Risk Analytics Market Expected to Reach $65.25 billion by 2026

According to a recent report published by Allied Market Research, titled, "Risk Analytics Market by Component, Deployment Model, Organization Size, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global market was valued at $18.25 billion in 2018, and the risk analytics market forecast is projected to reach $65.25 billion by 2026, growing at a CAGR of 17.40% from 2019 to 2026.

Risk analytics are used by the organization to efficiently and effectively manage different types of risks. The primary goal of risk analytics is to identify potential risks before their occurrence so that proper risk handling measures can be taken across the organizations. Numerous benefits offered by risk analytics, such as efficient business decisions, realistic expectations, escalations, and focused on risk, are the lucrative factors that boost the market growths. Furthermore, surge in data security breaches in enterprise and increase in government regulatory compliances are some of the major factors, which are expected to drive the growth of the risk analytics market. In addition, rise in adoption of risk analytics in financial institutions and growth in IoT landscape fuel the growth of the market. However, high cost and complexity in installation, configuration of the software, and less security provided by the risk analytics hamper the growth of the market. Furthermore, rise in demand form developing economies and integration of artificial intelligence in risk analytics are expected to provide major opportunities for the growth of the risk analytics market during the forecast period.

The operational risks segment dominated the risk analytics market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to the need to streamline the process of operational risk management across different industry verticals. Furthermore, the financial risks segment is expected to grow at a significant CAGR during the forecast period, owing to the rising need to meet financial expectations of shareholders. 

The BFSI sector dominated the risk analytics market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in adoption of this solution for identifying and mitigating different types of risk of the organizations. Furthermore, the energy & utility sector is expected to grow at a significant CAGR during the forecast period, for surviving the challenges, which are proposed by the geo-political and economic fluctuations. 

By region, the global risk analytics market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region include rise in the adoption of risk analytics solution among major financial institutions and surge in the number of cyber-attacks across the financial institutions. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to the rise in digitization and increase in focus of financial institutions toward integration of risk analytics solutions.

Key Findings of the Study:

• By component, the solution segment led the risk analytics market size in terms of revenue in 2018.
• By deployment model, the cloud segment accounted for the highest risk analytics market share in 2018.
• By industry vertical, the BFSI segmented accounted for the highest risk analytics market share in 2018.
• By region, North America generated the highest revenue in 2018.

The key players profiled in the risk analytics market analysis are Accenture PLC, BRIDGEi2i, Capgemini SE, Fidelity National Information Services, Inc. (FIS), IBM Corporation, Moody's Analytics Inc., Oracle Corporation, Risk Edge Solutions, SAS Institute Inc. and SAP SE. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.