1% of overall spending by CIOs, CTOs, risk and compliance officers, and line-of-business IT executives in 2015, growing to 18.4% of total spending by 2018. Both percentages are up slightly from the previous forecast.
- The Capital Markets sector spends more on risk technology when compared with total sector spending, with over 24.5% of total IT spending allocated to risk functions by 2018.
- Risk technology investments by institutions domiciled in the Asia/Pacific market will grow at a rate higher than the average, while investments by firms domiciled in the North American and European markets will grow at a slower rate.
- Investments in external risk services are growing at a quicker pace than the average, while spending on internal risk IT services is growing at a slower rate through the forecast period. The proliferation of external risk services will bring meaningful positive change to the ways in which IT is consumed and utilized.
According to Michael Versace, Global Research Director, IDC Financial Insights, "As institutions begin to see the connection between digital strategies and risk strategies, and new innovations from 3rd Platform vendors unfold, traditional Fintech vendors will be challenged to demonstrate value in digital strategies while at the same time discover white space opportunities. To meet this challenge, Fintech vendors will require deeper insights into enterprise strategies, brand and product perceptions, unmet needs, and important buying triggers."
IDC Financial Insights Spending Guides are designed to be a benchmark tool providing consistent, detailed market data on the corresponding industry, and a profile of the IT growth opportunities 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 provide targeted data for sales organizations with specific spending predictions and analysis correlated by institution size and type.
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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.