Worldwide spending on risk information technologies will reach $79.2 billion in 2015 and $97.3 billion by 2018, predicts a new report from IDC Financial Insights.
The firm further predicts that risk management and regulatory compliance investments will not be a safe-haven from the demand for financial performance and operational efficiency, and in fact demands today will call for risk investments to contribute more to financial performance and to the efficient operation of the institution.
As a percentage of total IT spending, which is forecast to exceed $530 billion by 2018, the risk market in financial services will account for an average of 17.1 percent of overall IT spending in 2015 and growing to 18.2 percent of total spending by 2018, 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, IDC said.
The capital markets sector of the financial services market has the greatest percentage of overall IT spending allocated to risk information technology and services, the report found. For 2015, the percentage of overall IT spending dedicated to risk information technology and services in that sector is 22.2 percent, growing to 24.2 percent, which is representative of in-sector regulatory compliance and IT modernization trends.