According to a new IDC Financial Insights forecast, Worldwide IT Spending 2013–2018: Worldwide Risk IT Spending Guide, worldwide risk information technologies and services (RITS) spending will reach $78.6 billion in 2015 and is expected to reach $96.3 billion by 2018 at a compound annual growth rate (CAGR) of 6.97% during the 2013–2018 forecast period.

The bi-annual spending guide is published to provide a consistent, global view of the risk technologies market while including meaningful and industry-specific forecasts relative to the technologies and services for managing credit, market, and operational risks across three primary financial services sectors: Banking, Capital Markets, and Insurance.

According to Michael Versace, Global Research Director, IDC Financial Insights, "As institutions begin to see the connection between digital strategies and risk strategies, and new innovations from 3rd Platform vendors unfold, traditional Fintech vendors will be challenged to demonstrate value in digital strategies while at the same time discover white space opportunities. To meet this challenge, Fintech vendors will require deeper insights into enterprise strategies, brand and product perceptions, unmet needs, and important buying triggers."

To read the full IDC press release, click here.