NEW YORK, February 28, 2024 /PRNewswire/ — The size of the risk management software market is estimated to grow 7.37 billion dollars from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.32% during the forecast period. North America estimated to contribute 31% to the global market growth during the forecast period. The market in the region is experiencing significant growth, fueled by the presence of numerous organizations spanning the banking, financial services, insurance (BFSI), IT, healthcare and other sectors. In the US, many organizations face significant challenges in procuring software from third-party vendors. Furthermore, the region hosts prominent banking and financial institutions such as Wells Fargo & Co., PNC Financial Services Group Inc., Bank of America, JPMorgan Chase & Co. and Citigroup Inc., processing numerous transactions annually. To streamline operations from the back office to the front office and efficiently manage large volumes of transactions, these institutions are increasingly adopting advanced software solutions for automated payment operations and centralized monitoring. For more insights into historical (2017 to 2021) and forecast (2023 to 2027) market size – Request a sample report
Technavio has published its latest market research report titled Global Risk Management Software Market 2023-2027.
What’s up?
- Special coverage on Russia–Ukraine war; global inflation; analysis of recovery from COVID-19; supply chain disruptions, global trade tensions; and the risk of recession
- Global competitiveness and key competitive positions
- Multi-Footprint Market Presence – Strong/Active/Niche/Trivial – buy the report!
Segmentation assessment
Overview of segments
Technavio segmented the market based on component (software and services), implementation (on-premises and cloud), and geography (North America, EuropeAPAC, South Americaand Middle East and Africa).
- Market share growth by software segment will be significant during the forecast period. The growing need for software that can mitigate risk and improve organizational performance is a key driver of the market, fueled by factors such as technological advancements, increasing amounts of data, and the imperative for effective risk analysis and management. For example, quantitative risk assessment software uses statistical tools and algorithms to quantify risk and develop effective mitigation strategies, finding widespread use in industries such as finance, healthcare, and insurance. Its primary advantage lies in the automation of complex and time-consuming processes. Insights into the market contribution of various segments including country and region, historical (2017 to 2021) and forecast (2023 to 2027) market size. – Download a sample report
Growing data and security breaches are driving fuel market growth
As more companies depend on big data analytics and cloud computing for competitive advantage, cyber attacks are on the rise. Consequently, organizations are investing in tools to identify and mitigate vulnerabilities in their IT infrastructure. To address these issues, many are focusing on compliance automation features for more effective oversight and enforcement. For example, insurance companies, prone to security breaches due to their reliance on sensitive data, use advanced threat intelligence platforms to detect threats in real time.
Increasing adoption of cloud-based solutions is shaping market growth
Cloud-based solutions offer the primary advantage of enabling employees to access management tools and information anytime, anywhere, as long as they have an Internet connection.
Cost and complexity of installation and configuration are hindering market growth
Businesses are challenged by expensive and complex installation and configuration processes, exacerbated by the need to customize software to suit individual businesses. Insights into Market Drivers, Trends & Challenges, Historical Period (2017 to 2021) and Forecast Period (2023 to 2027) – Request a Sample Report!
What are the key insights covered in this Risk Management Software market report?
- CAGR of the market during the forecast period
- In-depth information about factors that will drive the growth of the Risk Management Software market between 2023 and 2027.
- A precise estimation of the risk management software market size and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Risk Management Software Market Growth Worldwide North America, EuropeAPAC, South Americaand Middle East and Africa
- Detailed analysis of the market competitive landscape and detailed information on suppliers
- A comprehensive analysis of the factors that will drive the growth of Risk Management Software market vendors. Technavio’s SUBSCRIPTION platform
Analyst review
The market is witnessing significant growth driven by the increasing adoption of online or cloud-based applications in various industries. Organizations are increasingly aware of the various types of risks they face, including legal liabilities, financial uncertainty, security risks and natural disasters. To address these risks, organizations are investing in risk management software to improve their risk management efforts and mitigate potential risks. This software helps organizations identify, assess and manage risks more effectively, leading to improved decision-making and business results.
One of the primary drivers of the expansion of the global risk management market is the increasing need for organizations to manage risks associated with the outbreak of the coronavirus. The pandemic has disrupted routine activities and business, emphasizing the importance of digital media and communication networks. However, with the rise of digital connectivity comes the risk of cybercrime, as cybercriminals target organizations through data breaches and other cyber threats. As a result, organizations are focusing on strengthening their risk management efforts and investing in risk management software to protect against these risks.
The adoption of risk management software is prevalent in industries such as manufacturing, transportation and logistics, pharmaceuticals, and food and beverage. These sectors rely on risk management software to balance supply and demand through efficient supply chain management. Integrated planning and execution processes optimize the flow of materials and information, ensuring that organizations can effectively manage risks and maintain operational efficiency. In developing economies, SMEs are increasingly adopting risk management software to improve their risk management practices and improve their competitiveness in the marketplace. Download a sample report
Related reports
The Treasury and Risk Management Software market size is estimated to grow at a CAGR of 6.86% between 2023 and 2028. The market size is projected to increase by 1.94 billion USD.
The energy trading and risk management market size is estimated to grow at a CAGR of 4.6% between 2022 and 2027. The market size is projected to increase by 399 million dollars.
TOC:
Exclusive summary
Market landscape
Sizing the market
Historical market sizes
Five forces analysis
Market segmentation by components
Market segmentation by implementation
Market segmentation by geography
Customer landscape
Geographical landscape
Drivers, challenges and trends
Company landscape
Company analysis
addition
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Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market positions. With more than 500 specialized analysts, Technavio’s report library consists of more than 17,000 and growing reports, covering 800 technologies, in 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s extensive coverage, extensive research and market insights that can be undertaken to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
