IDC Financial Insights forecasts worldwide IT spending pertaining to risk functions (as defined in the report) will reach over $74 billion by 2015.
The newest research report entitled, Worldwide Risk Technology Spending – 2011 Analysis and Forecasts , provides view of how to categorize technology spending throughout seven risk submarkets, including enterprise risk management and infrastructure, liquidity and asset liability management, market risk and trading, compliance and control, credit risk, financial crimes, and information security.
In addition, the research concludes that growth in IT spending on risk management will outpace the growth of overall IT spending in financial services, and will top 15% of total IT spending in financial services in 2012.
IDC Financial Insights outlines several key drivers that are fueling growth in risk-related technology and services investments, including regulatory uncertainty and compliance demands, mandates to improve overall corporate governance and financial performance across the financial enterprise, and the need to modernize and protect critical risk management infrastructures.
The report, which follows an earlier report, Business Strategy: Enterprise Risk Management Domains, Subdomains, and Markets, outlines the taxonomies and definitions for spending analysis, and can be used by risk managers and IT executives as a way to organize their own internal analysis of risk management assets and identity gaps and areas where new investments should be considered.
“With this research, our clients are telling us that we have filled a previously un-met market need – and we agree,” said Michael Versace, Global Risk Research Director at IDC Financial Insights.
“The goal of this research is to define and measure the risk technology market in a user-oriented, holistic manner, including the hardware, software, internal and external services that support core risk disciplines in financial services.
“And although our macro-economic assumptions continue to point to downward pressure on overall IT spending in financial services, in our estimation, the risk technology market is large and still growing at a good clip.”
Commentary on this research can be found at IDC Financial Insights Web Replay.
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