Risk Analytics Market Size Worth USD 65.25 billion by 2026
Surge in data security breaches in enterprises & increase in government regulatory compliances are expected to drive the growth of the risk analytics market.
PORTLAND, PORTLAND, OR, UNITED STATES, April 25, 2023 /EINPresswire.com/ — The global Risk Analytics 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.
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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.
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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.
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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.
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