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Risk IT spending to reach $87bn: IDC

The worldwide risk information technologies and services
(RITS) market is expected to reach $87.4 billion by 2017, growing at a compound
annual growth rate (CAGR) of 6.9 per cent during the forecast period, according
to International Data Corporation (IDC) report.

The worldwide risk information technologies and services
(RITS) market is expected to reach $87.4 billion by 2017, growing at a compound
annual growth rate (CAGR) of 6.9 per cent during the forecast period, according
to International Data Corporation (IDC) report.

According to the report, as a percentage of total IT
spending, Risk IT will account for 16.5 per cent of all spending in 2014,
growing to 18 per cent 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.

“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,” said Michael Versace, global research
director, IDC.

“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,” he added.

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.

By CIO staff

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