Risk Analytics Market by Component (Software, Services), Risk Type (Strategic, Operational, Financial), Deployment Mode, Industry Size, End User (BFSI, Manufacturing, IT & Telecom, Retail, Transportation, Government, Healthcare) - Forecast to 2028
The research report titled “Risk Analytics Market by Component (Software, Services), Risk Type (Strategic, Operational, Financial), Deployment Mode, Industry Size, End User (BFSI, Manufacturing, IT & Telecom, Retail, Transportation, Government, Healthcare) -Global Forecast to 2028” provides in-depth analysis of risk analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2028. The Global Risk Analytics Market is expected to reach $68.8 billion by 2028, growing at a CAGR of 13.4% during the forecast period of 2021 to 2028.
The key factors driving the growth of the risk analytics market include rising digitization & business process automation, growing data & security breaches, stringent industry regulations, and increasing complexities across business processes.
The study offers a comprehensive analysis of the global risk analytics market with respect to component (software and services), deployment mode (on-premise and cloud-based), industry size (small & medium and large enterprises), risk type (strategic risk, operational risk, financial risk, and others), end user (BFSI, retail, telecom & IT, healthcare, government, manufacturing, transportation, and others). The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the software segment is estimated to dominate the market with the largest market share in 2021. The large share of this segment is mainly attributed to the rising demand for increasing digitization & business process automation, growing data silos across businesses, and rising data & security breaches.
Based on deployment mode, the cloud-based segment is expected to grow at the highest CAGR during the forecast period. The adoption of cloud computing and storage systems is gaining popularity among small and medium-scale enterprises. Several organizations are gradually moving towards cloud infrastructure, and this trend is expected to grow in the coming years. The benefits of cloud infrastructure in the form of ease of adoption, minimal requirement of in-house infrastructure, scalability, and easy installation of security solutions further support the growth of the cloud-based risk analytics market.
Based on end user, in 2021, the BFSI segment is estimated to command the largest share of the risk analytics market. The rising need to obtain a unified view of risk across organizations and growing need to minimize the risk associated with governance & compliance are the factors driving the growth of the BFSI segment.
Geographically, the market is segmented into five major geographies, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is estimated to command the largest share of the risk analytics market. However, the Asia-Pacific region is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly driven by the increasing adoption of advanced technologies across a wide range of industries in China and Japan to counter the rising labor costs, supportive government initiatives, and investments by major risk analytics companies.
The key players operating in the global risk analytics market are Verisk Analytics, Inc. (U.S.), Moody’s Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Risk Edge Solutions (India), AxiomSL, Inc. (U.S.), Gurucul (U.S.), Provinir, Inc. (U.S.), SAS Institute (U.S.), Recorded Future, Inc. (U.S.), DataFactZ (U.S.), and SAP SE (Germany).
Key questions answered in the report-
- Which are the high growth market segments in terms of the component, deployment mode, industry size, type, end-user, and countries?
- What is the historical market for risk analytics across the globe?
- What are the market forecasts and estimates from the period of 2021-2028?
- What are the major drivers, restraints, and opportunities in the global risk analytics market?
- Who are the major players in the global risk analytics market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global risk analytics market?
- What are the different strategies adopted by the major players in the global risk analytics market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global risk analytics market, and how do they compete with the other players?
Scope of the report
Risk Analytics Market, by Component
o Extract, Transform, & Load Tools
o Risk Calculation Engine
o Scorecard & Visualization Tools
o Dashboard Analytics & Risk Reporting Tools
o GRC Software
o Professional Services
o Managed Services
Risk Analytics Market, by Risk Type
- Strategic Risk
- Financial Risk
- Operational Risk
Risk Analytics Market, by Deployment Mode
Risk Analytics Market, by Industry Size
- Small & Medium Enterprises
- Large Enterprises
Risk Analytics Market, by End User
- IT & Telecom
Risk Analytics Market, by Region
- North America
o Rest of Europe
o Rest of Asia-Pacific
- Latin America
- Middle East & Africa