Risk Management Market Worth $28.87 Billion by 2027, Growing at a CAGR of 18.7% from 2020 to 2027

Risk Management

Rise in data & security breaches in enterprises, surge in stringent government regulatory compliances, development in IoT landscape the growth of the market.

PORTLAND, PORTLAND, OR , UNITED STATES, August 10, 2021 /EINPresswire.com/ — Various factors such as compliance with stringent industry regulations, increasing complexities across business processes, rising digitalization and BPA, and growing data and security breaches are expected to drive the adoption of risk analytics solutions and services.

The global risk management market was estimated at $6.25 billion in 2018 and is expected to hit $18.50 billion by 2026, registering a CAGR of 14.6% during the estimated period.

Based on geography, North America accounted for more than one-third of the global risk management market revenue in 2018 and is anticipated to rule the roost throughout the forecast period. North American countries are anticipated to adopt risk management software at a high rate to bring great improvements in operational efficiency in IT infrastructure. Simultaneously, the region across Asia-Pacific would grow at the fastest CAGR of 16.1% by 2026, owing to rise in digitalization in emerging economies such as China and India.

Based on industry verticals, the BFSI segment garnered the major share in 2018, holding nearly one-fourth of the global risk management market. This is attributed to rise in different types of risk such as credit risk, liquidity risk, money laundering, terrorist financing, risk compliance of bank’s operations, foreign exchange risk, interest rate risk, and other market risks. At the same time, the manufacturing segment is projected to register the fastest CAGR of 17.7% by the end of 2026. This is due to rise in digitalization and need for smooth operational efficiency.

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Based on component, the software segment contributed to nearly three-fourths of the global risk management market share in 2018 and is expected to retain its dominance during the study period. Increase in adoption of this software by different banks as well as financial institutions and stringent government regulations for data security has fueled the growth. The service segment, on the other hand, would showcase the fastest CAGR of 17.0% by 2026.

Profiling Key Players: IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Qualys, Inc., SAP SE, SAS Institute Inc., ServiceNow, RSA Security LLC, and Thomson Reuters.

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The report focuses on the growth prospects, restraints, and trends of 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 size.

Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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