Risk Management Market
The increase in the number of such AI applications in risk management is expected to provide lucrative opportunities for market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, October 26, 2022 / / — The rise of data and security breaches in businesses, strict compliance with government regulation, rapid development in the IoT landscape, and adoption of risk management in financial institutions is driving the growth of the global risk management market.
However, high cost and complexity in installation and configurations are hindering the growth of the market. On the contrary, increasing demand from developing countries and the integration of artificial intelligence in risk management software is expected to create lucrative opportunities in the near future.
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The global risk management market is segmented on the basis of components, deployment model, organization size, industry vertical, and geography. Based on segment, the market is categorized into solutions and services. The services segment is expected to exhibit the fastest CAGR of 17.0% during the forecast period.
However, the software segment dominates the market with three-fourths of the market. On the basis of deployment model, the global risk management market is categorized into on-premise and cloud and based on organization size, it is segmented into large enterprises and small and medium enterprises.
By industry vertical, the market is segmented into BFSI, IT & telecom, retail, healthcare, energy & utilities, manufacturing, government & defense and others. The BFSI segment held the lion’s share in 2018, accounting for one-fourth of the market. However, the manufacturing segment is expected to register the highest CAGR of 17.7% during the forecast period.
The global risk management market has been analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to exhibit the fastest CAGR of 16.1% during the forecast period. However, the market across North America holds the largest share at one-third of the market.
The global risk management report includes an in-depth analysis of key market players such as Lockpath, Inc., IBM Corporation, SAP SE, ServiceNow, SAS Institute Inc., Qualys, Inc., Thomson Reuters, RSA Security LLC , MetricStream Inc., and LogicManager, Inc.
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Covid-19 situation:
•The outbreak of Covid-19 and subsequent lockdown has had a positive impact on the market due to the widespread adoption of work-from-home culture in industries and the increased risk of cyber-attacks and other security concerns.
•The pandemic has brought radical changes to daily life, especially at work. Strict adherence to social distancing and digital transformation of business has increased the demand for risk management services.
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