New series of spending guides examine financial services IT spending, including 3rd Platform

FRAMINGHAM, Mass., April 27, 2016 – According to a series of new IDC Financial Insights Worldwide IT Spending Guides , financial services IT spending will reach almost $480 billion worldwide in 2016 with a five-year compound annual growth rate (CAGR) of 4.2%. The new series of guides for banking, capital markets, insurance, and financial services risk serve as an industry benchmark for consistent, detailed market data on the industry. The annual guides provide a profile of IT spending across more than 80 functional processes, and a variety of geographic regions, institution types, financial services segments, technology categories, and company size tiers.

The four new IDC Financial Insights IT Spending Guide forecast reports include:

• Pivot Table: Worldwide IT Spending 2014-2019 – Worldwide Banking IT Spending Guide, 1H2016 (Doc #US41189816)
• Pivot Table: Worldwide IT Spending 2014-2019 – Worldwide Capital Markets IT Spending Guide, 1H2016 (Doc #US41190016)
• Pivot Table: Worldwide IT Spending 2014-2019 – Worldwide Insurance IT Spending Guide, 1H2016 (Doc #US41190116)
• Pivot Table: Worldwide IT Spending 2014-2019 – Worldwide Financial Services Risk IT Spending Guide, 1H2016 (Doc #US41189916)

"This year, we are excited to introduce a different view of U.S. financial services spending on 3rd Platform technologies – cloud, mobile and big data/analytics," said Karen Massey, Senior Research Analyst, IDC Financial Insights. "These foundational components of digital transformation (DX), have significantly impacted IT budgets in 2016. Forward thinking financial institutions understand the value of leveraging these technologies to better meet the demands of performance, efficiency, compliance, and competition."

Key highlights of the new Spending Guides include:

• The addition of U.S. 3rd Platform – cloud, mobile, big data/analytics – IT spending forecasts for banking, capital markets and insurance to reflect the significance of these technologies in financial services. (Additional 3rd Platform forecasts will be published in 2016).
• Banking IT spending accounts for the largest portion of financial services IT spending at more than $275 billion worldwide, as well as delivering the largest growth at 4.5%.
• Financial services risk management will reach $85 billion worldwide in 2016 across the three sectors, with a growth rate of more than 7%.