Growth in Open Platforms
Growth in open platforms
Additionally, there has been significant growth in open platforms, allowing for greater interoperability and better access to data for use in custom software implementations. With data readily available, the dream of commingled content in a single interface is actually achievable. APIs have revolutionized the way data can be delivered to an enterprise's user audience.
For example, we know of a company that offers an API that pulls broker research from hundreds of sources and easily integrates it into a firm's internal applications. In a space where content has historically been limited to proprietary, closed, Web-based or downloadable software, users can now customize the software.
At the same time, there's a confluence of economic factors that will lend to this push in custom software development. Because base technologies have already been tested and standardized, experimenting with new vendors and encouraging in-house innovation costs less than it did five years ago.
Data spending is also increasing from recession lows and this trend will continue. In the financial industry alone, it's predicted that IT spending on global market data infrastructures will reach $7.8 billion by the end of the year.