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Risk Analytics Solutions Help Organizations to Maximize Their Return on Investment and Enhance Their Decision Making Process
To cater to the need of diverse and complex organizational environment, the need for risk analytics solutions is increasing. SME’s across the globe are increasingly adopting risk analytics solutions in order to minimize the losses incurred due to risks, and to gain a competitive advantage in business operations. Risk Analytics solutions also help organizations to maximize their return on investment and enhance their decision making process. Furthermore, the complex regulatory environment of organizations demands for a better risk-adjusted performance, which can be achieved with the use of risk analytics solutions and services. Risk analytics includes various software namely extract, transform and load tools, risk calculation engines, scorecard and visualization tools, dashboard, analytics and risk reporting tools, GRC software, and others. Risk analytics applications include fraud detection and prevention, liquidity risk analysis, credit risk management, real-time situational awareness, industry benchmarking and validation, and many others. The global risk analytics market is estimated to grow from USD 16.55 Billion in 2016 to USD 30.18 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.8% from 2016 to 2021.
Companies such as IBM Corporation (New York, U.S.), SAP SE (Walldorf, Germany), SAS Institute, Inc. (North Carolina, U.S.), Oracle Corporation (California, U.S.), and FIS Global (Florida, U.S.) are the key players in the risk analytics market. These key players are engaging in new product launches and partnerships as they help the companies to expand in new areas to increase their sales and product reach. These strategies enable them to invest more in research and development to innovate and enhance their product offerings. Another important strategy adopted by the market players is acquisition, which allows the companies to strengthen their foothold in the untouched markets, expand their customer base, and help them in gaining traction in the risk analytics market.
IBM Corporation is one of the prominent providers of risk management solutions to many successful companies across the globe. The solutions provided by IBM are gaining high traction in the market due to the strong brand presence of the company and also because of the better quality and upgraded technological benefits. The company focuses on inorganic strategies of partnerships and acquisitions to enhance its geographic network and also its risk analytics product portfolio. The recent acquisition of IRIS Analytics in January 2016 shows that IBM is expanding its business in risk analytics market by providing better solutions to its clients; IRIS Analytics is a provider of real-time fraud analytics solutions. Being financially sound, the company heavily invests in R&D and will continue to do so in order to enhance its current offerings in the risk analytics space.
Oracle Corporation is another key player in the risk analytics market. It develops applications and software for risk management and financial operational risk analytics. Due to the increasing demand for business intelligence and analytics, Oracle started building new products and creating new versions to satisfy the cumulative demands of the customers. Oracle’s integrated and industry specific solutions address many complex business processes and help its clients in better and in-depth analysis of loss, risk and control data, spot areas of weakness, and scope for improvement in the firm. The acquisition of Primavera in 2008 and Bharosa in 2007 helped the company to build a broad portfolio of solutions in the risk analytics market. Various new product launches in the recent years and heavy investment in R&D are examples of Oracle’s emphasis on the organic strategy of innovation and enhancement.
Risk Analytics Market by Software (ETL Tools, Risk Calculation Engines, Scorecard & Visualization Tools, Dashboard Analytics & Risk Reporting Tools, GRC Software, & Others), Service, Application, Vertical, & by Region - Global Forecast to 2021
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