Allied Market
The report segments the global risk management market on the basis of analysis component, enterprise size, industry vertical, and region.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 8, 2023 /EINPresswire.com/ — Rise in data & security breaches, surge in strict government regulatory compliances, and increase in adoption of risk management among financial institutions drive the global risk management market. Moreover, the growth of IoT landscape supplements the market growth.
Surge in demand from the emerging economies and integration of AI in risk management software would open lucrative opportunities for the market players in the future.
The global risk management industry was accounted for $7.39 billion in 2019, and is estimated to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2020 to 2027.
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By component, the software segment accounted for the highest share in 2019, holding nearly three-fourths of the global risk management market, due to rise in need to monitor different types of risks or any facility from any kind of physical threats or suspicious activities. However, the service segment is estimated to register the highest CAGR of 20.7% during the forecast period, owing to increase in adoption of services among end users, as they ensure effective functioning of risk management software.
By industry vertical, the manufacturing segment is projected to portray the highest CAGR of 22.0% from 2020 to 2027, due to rise in the trend of IoT and automation in the manufacturing sector. However, the BFSI segment held the largest share in 2019, contributing to nearly one-fourth of the global risk management market, owing to rise in adoption of risk management software by various large banks and FinTech industries to mitigate different types of risk to grow and sustain in the market.
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By region, the market across North America held the lion’s share in 2019, accounting for more than one-third of the market, as the number of market players indulged in developments such as partnership, product launch, and collaboration. However, the global risk management market across Asia-Pacific is estimated to manifest the highest CAGR of 20.4% during the forecast period, owing to growth in banking and financial industry in developing nations of China and India and surge in digitization across various developing nations.
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Major market players such as – IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Qualys, Inc., SAP SE, SAS Institute Inc., ServiceNow, RSA Security LLC, and Thomson Reuters.
Segmental analysis of the market is provided in both qualitative and quantitative aspects. This aids the clients in identifying the most lucrative segment to go on with investments, on the basis of a complete backend analysis concerning the segmental presentation, coupled with brief salutation of the operating organizations and their important developmental activities.
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