While a Burden for Corporate IT, Regulatory Compliance Creates Significant Opportunities for IT Vendors, IDC Reveals
FRAMINGHAM, MA – MARCH 21, 2005 – IT departments are spending considerable efforts on creating, formalizing and automating processes, policies and procedures to address regulatory compliance requirements, a new IDC study reveals. The worldwide information management for compliance market will pass the $20 billion mark in 2009, and grow at a 22% compound annual growth rate through the 2005-2009 forecast period. The market forecast is built off of a market model that cuts across over 35 IDC software, hardware and services markets.
"A significant amount of risk and material weakness exists within IT systems," said Julie Rahal Marobella, senior research analyst, Information Management for Compliance at IDC. "As a result, there is an increased onus on IT departments to audit, monitor, and report on all systems. This increased need will drive organizations to invest in technologies and services that help to ensure sustainability of compliance-related processes, mitigate risk, and manage ongoing costs."
IDC's new study, Worldwide Information Management for Compliance Market Forecast 2005-2009, (IDC #33024) presents a five-year forecast for the worldwide information management for compliance, and segments the market opportunity by software, hardware and services. This study also defines the information management for compliance market, suggests recommendations to vendors playing in that arena, and discusses market trends in the areas of security, systems management, content management, records management, email archiving and storage.
Among key market drivers discussed in this study are the following:
— A shift from services to software spending starting in late 2005
— An increased attention to litigation support and electronic discovery
— An increased requirement for real-time analysis of IT systems
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