According to a recent report published by Allied Market Research, titled, “Europe Risk Management Market Analysis by Component, Deployment Mode, Organization Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The Europe risk management market size was valued at $2,626.03 Million in 2020, and is projected to reach $15,152.87 billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030.
Risk management software is used by organizations to efficiently and effectively manage different types of risks. This software is known for its different capabilities such as identifying and managing different types of risks and for taking measures to avoid potential crisis. The primary goal of risk management software is to identify potential risks before they occur so that risk handling activities may be invoked and planned when and where needed across the lifecycle of a product to achieve the objective of an organization.
On the basis of component, the software segment dominated the overall Europe risk management industry in 2020, and is expected to continue this Europe risk management market trends during the forecast period. This is attributed to increase in adoption of risk management software among business to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, these software save both time as well as money, by protecting important data & assets, and improve threat & risk analysis capabilities, with just a single software application. Which provides lucrative opportunities for the market growth. However, the service segment is expected to witness highest growth in Europe risk management market growth, as service segment of Europe risk management industry ensures effective coordination between software provider companies and users of risk management software by providing services such as implementation, training, consulting services, and managed services. The adoption of these software speeds up the customer satisfaction of various industrial verticals such as BFSI, IT & telecommunication, and healthcare, which maximizes the value of existing customer by optimizing their needs and minimizes the cost of operation. This further fuel the adoption of services that are needed to handle the software properly.
Depending on deployment mode, the on-premise segment generated the largest Europe risk management market share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of Europe Risk Management software in small and medium scale organizations.
As per Europe Risk Management market forecast post COVID-19, the Europe Risk Management market size is estimated to grow from $3,113.42 million in 2021, and reach $15,152.87 million by 2030, at a CAGR of 19.2%.
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has moderate impact on growth of the market as auditors of various industries are adopting risk management software to solve various compliances and other audit related issues of an organization. In addition, various companies across Europe have adopted bring your own device (BYOD) culture or work from home culture in their organizations, which have become a major threat, owing to surge in cyber-attacks and data thefts in companies. Thus, to prevent such attacks, companies are adopting risk management software, which positively impacts growth of the market. Furthermore, various banks and financial institute have noted that there is a rise in phishing attacks since mid of February 2020. Thus, to control such attacks, banks and financial institutes are using risk management software, which provides growth opportunities for the Europe risk management market.
Although COVID-19 has severely impacted various industries, the European risk management market is expected to witness moderately positive impact of COVID-19, owing to major shift toward digital transformation, increase in investments in cloud-based risk management solutions, and surge in need for tracking real-time risk associated with organizations. The risk management market is anticipated to recover the loss incurred and gain profit by the third quarter of 2022. In addition, while estimating the market size, AMR has considered the impact of COVID-19 on each country, and the estimated numbers are completely dependent on the current ongoing situation of COVID-19 in each country. However, there is still no clarity on deeper impact that it has across businesses, industrial sectors, and organizations, owing to factors such as continuous increase in number of COVID-19 cases with different rates and changes in lockdown period.
Key Findings Of The Study
- By component, the Software segment dominated the Europe risk management market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
- On the basis of Deployment Mode, the on-premise segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on organizational size, the large-scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
- Depending on industry vertical, the BFSI segment generated the highest revenue in 2020. However, the manufacturing segment is expected to witness the highest growth rate in the near future.
- Country wise, the Europe risk management market was dominated by UK. However, Spain is expected to witness significant growth in the coming years.
This report gives an in-depth profile of some key market players in the Europe risk management market are Camms., Fusion Risk Management, Inc., IBM corporation, Lockpath, Inc., Logicmanager, Inc., Safetyculture, SAP SE, SAS Institute Inc., Servicenow, and Sword GRC. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.