PORTLAND, Ore., Feb. 21, 2022 / PRNewswire/-Allied Market Research published a report, entitled, “Europe Risk Management Market by Component (Software and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprise and Small & Medium Size) Enterprise), Industry Vertical (BFSI, IT and telecom, retail, healthcare, energy and utilities, manufacturing, government and defense, etc.): Global Opportunity Analysis and Industry Forecast, 2021-2030. ” According to a report published by Allied Market Research, the Europe The risk management market is estimated at 2.62 billion by 2020 and is expected to hit $ 15.15 billion by 2030, registers a CAGR of 19.2% from 2021 to 2030.
Drivers, restraint, and opportunity
Rising data and security concerns in businesses, increasing strict compliance with government regulation, and increasing use of risk management in financial institutions are driving the growth of Europe market risk management. On the other hand, the high cost and complexity of software installation hinders growth to some extent. However, the integration of advanced technologies with risk management software is expected to create lucrative opportunities in the industry.
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- The outbreak of COVID-19 affected the growth of Europe The risk management market has been positive, as auditors of various industries have begun to use risk management software to resolve various compliance and other auditing-related issues. organizations.
- Also, most companies as a whole Europe adopted the BYOD culture, while some of them also took recourse to work from home drift. This, in turn, posed a huge threat, due to the proliferation of cyber-attacks and data theft in companies. Therefore, to prevent such attacks, business ventures have included risk management software, which has greatly boosted the market.
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Dominate the software component in 2030
In part, the software segment dominated with the largest share in 2020, holding more than two-thirds of Europe market risk management. The proliferation of activities such as financial fraud, identity theft, data theft, cyber attacks, and physical threats to industries is driving the growth of the segment. The services segment, on the other hand, is expected to cite the fastest CAGR of 20.8% throughout the forecast period, due to the increasing usage of various services among end-users.
The on -premises segment to maintain the dominant component
Based on the deployment model, the on-premises segment has the highest market share in terms of revenue, worth about three-fifths of Europe market risk management, due to increasing cases of cyber-attacks. The cloud segment, however, is estimated to show the fastest CAGR of 20.5% during the forecast period. This is because there has been a sharp increase in the adoption of cloud-based risk management software in both large and medium sized businesses across Europe in recent years.
The UK got the main share in 2020
Based on the country, the UK-wide market will dominate the market with a major share in 2020, worth more than a quarter of Europe risk management industry. This is due to increasing investment in their emerging technologies to implement streamlined work processes to reduce risks and improve corporate performance as a whole. Simultaneously, the market as a whole Spain is expected to witness the fastest CAGR of 24.6% from 2021 to 2030, due to increasing use of risk management software in the BFSI, IT, healthcare, and government industries to improve security, business, and overall experience of the customer.
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Major players in the industry
- Fusion Risk Management, Inc.
- IBM corporation
- Lockpath, Inc.
- Sword GRC
- Logicmanager, Inc.
- SAS Institute Inc.
- SAP SE
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