FRAMINGHAM, Mass.--(BUSINESS WIRE)--According to a new IDC Financial Insights Perspective, Worldwide Financial Services 3rd Platform IT Spend 2014-2019 – Opportunities Abound (Doc #US40697215), the financial services industry spent $114 billion worldwide on mobility, cloud, and big data & analytics (BDA) technologies out of a total worldwide financial services IT spend of $455 billion. In other words, financial institutions spent more than 25% of IT budgets on just these three transformative technologies in 2015. According to the report, this will increase to almost 30% by 2019.
The new Perspective includes topline IT forecasts for:
- Mobile, cloud, and BDA
- Banking, insurance, and capital markets
- U.S. and Rest of World, totaling a Worldwide forecast
ClicktoTweet: @IDC Financial Insights latest report – Worldwide #FinancialServices #3rdPlatform #IT Spend 2014-2019 Opportunities Abound
"The advance of the 3rd Platform and its four pillars – mobility, cloud, big data and analytics (BDA), and social business – has caused a fundamental shift in how financial services companies are consuming and budgeting for IT and applications. Furthermore, the 3rd Platform is creating the most significant opportunities for financial institutions in decades," said Karen Massey, Senior Research Analyst, IDC Financial Insights. "Financial institutions are increasingly leveraging these four pillars to transform their businesses, with a keen focus on three of the pillars – mobility, cloud and BDA."
Mobility: IDC asserts mobility is increasingly seen as an enabler to increasing sales, improving productivity, and delivering customer and employee satisfaction. The mobility elements comprising this topline forecast include:
- Mobile hardware – tablets, smartphones
- Mobile software – enterprise mobility management, mobile enterprise application development, mobile enterprise security, connectivity and policy management, mobile enterprise applications
- Mobile services – wireless data, mobile enterprise services
Cloud: Financial institutions are embracing cloud for both efficiency gains in business processes and improvement in customer acquisition and experience. The cloud elements comprising this topline forecast include:
- Software as a service (SaaS)
- Platform as a service (PaaS)
- Infrastructure as a service (IaaS)
Big Data & Analytics: Big data and analytics (BDA) is instrumental in financial services in terms of accelerating innovation, driving optimization, improving compliance, and engaging customers by using data-driven decision making. The BDA elements comprising this topline forecast include:
- Big data infrastructure – servers/compute, storage, networking, other datacenter
- High-performance data analysis (HPDA)
- Big data software – information management, discover and analytics, applications
To arrange a one-on-one briefing with Karen Massey, please contact Sarah Murray at 781-378-2674 or sarah@attunecommunications.com. For information on purchasing reports, contact insights@idc.com; reporters should email sarah@attunecommunications.com.
About IDC Financial Insights
IDC
Financial Insights assists financial service businesses and IT
leaders, as well as the suppliers who serve them, in making more
effective technology decisions by providing accurate, timely, and
insightful fact-based research and consulting services. Staffed by
senior analysts with decades of industry experience, our global research
analyzes and advises on business and technology issues facing the
banking, insurance, and securities and investments industries.
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is the premier global provider of market intelligence, advisory
services, and events for the information technology market. IDC is a
subsidiary of IDG,
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more information, please visit www.idc-fi.com,
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508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.
