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2021
Risk Management Market

Risk Management Market

by Component (Software and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, Government & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A04092
Pages: 265
Mar 2021 | 27182 Views
Author(s) : Pramod B, Shadaab K , Vineet K
Tables: 136
Charts: 68
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Risk Management Market Insights - 2027

The global risk management market size was valued at $7.39 billion in 2019, and is projected to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2020 to 2027. 

The key objective of risk management software is to closely monitor and control different types of risks, which an organization faces due to various types of compliances. The main purpose of the software is to identify a risk, reduce its impact, and efficiently manage it. In addition, numerous benefits, such as efficient decision-making, realistic expectations, escalation, and focus on risk, associated with risk management software are the lucrative factors that boost the market growth.  

Risk-Management-Market

The key factors that drive the growth of the global risk management market trends include surge in data security breaches in enterprises and increase in stringent government regulatory compliances across the globe are the key factors that drive growth of the global risk management market. In addition, rise in adoption of risk management in FinTech industries and growth in IoT landscape across the globe positively impacts growth of the market. However, high cost and complexity in installation and configuration of software and less security provided by risk management hamper growth of the market. Furthermore, rise in demand from developing economies and integration of artificial intelligence in risk management are expected to provide major opportunities for growth of the risk management market during the forecast period. 

The on-premise segment is expected to garner a significant share during the forecast period, owing to rise in adoption of on-premise based risk management solutions among enterprises to increase security and reduce data theft issues. However, the cloud segment is expected to grow at the highest rate during the forecast period, owing to rise in adoption of cloud-based software across various large and medium size organizations in developing nations of Asia-Pacific and LAMEA.

Region wise, the risk management market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to rapid adoption of risk management software by various banks and FinTech industries to manage different types of risk related to security and cyber-attacks. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to favorable government regulations regarding risk management software and rise in cyber-attacks and data theft issues across various industries.

The report focuses on growth prospects, restraints, and trends of the global risk management market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global risk management market.

Risk Management Market
By Component

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Software is projected as one of the most lucrative segments.

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Segment review

The global risk management market is segmented on the basis of component, deployment model, organization size, industry vertical, and region. In terms of component, it is segmented into software and services. In terms of deployment model, it is segmented into on-premise and cloud. As per organization size, it is bifurcated into large enterprises and small & medium enterprises. By industry vertical, it is classified into BFSI, IT & telecom, retail, healthcare, energy & utilities, manufacturing, government & defense, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global risk management market industry include IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Qualys, Inc., SAP SE, SAS Institute Inc., ServiceNow, RSA Security LLC, and Thomson Reuters. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the risk management market industry. 

Risk Management Market
By Deployment Mode

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On-Premise is projected as one of the most lucrative segments.

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Covid-19 Impact Analysis

The emergence of COVID-19 is expected to have a considerable impact on growth of the risk management market. Spending on the risk management software industry is expected to increase as compared to spending planned before this pandemic, owing to multiple factors such growth in work from home culture among industries and rise in risk of cyber-attacks and other security issues. Furthermore, COVID-19 pandemic has brought radical changes to daily lives of people, work, and the surrounding environment. The current estimation of 2027 is projected to be significantly higher than pre-COVID-19 estimates. The risk management market growth is expected to recover from the end of 2020; however, it is expected to grow significantly at a higher CAGR in the coming years, owing to work from home (WFH), social distancing, and digital transformation of businesses. These factors have become key components in the emergence of business messaging as ideal channel to communicate with consumers. 

Risk Management Market
By Enterprise Size

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Large Enterprises is projected as one of the most lucrative segments.

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Top Impacting Factors

Increase in stringent government regulatory compliances

Different rules and regulations have been imposed by governments on various organizations for implementing enterprise risk management through a flexible, easy to use information system, which helps companies to evaluate, identify, analyze, and consider both opportunities and risk to protect corporate brands and create value for their shareholders. Furthermore, different rules and regulations imposed by governments in different countries the growth of the risk management software. For instance, the Singapore government has introduced a new regulatory framework that uses civil and criminal measures for financial benchmark manipulation. Moreover, according to a study conducted in China, the government of China implemented GRC (governance, risk management and compliance management) solution in organizations to improve risk monitoring, segregation of Duties (SOD) management reporting, and continuous control monitoring (CCM). As a result, these different regulations imposed by governments in different countries have provided a lucrative opportunity for the risk management market in recent years.

Risk Management Market
By Industry Vertical

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BFSI is projected as one of the most lucrative segments.

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Rise in demand from developing economies

Developing economies are at high risk of different cyber-attacks and fraudulent attacks, money laundering, terrorist activities, and data theft problem. Therefore, there has been a rise in adoption of risk management software in developing economies. Furthermore, large external foreign currency debt of many developing economies makes them susceptible to changes in interest rates, owing to changes in international exchange rates and currency attacks. This increases adoption of risk management in these countries. Moreover, developing economies have increased their spending on IT expenditure and digitization, which have led to rise in different security concerns such as data theft and various cyber-attacks. Thus, risk management software helps in minimizing different risks such as cyber-attacks, financial fraud, and data theft, which provides a lucrative opportunity for the market.

Risk Management Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 20.4% during 2020-2027.

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of global risk management market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on global risk management market share is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.

Risk Management Market Report Highlights

Aspects Details
By Component
  • Software
  • Service
By Deployement Model
  • On-premise
  • Cloud
By Enterprise Size
  • Large Enterprises
  • Small & Medium Enterprises
By Industry Vertical
  • BFSI
  • IT & Telecom
  • Retail
  • Healthcare
  • Energy & Utilities
  • Manufacturing
  • Government & Defense
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players INTERNATIONAL BUSINESS MACHINES CORPORATION, LOCKPATH, INC., LOGICMANAGER, INC., METRICSTREAM INC., QUALYS, INC., RSA SECURITY LLC., SAP SE, SAS INSTITUTE INC., SERVICENOW
 

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The adoption of risk management software has increased over time to deliver enterprises a better risk management strategy as it is widely recognized as a success factor for various financial institutions. In addition, ability of the software to identify different threats to prevent possible negative events on business is increasing its popularity among end users. Furthermore, various governments across the globe are introducing supportive policies regarding risk management software, which increases demand for this software in various industries. Moreover, ability of the software to protect confidentiality of digital data stored and transmitted over the internet increases its popularity among end users. Furthermore, technological advancements and increase in awareness among consumers are expected to lead to a rapid growth of the market during the forecast period.

Key providers of risk management software such as IBM Corporation, SAP SE, SAS Institute, and LogicGate, Inc. account for a significant share in the market. According to the industry experts, although risk management software is not a new technology, it is still expected to witness increased adoption in the coming years, owing to rise in use of risk management software by various industries and surge in need to streamline business by the risk management vendors. In addition, small businesses are the major users of risk management software. Therefore, increase in number of small businesses in developing nations, such as China, India, Indonesia, and Thailand, is expected to provide lucrative opportunity for the market growth. North America is expected to dominate the market during the forecast period while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.

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