The risk information technologies and services (RITS) market size will be $71.2 billion in 2014, said IDC.
The global RITS market is expected to reach $87.4 billion by 2017, growing at a compound annual growth rate (CAGR) of 6.9 percent.
As a percentage of total IT spending, Risk IT will account for 16.5 percent of all spending in 2014, growing to 18 percent 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.
Risk IT strategies and investments over 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.
IDC says risk officers will continue to operate from a full plate of regulatory change, as their organizations absorb the regulatory underpinnings of future financial operations.
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.
Risk management and regulatory compliance will not be a safe-haven from the demand for operational efficiency.