Risk Analytics Market

Risk Analytics Market Size, Share Trends & Industry Growth

The global Risk Analytics Market is poised  to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period.

The global risk analytics market is witnessing substantial growth driven by factors such as increasing regulatory compliance requirements, rising need for risk management in businesses, advancements in technology, and emergence of big data and analytics. Businesses across sectors leverage risk analytics tools to extract actionable insights from vast datasets. The adoption of risk analytics solutions is widespread across various industry verticals, including banking and financial services, healthcare, insurance, retail, manufacturing, and others. Each industry has unique risk management requirements, driving the customization and adoption of risk analytics solutions tailored to specific industry needs.

Risk Analytics Market is poised for substantial growth in the coming years, driven by several key factors:

  • Increasing regulatory compliance requirements.
  • Rising frequency and complexity of cyber threats.
  • Growing adoption of advanced technologies like AI and big data analytics.
  • Expanding risk landscape across industries and geographies.
  • Heightened focus on enterprise risk management and governance.
  • Demand for real-time risk monitoring and decision-making capabilities.
  • Recognition of risk analytics as a strategic tool for competitive advantage.

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Increasing regulatory compliance requirements:

  • Regulatory bodies worldwide are imposing stricter regulations on businesses to ensure compliance with various industry standards and guidelines. This drives the adoption of risk analytics solutions to help organizations efficiently manage and adhere to regulatory requirements.

Rising frequency and complexity of cyber threats:

  • With the proliferation of digital technologies and interconnected systems, cyber threats are becoming more frequent and sophisticated. Organizations are investing in risk analytics tools to identify, assess, and mitigate cybersecurity risks proactively.

Growing adoption of advanced technologies like AI and big data analytics:

  • The adoption of advanced technologies such as artificial intelligence (AI), machine learning, and big data analytics enables organizations to analyze vast amounts of data and derive actionable insights to manage risks effectively.

Expanding risk landscape across industries and geographies:

  • Businesses face a diverse range of risks, including financial, operational, cybersecurity, and compliance-related risks. As organizations expand globally and operate in increasingly complex environments, the demand for comprehensive risk analytics solutions continues to grow.

Heightened focus on enterprise risk management and governance:

  • There's a growing recognition of the importance of enterprise risk management (ERM) and governance in safeguarding organizational assets and ensuring long-term sustainability. Risk analytics plays a critical role in supporting ERM initiatives by providing visibility into risks across the enterprise.

Demand for real-time risk monitoring and decision-making capabilities:

  • In today's fast-paced business environment, organizations require real-time visibility into their risk exposure to make informed decisions promptly. Real-time risk analytics solutions enable organizations to monitor risks continuously and take timely actions to mitigate potential threats.

Recognition of risk analytics as a strategic tool for competitive advantage:

  • As businesses strive to gain a competitive edge, they are increasingly leveraging risk analytics as a strategic tool to identify emerging opportunities, optimize resource allocation, and enhance overall business performance. The ability to proactively manage risks can differentiate organizations and drive sustainable growth in the market.

Risk Analytics Market Share - Global Industry Landscape :

  • MetricStream (US)
  • Resolver (Canada)
  • SAP (Germany)
  • Milliman(US)
  • LogicManager(US)

 These companies employ various approaches, both organic and inorganic, including introducing new products, forming strategic partnerships and collaborations, and engaging in mergers and acquisitions to expand their presence and offerings within the Risk analytics market.

MetricStream (US):

  • Market Share: MetricStream holds a significant market share in the risk analytics space, particularly in industries such as finance, healthcare, and manufacturing.
  • Key Offering: MetricStream offers a comprehensive risk management platform that enables organizations to identify, assess, and mitigate risks across their operations. Their solutions include risk assessment, compliance management, internal audit, and third-party risk management.

Resolver (Canada):

  • Market Share: Resolver has established a notable presence in the risk analytics market, especially in sectors like corporate security, IT security, and compliance.
  • Key Offering: Resolver provides an integrated risk management software platform that helps organizations streamline risk assessment, incident management, and compliance monitoring. Their solutions encompass enterprise risk management, internal control, audit management, and security incident response.

SAP (Germany):

  • Market Share: SAP is a prominent player in the risk analytics market, leveraging its extensive customer base and global presence to deliver risk management solutions across various industries.
  • Key Offering: SAP offers a suite of risk management solutions that integrate with its enterprise resource planning (ERP) software. Their offerings include risk assessment, fraud detection, compliance monitoring, and predictive analytics to help organizations mitigate risks and enhance decision-making.

Milliman (US):

  • Market Share: Milliman is recognized for its expertise in actuarial and risk management consulting, catering primarily to the insurance and financial services sectors.
  • Key Offering: Milliman provides risk analytics and actuarial consulting services to insurance companies, pension funds, and healthcare organizations. Their offerings include risk modeling, predictive analytics, financial risk assessment, and regulatory compliance services.

LogicManager (US):

  • Market Share: LogicManager is known for its intuitive and scalable risk management software solutions, serving a diverse range of industries, including healthcare, education, and utilities.
  • Key Offering: LogicManager offers an integrated risk management platform that enables organizations to identify, assess, and mitigate risks across all levels of the enterprise. Their solutions include risk assessment, policy management, incident tracking, and regulatory compliance management.

Related Reports:

Risk Analytics Market by Offering (Software (ETL Tools, Risk Calculation Engines, GRC Software), Services), Risk Type (Strategic Risk, Operational Risk, Financial Risk, Regulatory Risk), Risk Stages, Vertical and Region - Global Forecast to 2029

Risk Analytics Market Size,  Share & Growth Report
Report Code
TC 2572
RI Published ON
4/10/2024
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