Users of Bloomberg terminal declined for the second time in the company’s history in 2016, despite the firm holding a 33% financial data market share.
Research from TP ICAP’s Burton-Taylor Consulting revealed Bloomberg’s market share remained high as a result of growth in its data feed and other non-terminal business.
In comparison, Thomson Reuters market share stood at 23%, as revenues were flat on a constant currency basis in 2016.
The report found spending globally on financial market data and news topped a record $27.5 billion in 2016, up 3.5% from the year prior.
Risk and compliance users were the fastest growing customer group in 2016 and have been for the past five years, the report said. In terms of product, reference, pricing and valuation products were in highest demand.
Douglas Taylor, founder of Burton-Taylor Consulting, explained the industry saw steady growth in 2016 despite pessimistic forecasts from participants.
“EMEA held the market back last year, MiFID II requirements and the tight regulatory environment should drive spend in all regions in 2017,” he added.