Risk Analytics Market worth $70.5 billion by 2027, growing at a CAGR of 12.4%: Report by MarketsandMarketsâ„¢
Chicago, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global Risk Analytics Market size is projected to grow from $39.3 billion in 2022 to $70.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.4% during the forecast period, according to a new report by MarketsandMarkets™..
Various factors such as rising government compliance with stringent industry regulation, growing incidences of data thefts and security breaches and increasing complexities across business processes, are expected to drive the adoption of risk analytics solutions and services.
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Risk Analytics Market Dynamics:
Drivers:
- Growing incidences of data thefts and security breaches
- Rising government compliance with stringent industry regulations
- Increasing complexities across business processes
- Rising digitalization and business process automation
Opportunities:
- Adoption of AI and blockchain technology in market
- Rising innovations in FinTech industry
Restraints:
- High cost and complexity in software installation and configuration
- Intricate nature of regulatory compliance
List of Key Players:
- IBM (US),
- SAP (Germany),
- SAS (US),
- Oracle (US),
- FIS (US),
- Moody’s Analytics (US),
- Verisk Analytics (US),
- Alteryx (US),
- AxiomSL (US),
- Gurucul (US),
- Provenir (US),
- BRIDGEi2i (India)
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Analytics solutions are increasingly playing an effective role in the management of different types of risks across organizations. Effective risk management has always been a primary focus of decision-makers, and the adoption of advanced technologies, such as ML and image processing, is offering a way to streamline the risk management program properly. Growing globalization, changing political and economic environment, and increasing complexity of business operations have changed the way organizations manage various types of risks. In the past few years, with increasing digitalization initiatives, there has been a surge in the volume of data generated across organizations. This organizational silo is becoming a major challenge for organizations. This data can provide actionable insights and, thereby, help organizations find hidden risks. Breaking down organizational silos facilitates various departments to exchange information among themselves and thereby focus on risk management initiatives. Hence, to help organizations properly implement their risk management program, vendors across the globe have started offering risk management software solutions and platforms integrated with advanced technologies, including AI and ML.
The market based on components is divided into software and services. Among these, software solutions have shown a good pace of adoption, as these solutions are becoming critical to generate actionable insights, thus enabling C-level executives to make informed decisions. Software solutions, including Extract, Transform, and Load (ETL) tools; risk calculation engines; scorecard and visualization tools; dashboard analytics and risk reporting tools; and GRC software, are offered to tackle risk management challenges. The services offered in the market are professional services and managed services. The services segment is projected to grow at a faster rate during the forecast period.
Organizations are focusing on managing different types of risks, such as strategic, operational, and financial risks. Among these, financial risk is the primary focus of various organizations and contributes maximum in terms of revenue generation in the global risk analytics market. However, strategic risk is projected to grow at the fastest rate during the forecast period.
By deployment mode, the Risk analytics market has been segmented into on-premises and cloud. Organizations primarily look for solutions that can help them reduce costs and increase profit margins. The risk analytics solutions offered via the cloud are gaining good traction in the past few years, whereas on-premises solutions are expected to have a larger market size during the forecast period.
Among organization sizes, the large enterprises segment is expected to hold a larger market size, whereas the SMEs segment is expected to grow at a faster rate during the forecast period. SMEs are adopting cloud-based solutions to leverage various benefits offered by the cloud deployment option.
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Verticals across regions are adopting risk analytics solutions to streamline the risk management process as well as to gain a competitive advantage. Banking and financial service is the early adopter of risk analytics solutions and is expected to contribute maximum in terms of revenue generation in the global risk analytics market. Healthcare and Life sciences vertical is expected to grow at a good pace during the forecast period.
The Risk analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2022, while APAC is projected to grow at a higher CAGR during the forecast period. Factors such as increasing the need to ensure compliance, as well as internal and external regulatory requirements, and the rollout of new regulations across the globe are expected to force organizations in APAC to focus more on managing risk, governance, and compliance requirements.
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