Risk Analytics Market Growth & Trends:
The global risk analytics market size is anticipated to reach USD 91.33 billion by 2030, registering a CAGR of 12.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. With the increasing frequency and complexity of cyber threats, cybersecurity risk management is a priority for organizations. Risk analytics solutions personalized for cybersecurity help businesses assess their cyber resilience, identify vulnerabilities, detect intrusions, and respond to incidents promptly, safeguarding sensitive data, systems, and operations from cyber-attacks.
Rising concerns over climate change are driving the market, particularly in the form of operational risk management. As the frequency and severity of climate-related events such as extreme weather events, rising sea levels, and wildfires continue to escalate, businesses are increasingly exposed to operational risks due to climate change impact. These risks include a wide range of factors, including supply chain disruptions, infrastructure damage, regulatory changes, business continuity challenges, and reputational damage. According to Moody's Investors Service Report 2023, the rated debt held by sectors with high environmental credit risk exceeded USD 4 trillion, double the amount in 2015.
Risk Analytics Market Report Highlights:
- Based on component, the software segment accounted for the largest revenue share of 66.3% in 2023 and is anticipated to witness the fastest growth during the forecast period due to the rising demand for customized risk analytics solutions
- The compliance risk segment is anticipated to witness significant growth from 2024 to 2030 due to increasing regulatory complexity across various industries
- Based on deployment type, the on-premises segment accounted for the largest revenue in 2023. The need for real-time data processing and analysis drives the adoption of on-premises risk analytics solutions among organizations with high-performance computing requirements
- The BFSI segment accounted for the largest revenue share in 2023 and is anticipated to witness the fastest growth from 2024 to 2030 due to the growing prevalence of cyber threats and financial fraud
- North America dominated the industry with a share in due factors such as industrialization, the growing emphasis on industrial safety consciousness, increasing density and interconnectedness of the global financial market
- In December 2021, Diligent joined Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program. Diligent's platform enables organizations to manage their governance, risk, and compliance (GRC) programs in one place. It provides real-time metrics integration, analysis, and contextualization in response to new risks, regulations, and stakeholder expectations.