Risk IT Spending to Top $87 Billion by 2017: IDC
The report also noted risk management and regulatory compliance would not be a safe-haven from the demand for operational efficiency.As a percentage of total IT spending, risk IT will account for 16.5 percent of all spending in 2014, growing to 18 percent 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. The report from IDC Financial Insights, "Worldwide IT Spending 2012-2017 – Risk IT (RITS) Spending Guide 2H 13 Update," projected 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 nearly 7 percent during the forecast period. The study predicted risk management mash-ups of big data analytics, cloud and social networking would offer organizations the greatest opportunity to contribute to customer value creation, improved control and efficiencies in operations for the industry. However, the report also noted 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 global view of the industry while including industry-specific forecasts relative to the technologies and services for managing credit, market and operational risks across the aforementioned banking, capital markets and insurance financial sectors.