Global Risk Analytics Market to Reach US$ 106.3 Billion by 2032, Stimulated by Increasing Cybersecurity Threats and Data Breaches

July 26, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Risk Analytics Market Report by Component (Solution, Services), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium Enterprises), Application (Strategic Risks, Financial Risks, Operational Risks, Compliance Risks), Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Energy and Utilities, Manufacturing, Government and Defense, and Others), and Region 2024-2032,” the risk analytics market size reached US$ 34.5 Billion in 2023. Risk analytics relies on advanced techniques and methodologies to assess, quantify, and manage risks within various industries. It relies on comprehensive and accurate data to analyze historical trends, market dynamics, and external factors. It leverages statistical modeling, machine learning algorithms, and data mining to allow organizations to gain valuable insights into potential risks, their probabilities, and potential impacts. It supports risk identification, assessment, mitigation, and monitoring activities, providing a systematic and structured approach to risk management. It finds extensive applications in finance, insurance, healthcare, and supply chain management for navigating uncertainties, identifying opportunities, and establishing robust risk management strategies.

Global Risk Analytics Market Trends:

The expansion of data centers and the increasing complexity and volume of data available to organizations represent one of the key factors driving the market. Furthermore, there is a rise in the awareness about the importance of risk management in enhancing business performance and protecting organizational assets. Businesses are recognizing the need to proactively identify and manage risks to avoid financial losses, reputational damage, and operational disruptions. This awareness is driving the adoption of risk analytics as a strategic tool for informed decision-making and risk mitigation. Moreover, the integration of advanced technologies, such as artificial intelligence (AI), machine learning (ML), and predictive analytics, is offering a favorable market outlook. Additionally, the increasing focus on cybersecurity and data privacy is catalyzing the demand for risk analytics solutions. As organizations face evolving cyber threats and the risk of data breaches, they are using risk analytics to identify vulnerabilities, detect anomalous activities, and strengthen their cyber security. Looking forward, the market value is projected to reach US$ 106.3 Billion by 2032, expanding at a CAGR of 12.9% during 2024-2032.

Market Summary:

  • Based on the component, solution represents the largest market segment, followed by services.
  • On the basis of the deployment mode, on-premises holds the majority of the market share, followed by cloud-based.
  • On the basis of the organization size, the market has been bifurcated into large enterprises and small and medium enterprises. Large enterprises currently account for the majority of the total market share.
  • Based on the application, the market has been categorized into strategic risks, financial risks, operational risks, and compliance risks. At present, operational risks dominate the market.
  • On the basis of the industry vertical, the market has been categorized into BFSI, IT and telecom, retail, healthcare, energy and utilities, manufacturing, government and defense, and others. BFSI represents the biggest market segment.
  • Region wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Accenture plc, BRIDGEi2i Analytics, Capgemini SE, FIS, International Business Machines Corporation, Moody's Analytics Inc. (Moody's Corporation), Oracle Corporation, Risk Edge Solutions Private Limited, SAP SE and SAS Institute Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Deployment Mode, Organization Size, Application, Industry Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture plc, BRIDGEi2i Analytics, Capgemini SE, FIS, International Business Machines Corporation, Moody's Analytics Inc. (Moody's Corporation), Oracle Corporation, Risk Edge Solutions Private Limited, SAP SE and SAS Institute Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Risk Analytics Market to Reach US$ 106.3 Billion by 2032, Stimulated by Increasing Cybersecurity Threats and Data Breaches
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