According to the latest report by IMARC Group, titled “Risk Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global risk management market size reached US$ 10.5 Billion in 2022. Risk management is the procedure of identifying, assessing, and managing the financial, legal, strategic, and security risks of an organization. It functions by identifying, analyzing the likelihood and impact and prioritizing risks based on business objectives; responding to different risk conditions; and monitoring the results. It manages risks emerging from a wide variety of sources, including financial uncertainty, legal liabilities, accidents, strategic management errors, and natural disasters. It enables companies to maintain the health and safety of their employees and customer satisfaction levels. Furthermore, it facilitates efficient compliance with regulatory and internal compliance.
Global Risk Management Market Trends:
At present, the increasing demand for risk management to improve operational efficiency through consistent application of risk processes and control represents one of the crucial factors impelling the market growth. In addition, rising cross-border transactions, along with the adoption of online payment methods to make cashless payments, are contributing to the growth of the market. Besides this, the growing occurrence of cyber security breaches to steal confidential information is offering a favorable market outlook. Additionally, the increasing adoption of risk management in financial institutions to minimize compliance costs is supporting the growth of the market. Apart from this, numerous initiatives undertaken by governing agencies of various countries to prevent money laundering and terrorist activities are bolstering the growth of the market. Looking forward, the market value is projected to reach US$ 23.7 Billion by 2028, expanding at a CAGR of 14.13% during 2023-2028.
- Based on the component, software currently dominates the market, followed by services.
- On the basis of the deployment mode, on-premises represent the largest segment, followed by cloud-based.
- Based on the enterprise size, the market has been segregated into large enterprises and small and medium-sized enterprises. At present, large enterprises exhibit a clear dominance in the market.
- On the basis of industry vertical, the market has been classified into BFSI, IT and telecom, retail, healthcare, energy and utilities, manufacturing, government and defense, and others. Presently, BFSI holds the biggest market share.
- Region-wise, the market has been divided into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, 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 ACTICO GmbH, Broadridge Financial Solutions Inc., Fidelity National Information Services Inc., International Business Machines Corporation, LogicManager Inc., MetricStream Inc., NAVEX Global Inc., Oracle Corporation, Qualys Inc., Risk Edge Solutions, SAP SE, SAS Institute Inc., ServiceNow, and Thomson Reuters Corporation.
|Base Year of the Analysis
|Deployment Modes Covered
|Enterprise Sizes Covered
||Large Enterprises, Small and Medium-sized Enterprises
|Industry Verticals Covered
||BFSI, IT and Telecom, Retail, Healthcare, Energy and Utilities, Manufacturing, Government and Defense, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ACTICO GmbH, Broadridge Financial Solutions Inc., Fidelity National Information Services Inc., International Business Machines Corporation, LogicManager Inc., MetricStream Inc., NAVEX Global Inc., Oracle Corporation, Qualys Inc., Risk Edge Solutions, SAP SE, SAS Institute Inc., ServiceNow, Thomson Reuters Corporation, etc.
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