Risk Analytics Market Size, Share, Growth Analysis, By Risk Type, By Offering, By Risk Stages, By Vertical, By Region

Description

Global risk analytics market size was valued at USD 27 billion in 2022 and is poised to grow from USD 32.91 billion in 2023 to USD 160.47 billion by 2031, at a CAGR of 21.90% during the forecast period (2024-2031).

A key driver for the global risk analytics market is the demand for a unified platform that simplifies the processes of analyzing, computing, forecasting, and mitigating risks. This demand is being fueled by the growing need for risk management solutions across various industries, coupled with the integration of artificial intelligence (AI) into these platforms. Emerging economies are contributing to the surge in demand, creating ample opportunities for software developers to innovate and provide AI-driven solutions that help organizations tackle new and evolving risks. The rise in the volume of both structured and unstructured data across different sectors has heightened the need for advanced risk analytics to safeguard data from potential threats. For example, Seagate Technology PLC projects that global data will reach 47 zettabytes by 2020 and 163 zettabytes by 2025. According to the Global Association of Risk Professionals, the capital markets, banking, and insurance sectors are expected to invest USD 96 billion in risk information technologies and services. As industries increasingly adopt large amounts of data, the need for effective risk mitigation strategies is growing. Companies are focusing on comprehensive risk governance and integrated strategies to enhance regulatory reporting and maintain a competitive edge.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Risk Analytics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Risk Analytics Market Segmental Analysis

Global risk analytics market is segmented based on offering, risk type, vertical, offering, risk stages and region. Based on offering, the market is segmented into Software {Type (ETL Tools, Risk Calculation Engines, Scorecard and Visualization Tools, Risk Reporting Tools (Pre-built parameterized standard reports, Drill down & through reporting, Audit & data quality reports, Enterprise reporting, Compliance reporting, other risk reporting tools), Dashboard Analytics, GRC Software and Others}, Deployment Mode (cloud and on premises)}, and Service {professional services, (Consulting services, Deployment & Integration and Support & Maintenance), and a Managed Services}. Based on risk type, the market is segmented into strategic risk (operational risk {real-time monitoring, automated risk assessments, equipment failures, human errors, supply chain disruptions, model risk, other}, reputational risk {negative publicity, customer dissatisfaction, competitive risk, product recall risk, ethical controversies, proactive crisis management, other}, governance risk {weak corporate governance, lack of oversight, data retention, other}, political risk {political instability, trade restrictions, tax policy reform, other} and financial risk {capital management, trading risk, inadequate financial planning, liquidity risk, credit risk, anti-money laundering, payment fraud detection, other}), regulatory risk (tariffs and trade policies, minimum wage laws, lack of awareness and training, other), environmental risk (natural disasters, climate change, pollution, biodiversity loss, human activities, toxic hazard risk assessment, other), and others. Based on vertical, market is segmented into BFSI, retail and ecommerce, healthcare and life sciences, telecommunications, energy and utilities, manufacturing, transportation and logistics, government and defence, mining, construction and others. Based on risk stages, the market is segmented into software and services. by risk stages, the market is segmented into the risk identification, risk assessment and prioritization, risk response and mitigation, risk monitoring and risk reporting. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Risk Analytics Market

Organizations are facing significant challenges in managing vast amounts of data and identifying potential risks due to increasing business complexity. Key factors contributing to this complexity include rapid technological innovations, evolving types of risks, inadequate information management, intricate regulations, and heightened governmental oversight. Following the 2008 financial crisis, businesses began to prioritize risk management more seriously, investing heavily in advanced methodologies to control risks across their operations. The surge in data generation has been driven by the proliferation of new technologies, such as edge computing, artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). These innovations have amplified the volume and complexity of data, making it crucial for businesses to adopt effective risk management strategies to navigate and mitigate potential dangers.

Restraints in the Global Risk Analytics Market

Regulatory compliance varies significantly across different regions and industries, presenting a challenge for organizations to manage compliance risk effectively and adhere to diverse standards. The lack of a unified regulatory framework exacerbates this issue, limiting the expansion of the risk analytics market. This variability in regulatory requirements complicates efforts for companies providing risk analytics solutions to address the needs of a wide range of end users. In regions where there is no established regulatory framework, organizations often focus on developing and enforcing their own internal rules and policies. This absence of standardized guidelines further complicates compliance and makes it difficult for risk analytics providers to offer solutions that cater to the diverse regulatory landscapes of their clients.

Market Trends of the Global Risk Analytics Market

The shift towards cloud-based risk analytics solutions is being driven by several key factors. Cloud platforms provide significant advantages such as scalability, flexibility, and cost efficiency, which allow organizations to access risk data from any location and collaborate seamlessly. These solutions can be easily scaled to meet evolving needs, making them highly adaptable for various risk analytics requirements. Additionally, cloud-based systems facilitate smooth integration with other enterprise applications and offer advanced data security measures, further enhancing their appeal and effectiveness in managing risk.

Product Code: SQMIG45E2129

Introduction

Objectives of the Study
Definitions
Market Scope

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Executive Summary

Market Overview Outlook
Supply Demand Trend Analysis
Segmental Opportunity Analysis

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers

Key Market Insights

Key Success Factors of The Market
Degree Of Competition
Top Investment Pockets
Market Attractive Index
Ecosystem Mapping
Patent Analysis
Pricing Analysis
Trade Analysis
Consumer And Buying Criteria
Regulatory Analysis
Technology Analysis
Case Study Analysis
- Mastercard Built Safer Payments Ecosystem with Fourth-party Risk Monitoring Program
- Sandvik's Treasury Team Transformed Its Disparate Processes with Fis Treasury and Risk Manager
- Zengrc Platform Helped Aera Technology Manage Compliance Initiatives Efficiently
- New Zealand Superannuation Fund (Nzsf)used Quantifi's Solution for Credit and Liquidity Risk Management
- Piraeus Bank Used Quantifi Xva Solution to Address Its Regulatory Requirements
- Power Mapping Element of Verisk Maplecroft's Risk Analysis Service Utilized to Inform Business Decisions
- Regional Bank Deployed Onespan Risk Analytics Solution to Curtail Fraud
- Bank Deployed Axiomsl's Ifrs 9 Solution for Data and Credit Model Transparency

Global Risk Analytics Market by Offering

Market Overview
Software
- Type
- ETL tools
- Risk calculation engines
- Risk reporting tools
- Dashboard analytics
- GRC software
- Other
- Deployment mode
- Cloud
- On-premises
Services
- Professional services
- Consulting services
- Deployment & integration
- Support & maintenance
- Managed services

Global Risk Analytics Market by Risk Type

Market Overview
Strategic risk
- Operational risk
- Real-time monitoring
- Automated risk assessments
- Equipment failures
- Human errors
- Supply chain disruptions
- Model risk
- Other operational risk types
- Reputational Risk
- Negative publicity
- Customer dissatisfaction
- Competitive risk
- Product recall risk
- Ethical controversies
- Proactive crisis management
- Other reputational risks
- Governance Risk
- Weak corporate governance
- Lack of oversight
- Data retention
- Other governance risks
- Political Risk
- Political instability
- Trade restrictions
- Tax policy reform
- Other political risks
- Financial Risk
- Capital management
- Trading risk
- Inadequate financial planning
- Liquidity risk
- Credit risk
- Anti-money laundering
- Payment fraud detection
- Other financial risks
- Regulatory risk
- Environmental risk
- Natural Disasters
- Climate change
- Pollution
- Biodiversity loss
- Human activities
- Toxic hazard risk management
- Others
- Other

Global Risk Analytics Market by Risk Stage

Market Overview
Risk identification
Risk assessment and prioritization
Risk response and mitigation
Risk monitoring
Risk reporting

Global Risk Analytics Market by Vertical

Market Overview
BFSI
Retail and Ecommerce
Healthcare and Life sciences
Telecommunications
Energy and utilities
Manufacturing
Transportation and Logistics
Government and Defence
Mining
Construction
Others

Global Risk Analytics Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Activities in the Market
Key Companies Market Share (%), 2023

Key Company Profiles

IBM (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Oracle (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
FIS (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Moody's Analytics (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
AON (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ServiceNow (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SAP (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Marsh McLennan (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SAS Institute (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ProcessUnity (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
MetricStream (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Resolver (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Milliman (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
LogicManager (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Provenir (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SAI360 (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Deloitte (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Diligent (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Alteryx (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Crisil (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
OneTrust (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Archer (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Zesty.ai (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fusion Risk Management (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
RiskVille (Denmark)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Spin Analytics (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Kyvos Insights (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Imperva (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cirium (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Quantexa (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ClickUp (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sprinto (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Ventiv (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Adenza (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
CENTRL (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SafetyCulture (Australia)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Quantifi (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
CubeLogic Limited (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Onspring (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
RiskOptics (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Risk Analytics Market Size, Share, Growth Analysis, By Risk Type, By Offering, By Risk Stages, By Vertical, By Region - Industry Forecast 2024-2031