Risk Advisory Service Market Expected to Reach $426.5 Billion by 2034

According to a new report published by Allied Market Research, titled, “Risk Advisory Service Market," The risk advisory service market was valued at $124.5 billion in 2024, and is estimated to reach $426.5 billion by 2034, growing at a CAGR of 13% from 2025 to 2034.

Risk advisory services in the risk advisory service industry are professional services that support businesses in spotting, understanding, and managing various risks that might affect their growth or operations. These risks may include financial losses, cyber threats, legal issues, fraud, or problems with regulatory compliance. Risk advisors help identify these potential threats, assess their impact, and build plans to prevent or respond to them. They also assist in improving internal systems, ensuring legal compliance, and making the company stronger and more prepared for future challenges. These risk consulting services are valuable for businesses of all sizes and across industries. The main aim is to protect the company, guide smart decisions, and enable safe, confident growth.

The risk advisory service market size is growing due to increasing regulatory and compliance requirements and the growing complexity of business operations across global markets. In addition, the government's stricter rules have led companies to adopt legal and industry standards to avoid fines and reputational damage, which fuels the risk advisory service market. At the same time, businesses are expanding across borders, facing different regulations, operational risks, and market conditions. This complexity makes it harder to manage risks internally. As a result, companies rely on risk advisory services to navigate regulations, improve compliance, and manage operational risks more effectively across regions, thus propelling the growth of the risk advisory service market.

Moreover, the risk advisory services market analysis highlights the rapid transformation, driven by evolving regulatory landscapes, digital innovation, and growing cyber threats. One of the key risk advisory service market trends is the integration of advanced technologies such as AI, machine learning, and predictive analytics to identify and mitigate risks in real time. These tools enhance decision-making and offer dynamic risk modeling capabilities. In addition, ESG risk advisory is also gaining momentum as stakeholders demand greater transparency and accountability. Firms are looking to risk advisors for help in managing climate-related risks, social impact assessments, and ethical governance practices. Furthermore, there is a shift from siloed risk functions to enterprise risk management (ERM), promoting a more holistic and integrated approach, accelerating the growth of the risk advisory service market share.

Furthermore, the rise in geopolitical tensions and economic uncertainties has led companies to mitigate potential disruptions to their operations and supply chains which drives the risk advisory service market growth. In addition, growing awareness of reputational risk and the importance of brand trust has encouraged firms to proactively engage risk advisors to safeguard their public image, thereby propelling the growth of the risk advisory service market. Moreover, increasing complexity of regulatory reporting and disclosure requirements, which demand specialized expertise to ensure accuracy, avoid penalties, and maintain transparency with regulators and investors, contribute toward the risk advisory service market expansion.

On the basis of type, the technology and cyber risk segment dominated the risk advisory service market in 2024 and is expected to maintain its dominance in the upcoming years. This is attributed to the growing dependence on digital infrastructure, rising cybersecurity threats, and the need for robust IT governance and compliance frameworks. Furthermore, businesses are increasingly investing in advanced risk mitigation strategies to protect sensitive data and maintain regulatory standards, especially with the rise in cloud computing and remote operations. This continued focus is fueling the demand for expert cyber risk advisory services across industries.

On the basis of organization size, the large enterprises segment dominated the risk advisory service market in 2024 and is expected to maintain its dominance in the upcoming years owing to their higher risk exposure, complex operations, and larger investments in compliance and cybersecurity frameworks. Moreover, large enterprises often face greater scrutiny, which fuels the need for specialized services, further strengthening the overall Risk Advisory Service Market Analysis.

However, the small and medium-sized enterprises are expected to register the highest CAGR during the risk advisory service market forecast period. This is attributed to the increasing awareness of risk management advisory, rising regulatory pressures, and growing adoption of digital technologies among SMEs. In addition, cost-effective and customized risk advisory solutions are becoming more accessible, enabling SMEs to proactively address operational and cybersecurity challenges, thereby driving the growth of the risk advisory service market.

Key findings of the study 

• By Type, the technology and cyber risk segment held the largest share in the market for 2024.  
• By Organization Size, the large enterprises segment held the largest share in the risk advisory service market for 2024.  
• By Industry Vertical, the BFSI segment held the largest share in the risk advisory service market for 2024.  
• Region-wise, North America held the largest market share in 2024. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.

The key players profiled in the risk advisory service market outlook are Cherry Bekaert, Price Waterhouse Cooper (PwC), Weaver and Tidwell, LLP, FTI Consulting, Inc., KPMG International Limited, Grant Thornton International Ltd., Deloitte Touche Tohmatsu Limited, BDO International Limited, RSM International Ltd., CLA Global TS Holdings Pte Ltd, MBG Corporate Services, Aon plc, Protiviti Inc., The Risk Advisory Group Ltd, IBM Corporation, Chubb Group Holdings Inc., Alvarez & Marsal Holdings, LLC, Willis Towers Watson PLC, Forvis Mazars Group SC, Ernst & Young Global Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the risk advisory service industry.