Increasing demand from emerging economies and the integration of AI into risk management software will open up lucrative opportunities for market players in the future. Increasing data and security breaches, increasing strict compliance with government regulation, and increasing use of risk management in financial institutions are driving the global risk management market. Moreover, the growth of the IoT landscape adds to the growth of the market.
Major players in the industry – IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Qualys, Inc., SAP SE, SAS Institute Inc., ServiceNow, RSA Security LLC, and Thomson Reuters.
The global risk management market is valued at $ 7.39 billion in 2019, and is estimated to reach $ 28.87 billion in 2027, growing at a CAGR of 18.7% from 2020 to 2027.
By region, the market across North America holds the lion’s share in 2019, worth more than one-third of the market, as a number of market players indulge in developments such as collaboration, launching of product, and collaboration. However, the global risk management market across Asia-Pacific is estimated to show the highest CAGR of 20.4% during the forecast period, due to growth in the banking and finance industry in the developing countries of China and India and climb in digitization in various developing countries.
Through the industry vertical, the manufacturing segment is expected to describe the highest CAGR of 22.0% from 2020 to 2027, due to the increasing trend of IoT and automation in the manufacturing sector. However, the BFSI segment held the largest share in 2019, contributing to almost a quarter of the global risk management market, due to the increasing use of risk management software by various large banks and industries. of FinTech to mitigate the various types of risk that grow and maintain in the market.
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By the way, the software segment gained the highest share in 2019, holding nearly three-quarters of the global risk management market, due to the increasing need to track a wide variety of risk factors. danger or any facility from any kind of physical threat or suspicious activity. However, the service segment is estimated to register the highest CAGR of 20.7% during the forecast period, due to the increasing use of services by end users, as they ensure the effective functioning of risk management software.
Covid-19 Scenario:
- The outbreak of Covid-19 and subsequent lockout has had a positive impact on the market due to the widespread use of work culture from home in industries and increasing risk of cyber-attacks and other security concerns.
- The pandemic brought radical changes to daily life, especially at work. Strict adherence to social distancing and digital business innovation increases the demand for risk management services.
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