PUBLISHER: Allied Market Research | PRODUCT CODE: 1414935
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414935
According to a new report published by Allied Market Research, titled, "Risk Management Market," The risk management market was valued at $12.6 billion in 2022, and is estimated to reach $52 billion by 2032, growing at a CAGR of 15.4% from 2023 to 2032.
Developing accentuation on remote workplaces across areas is one of the significant driving variables for the risk management market. With a significant part of the worldwide labor force working in contemporary office conditions, associations are confronted with uplifted network safety risks. The presence of far-off representatives who get close enough to corporate organizations and delicate data from various areas and risk prompts weaknesses that noxious people exploit. Thus, there is a growing demand for real-time identification, monitoring, and response capabilities provided by risk management solutions. These solutions enable organizations to safeguard remote access points, detect and mitigate risks aimed at remote workers, and ensure secure connectivity, making them essential in the current landscape of remote work.
Furthermore, the market is profoundly influenced by considerable expenses related to risk management solutions and services. Fundamentally, these costs act as an obstacle for smaller and medium-sized enterprises (SMEs) with compelled financial plans. SMEs see the risk of the executive's arrangements as a monetary weight, prompting a lack of interest in network protection measures and delivering them powerless against digital dangers. Additionally, significantly bigger associations show dithering in apportioning significant assets to take a chance with the board, especially when confronted with contending monetary requests.
The notable factors positively affecting the risk management market include an increase in data and security breaches among enterprises and a rise in the adoption of risk management among financial institutions. However, the high cost and complexity in installation and configuration of the software hinder market growth. However, the integration of artificial intelligence in risk management software and rise in demand from developing economies offer lucrative market opportunities for market players.
The risk management market is segmented on the basis of component, deployment mode, enterprise size, industry vertical, and region. By component, the market is bifurcated into software and service. On the basis of deployment mode, the market is classified into cloud and on-premise. On the basis of enterprise size, the market is categorized into large enterprises and SMEs. On the basis of industry vertical, the market is segregated 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 market players operating in the global risk management market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include 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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