PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1469879
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1469879
The global risk analytics market is valued at USD 59.7 billion in 2024 and is estimated to reach USD 180.9 billion in 2029, registering a CAGR of 24.8% during the forecast period. Risk analytics is a multidimensional approach used by organizations to identify, assess, and mitigate potential risks that may impact their operations, finances, reputation, or strategic objectives. At its core, risk analytics leverages data-driven insights and sophisticated algorithms to provide organizations with a comprehensive understanding of their risk landscape, enabling informed decision-making and proactive risk management strategies. Embracing risk analytics methodologies organizations can enhance their risk intelligence, enabling them to anticipate, assess, and mitigate risks effectively, ultimately safeguarding their long-term success and resilience.
Scope of the Report | |
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Years Considered for the Study | 2019-2023 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | Offering, Risk Type, Risk Stages, Vertical and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, andLATAM |
"By offering, the Software segment is projected to hold the largest market size during the forecast period."
The software segment within the risk analytics market is experiencing robust growth due to several key factors driving demand and adoption. Firstly, technological advancements have significantly enhanced the capabilities of risk analytics software, allowing for more sophisticated and comprehensive analysis of various types of risks faced by businesses across industries. These advancements include the integration of artificial intelligence, machine learning, and big data analytics, which enable more accurate risk assessment and predictive modeling. Moreover, the increasing complexity and interconnectedness of global markets have heightened the need for effective risk management solutions. Businesses are facing a myriad of risks, including financial, operational, regulatory, and cyber risks, which require sophisticated analytics tools to identify, assess, and mitigate effectively. Risk analytics software offers businesses the ability to analyze large volumes of data from diverse sources in real-time, enabling proactive risk management strategies and informed decision-making.
"By type, ETL tools is registered to grow at the highest CAGR during the forecast period."
The growth of ETL (Extract, Transform, Load) tools can be attributed to several factors. Firstly, the increasing volume and complexity of data generated by various sources necessitate robust data management solutions, and ETL tools provide a structured framework for handling this data efficiently. Additionally, the demand for real-time or near-real-time analytics requires agile data integration processes, which ETL tools can facilitate through their ability to extract data from diverse sources and transform it into actionable insights swiftly. The rising emphasis on regulatory compliance mandates comprehensive data governance practices, and ETL tools offer features such as data quality management and audit trails that align with these requirements, thereby mitigating compliance risks. Furthermore, as organizations seek to enhance their risk modeling capabilities, ETL tools enable the integration of disparate data sets for more accurate and holistic risk assessments. Lastly, the growing adoption of cloud-based solutions and the need for scalability and flexibility in data management further drive the uptake of ETL tools, as they often offer cloud-native architectures and support for big data processing frameworks, ensuring adaptability to evolving business needs and technological landscapes within the risk analytics domain.
"Asia Pacific is projected to witness the highest CAGR during the forecast period."
The Risk analytics market is experiencing a profound impact from the Asia-Pacific (APAC) region, propelled by its swift uptake of cutting-edge analytics, machine learning, and AI technologies. Key sectors such as finance, healthcare, and retail are harnessing data-driven insights to sharpen decision-making processes and secure competitive edges. APAC's escalating digital transformation endeavors, coupled with a surge in cloud computing and big data analytics platforms, are stoking the demand for Risk analytics solutions. The region's relentless drive to optimize operational efficiencies, enhance customer experiences, and achieve business scalability is fueling substantial investments and fostering innovation within the Risk analytics market across various industries..
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the risk analytics market.
Major vendors offering risk analytics solution and services across the globe are IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody's Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US).
Research Coverage
The market study covers risk analytics across segments. It aims at estimating the market size and the growth potential across different segments, such as offering, risk type, risk stages , verticals, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market for risk analytics and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.