The financial services industry spent $114 billion worldwide on mobility, cloud, and big data and analytics (BDA) technologies out of a total worldwide financial services information technology (IT) spend of $455 billion.
A new IDC Financial Insights Perspective entitled ‘Worldwide Financial Services 3rd Platform IT Spend 2014-2019 – Opportunities Abound’, said financial institutions spent more than 25 per cent of their IT budgets on just these three transformative technologies in 2015. According to the report, this will increase to almost 30 per cent by 2019.
Karen Massey, Senior Research Analyst, IDC Financial Insights said: “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.”
She noted that “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.” The new Perspective includes topline IT forecasts for mobile, cloud, and BDA, banking, insurance, and capital markets and U.S. and rest of world, totaling a worldwide forecast.
