PUBLISHER: The Business Research Company | PRODUCT CODE: 1706824
PUBLISHER: The Business Research Company | PRODUCT CODE: 1706824
Risk management software comprises digital solutions tailored to assist organizations in identifying, evaluating, and mitigating diverse risks. These platforms typically offer functionalities such as risk assessment, incident tracking, compliance monitoring, and reporting, empowering proactive decision-making and safeguarding businesses against potential threats.
The primary types of risk management software encompass web-based, Android native, iOS native, and other variants. Web risk management software refers to browser-accessed tools aimed at helping organizations address risks encountered online. This software spans various categories, including enterprise risk management, financial risk management, integrated risk management, application risk management, market risk management, credit risk management, information technology risk management, quantitative risk management, and project risk management. It is deployed through on-premise or cloud-based models, offering services such as managed services and professional services. These solutions cater to diverse end-users such as banking, insurance, asset management, energy and utilities, educational institutions, healthcare, telecom, information technology, oil and gas, retail, and life sciences.
The risk management software research report is one of a series of new reports from The Business Research Company that provides risk management software market statistics, including the risk management software industry's global market size, regional shares, competitors with a risk management software market share, detailed risk management software market segments, market trends and opportunities, and any further data you may need to thrive in the risk management software industry. This risk management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The risk management software market size has grown strongly in recent years. It will grow from $25.17 billion in 2024 to $26.73 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to regulatory compliance requirements, increasing cybersecurity threats, financial market volatility, globalization and supply chain risks, and high-profile risk incidents.
The risk management software market size is expected to see strong growth in the next few years. It will grow to $33.55 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increased focus on ESG (environmental, social, and governance) risks, emergence of new regulatory requirements, digital transformation initiatives, increased complexity of business operations, and heightened focus on resilience and business continuity. Major trends in the forecast period include adoption of artificial intelligence and machine learning, emphasis on real-time risk monitoring, expansion of risk quantification techniques, and focus on vendor and third-party risk management.
The growing frequency of security and data breaches is expected to drive the expansion of the risk management software market. Security breaches involve unauthorized access or actions that compromise the integrity, confidentiality, or availability of systems or information, while data breaches specifically relate to unauthorized access or acquisition of sensitive data. The increase in these incidents is attributed to factors such as greater dependence on digital systems, advanced cyberattacks, inadequate cybersecurity protocols, and human error. Risk management software is used to evaluate, prioritize, and address potential risks, track vulnerabilities, and implement proactive security measures to protect against cyber threats. For instance, in November 2023, the Australian Signals Directorate, a government agency, reported a rise in C2 incidents, from 2 in FY 2021-22 to 5 in FY 2022-23. This increase includes significant data breaches where cybercriminals stole data from critical infrastructure for financial gain. As a result, the growing number of security and data breaches is propelling the demand for risk management software.
Key players in the risk management software market are actively innovating to develop advanced security posture management (ASPM) solutions, enhancing cyber resilience and risk mitigation capabilities. ASPM solutions integrate platforms to orchestrate security policies, streamline application security testing, and manage vulnerabilities across multiple projects, teams, and security tools. For example, in August 2023, Synopsys Inc., a US-based electronic products and software applications provider, introduced Synopsys Software Risk Manager, an application security posture management (ASPM) solution. This robust solution simplifies and aligns application security testing across projects, teams, and tools, combining policy-driven test orchestration and vulnerability management with leading application security testing (AST) engines to optimize application security program ROI.
In April 2022, Riskonnect Inc., a US-based software company, strategically acquired Sword GRC for an undisclosed sum. This acquisition facilitated Riskonnect's global expansion and accelerated growth by integrating Sword GRC's specialized project and enterprise risk management solutions into its platform. The integration enhances Riskonnect's offerings, providing customers with comprehensive risk management capabilities and end-to-end visibility. Sword GRC, headquartered in the UK, specializes in risk management, governance, compliance, audit, and policy management services, further complementing Riskonnect's strategic objectives for growth and diversification.
Major companies operating in the risk management software market are International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Inc., RSM International Ltd., Wolters Kluwer N.V., Intertek Group plc, Infor Inc., SAS Institute Inc., HubSpot Inc., Kroll LLC, Diligent Corporation, NAVEX Global Inc., Demandbase Inc., MetricStream Inc., Riskonnect Inc., Ideagen plc, Chetu Inc., LogicGate Inc., Fusion Risk Management Inc., Act-On Software Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Cura Technologies Ltd., Yesware Inc., SimplyCast Interactive Marketing Ltd., ThriveHive Inc.
North America was the largest region in the risk management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The risk management software market includes revenues earned by entities by providing services such as incident tracking and management, compliance monitoring, risk mitigation planning, reporting and analytics, and document management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Risk Management Software Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on risk management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for risk management software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The risk management software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.