Risk Management
The report focuses on growth prospects, restraints, and analysis trends in the global risk management market.
PORTLAND, OR , UNITED STATES, UNITED STATES, September 13, 2022 /EINPresswire.com/ — Key factors driving the growth of the global trend in risk management market include the rise in security breaches of data in businesses and increasing strict compliance with government regulation across the globe are the major factors driving the growth of the global risk management market. In addition, the increase in the use of risk management in FinTech industries and growth in the IoT landscape across the world is positively impacting the growth of the market.
The global risk management market size was valued at $7.39 billion in 2019, and is expected to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2020 to 2027.
Increasing demand from developing economies and integration of artificial intelligence in risk management is expected to provide major opportunities for the growth of the risk management market during the forecast period.
Risk management software is a type of software used by organizations to efficiently and effectively manage various types of risks. This software is known for its various capabilities such as identifying and managing different types of risks and for taking steps to prevent potential crisis. The main purpose of risk management software is to identify potential risks before they occur so that risk management activities can be applied and planned when and where necessary throughout a product’s lifecycle to achieve the objective of an organization.
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Region-wise, the risk management market was dominated by North America in 2019, and is expected to maintain its position during the forecast period. This is related to the number of market players who have indulged in various developments such as collaboration, product launch, and collaboration. For example, in September 2020, International Business Machines Corporation launched a risk analytics service that helps organizations implement risk analytics to prioritize cybersecurity costs for traditional business decisions. However, Asia-Pacific is expected to witness a significant growth rate during the forecast period, owing to growth in the banking and finance industry in the developing countries of China and India and advancement of digitization in various developing countries.
Key industry 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.
The BFSI segment is expected to gain a significant share during the forecast period, owing to the increasing use of risk management software by various large banks and the FinTech industry to mitigate various types of risk to grow and maintain in the market. However, the manufacturing segment is expected to grow at the highest rate during the forecast period. This has been attributed to the increasing trend of IoT and automation in the manufacturing sector, which is expected to create ample number of opportunities for the risk management market during the forecast period.
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The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining Buyers’ power at the scale of global market risk management.
The outbreak of COVID-19 has a low impact on the growth of the risk management market as auditors of various industries are using risk management software for solving various compliance and other issues. issue related to organizational audit. In addition to this, various companies around the world have adopted the BYOD or work from home culture in their organization which has become a major threat to the company, due to which cyber-attacks and data theft are increasing in companies. . So, to prevent these attacks, companies use risk management software that positively affects the growth of the market. Furthermore, various banks and fintechs have noticed that there has been an increase in phishing attacks since mid-February 2020, so to control these attacks, banks and fintechs are using risk management software that provides a good opportunity for the market.
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