The global risk management market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- February 18, 2023
- NEWS, TELECOM & IT
- Risk Management Software Market, Risk Management Software Market Growth, Risk Management Software Market Share, Risk Management Software Market Size, Risk Management Software Market Trends
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The Risk Management Software Market is expected to register a CAGR of around 9% over the period of 2021-2027. The risk management software helps organizations measure levels of risk in ongoing projects and processes and generate meaningful insights and action plans for mitigating risk.
The growth of the risk management software market can be attributed to the increasing adoption of digitization for various applications across multiple verticals such as retail, manufacturing, energy and utilities, government, and BFSI. The software helps in creating a clear strategy for risk-based auditing, as it makes it more systematic and organized. Furthermore, the risk management software helps in maintaining consistency and providing clear communication. Moreover, the increasing amount of critical organizational data and increasing cases of personal information theft, increasing acceptance by financial institutions, emerge as the major driver of market growth.
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Based on component the market is segmented into enterprise risk management, financial risk management, application risk management, and others the financial risk management software category accounted for the majority share in the market in 2020. The financial risk management software is accepted by organizations across the world to reduce their losses incurred due to the risks in their business operations, which is expected to propel the growth of global financial risk management software market. Furthermore, the rise in technological advancement and continuous changes in government and corporate regulations and policies are expected to boost the financial risk management software market growth.
Based on deployment, the market is segmented into cloud and on-premises. The cloud segment is expected to achieve a considerable CAGR during the forecast period. The growing demand of cloud services can be attributed to the cost-effectiveness of cloud services. As companies can eliminate unnecessary hardware or rigid on-premises assets and easily right-size computing resources according to their unique business requirements. Furthermore, the integration of cloud-based solutions and services helps organizations to reduce their operational cost significantly as they can be accessed from anywhere.
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For a better understanding of the market adoption of the risk management, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and the rest of North America); Europe (Germany, Poland, Turkey, Sweden, Spain, and Rest of Europe); Asia-Pacific (China, India, Australia, Rest of Asia-Pacific), and Rest of World. The North America market is expected to dominate the risk management software market and is expected to continue to maintain domination throughout the forecast period. The growth in the region can be attributed to the presence of leading risk management software providers. Furthermore, the rise of cybersecurity threats, for instance, A U.N. report claimed that North Korean hackers stole more than USD 50 million between 2020 and mid-2021 from three cryptocurrency exchanges. The rapid adoption of risk management software by different banks and the FinTech industry to manage different types of risks, and the presence of prominent key players. Furthermore, early adoption of advanced digital technologies and high investments in adopting them. The presence of numerous manufacturing plants and big retail chains drives the adoption of risk management software.
Some of the major companies in the market are International The Major companies in the market are IBM, NAVEX, Inc., Logicmanager, Inc., MetricStream., Qualys, Inc., RSA Security LLC., SAP, SAS Institute Inc., Servicenow, CENTRL, Inc.
Construction and Design Software Market Segmentation
Market Insight, By Component
· Enterprise Risk Management
· Financial Risk Management
· Application Risk Management
· Others
Market Insight, By Deployment
· On-Premises
· Cloud
Market Insight, By End-User
· Consumer Goods
· Transport and Logistics
· Healthcare
· Retail
· Manufacturing
· Food and Beverage
· Others
Market Insight, by region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· IBM
· NAVEX, Inc.
· Logicmanager, Inc.
· MetricStream.
· Qualys, Inc.
· RSA Security LLC.
· SAP
· SAS Institute Inc.
· Servicenow
· CENTRL, Inc.
