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Risk Analytics Market Size And Forecast
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Risk Analytics Market size was valued at USD 37,742.33 Million in 2023 and is projected to reach USD 87,576.54 Million by 2030, growing at a CAGR of 12.82% from 2024 to 2030.
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Increasing complexities across business processes and rising cybersecurity threats are the factors driving the market growth. The Global Risk Analytics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Risk Analytics Market Executive Summary
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Risk analytics involves employing techniques to accurately measure and predict risks. With the advent of big data, improved computing capabilities, and advanced analytics, companies can harness the potential of their business data. Artificial intelligence, machine learning, and robust BI acceleration platforms like Kyvos play a pivotal role in facilitating better decision-making. These tools are indispensable for managers utilizing risk analytics to identify, quantify, and mitigate potential risks. While the concept of risk management is not novel and has been a primary responsibility for companies over the years, sectors like banking and finance are particularly susceptible to risk factors. Financial risk analytics offers solutions for identifying, measuring, and managing risks that impact an organization’s financial stability.
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The rising complexities in various business processes are anticipated to drive the demand for solutions in risk analytics. As businesses confront more intricate challenges, there is a growing need for advanced tools to handle risks with greater effectiveness. Regulatory compliances exhibit a diverse nature on a global scale, posing challenges for organizations in managing compliance risk and adhering to distinct regulatory policies that vary across countries and industries. Numerous providers of risk analytics offer comprehensive platforms for data aggregation and analytics, aiding users in successfully collecting and analyzing data from disparate sources. Data exchange poses a significant concern for industries such as healthcare, banking, and financial services, which handle confidential individual data. As the demand for data exchange grows, it must be balanced with robust risk mitigation capabilities. For companies integrating risk analytics software with advanced data security features, data exchange is not anticipated to pose a major issue in the near future.
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Global Risk Analytics Market Attractiveness Analysis
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The Global Risk Analytics Market is experiencing a scaled level of attractiveness in the North America region. The North America region has a prominent presence and holds the major share of the global market. North America accounted for the largest market share of 35.59% in 2022, with a market Value of USD 11,949.60 Million and is projected to grow at a CAGR of 12.17% during the forecast period.
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Data breaches have increased significantly in the Healthcare industry recently in the North America, making it particularly susceptible to these kinds of incidents. Organization need to set up efficient procedures to reduce the impact of data breaches and protect sensitive data as these incidents are becoming more frequent. Identification, assessment, and evaluation of risk are all part of risk management in the Healthcare industry. Risks include those pertaining to patient safety, staff safety, and environmental safety.
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Global Risk Analytics Market Outlook
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The rising complexities in various business processes are anticipated to drive the demand for solutions in risk analytics. As businesses confront more intricate challenges, there is a growing need for advanced tools to handle risks with greater effectiveness. The business landscape is becoming increasingly intricate, with risks emerging from diverse sources such as geopolitical events, regulatory shifts, and technological advancements. This complexity underscores the necessity for sophisticated risk analytics solutions. Organizations are progressively incorporating risk-based decision-making processes, with risk analytics providing insights into potential risks and their implications for business operations. Globalization has interconnected supply chains, rendering organizations more vulnerable to disruptions. Risk analytics proves valuable in evaluating and managing risks associated with supply chain vulnerabilities.
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There is a growing recognition among organizations regarding the significance of comprehensive enterprise risk management. This awareness has spurred the strategic adoption of risk analytics to manage risks across the entire organizational spectrum. In the insurance sector, risk analytics plays a crucial role in underwriting, pricing, and claims processing, with the industry’s embrace of advanced analytics tools serving as a pivotal driver in the overall market. Risk analytics plays a pivotal role in managing the escalating cybersecurity threats organizations face. It assists in identifying vulnerabilities, assessing potential risks, and prioritizing actions to mitigate threats. A risk analysis is a crucial step in the overall cybersecurity risk management and risk assessment process. This involves examining each risk to the security of your organization’s information systems, devices, and data, and prioritizing potential threats.
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Regulatory compliances exhibit a diverse nature on a global scale, posing challenges for organizations in managing compliance risk and adhering to distinct regulatory policies that vary across countries and industries. This diversity stands as a hindrance to the expansion of the Risk Analytics Market due to the absence of a universal standard to guide compliance efforts. The lack of a clear, consistent framework makes it challenging for providers of risk analytics solutions to address the unique requirements of different end-users. In regions without established regulatory structures mandated by governing bodies, organizations often resort to implementing in-house regulatory guidelines and policies. The growing adoption of advanced analytics and artificial intelligence (AI) is poised to drive the demand for risk analytics solutions. These technologies empower organizations to make more informed decisions, deliver personalized customer experiences, and optimize resource allocation. Real-time data insights are now indispensable for financial executives striving to maintain a competitive edge, identify emerging trends, and refine decision-making processes.
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Global Risk Analytics Market: Segmentation Analysis
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The Global Risk Analytics Market is Segmented on the basis of Risk Type, Deployment Mode, Vertical, Component, and Geography.
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Risk Analytics Market, By Risk Type
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- Financial Risk
- Strategic Risk
- Operational Risk
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Based on Risk Type, the market is segmented into Financial Risk, Strategic Risk, and Operational Risk. Financial Risk accounted for the largest market share of 65.97% in 2022, with a market Value of USD 22,148.41 Million and is projected to grow at a CAGR of 12.15% during the forecast period. Operational Risk was the second-largest market in 2022, Value of USD 8,447.65 Million in 2022; it is projected to grow at a CAGR of 13.38%. However, Strategic Risk is projected to grow at the highest CAGR of 15.70%.The global demand for risk analytics in financial services is on the rise, particularly within the banking, financial services, and insurance (BFSI) sector, which serves as the primary platform for widespread adoption of risk analytics. The market for risk analytics is divided into software and services, with the software segment expected to dominate market share in the forecast period. Within the banking industry, the implementation of risk analytics has proven beneficial, enabling banks to enhance risk identification, make informed business decisions, and future-proof their operations.
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Risk Analytics Market, By Deployment Mode
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- Cloud
- On-Premises
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Based on Deployment Mode, the market is segmented into Cloud, and On-Premises. On-Premises accounted for the largest market share of 62.41% in 2022, with a market Value of USD 20,952.94 Million and is projected to grow at a CAGR of 9.50% during the forecast period. Cloud was the second-largest market in 2022, Value of USD 12,620.56 Million in 2022; it is projected to grow at the highest CAGR of 16.85%. The rising demand for on-premises risk analytics as organizations across various industries recognize the crucial necessity for robust risk management strategies within their own infrastructure. This trend is particularly evident in sectors such as finance, healthcare, and manufacturing, where considerations like data sensitivity, regulatory compliance, and operational continuity hold utmost importance. On-premises risk analytics solutions provide these industries with a high degree of control and customization, aligning with their specific security and compliance requirements.
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Risk Analytics Market, By Vertical
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- Healthcare
- Government and Defense
- IT and Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Transportation and Logistics
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
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Based on Vertical, the market is segmented into Healthcare, Government and Defense, IT and Telecom, Banking, Financial Services, and Insurance (BFSI), Transportation and Logistics, Retail and Consumer Goods, Manufacturing, and Energy and Utilities. BFSI accounted for the largest market share of 35.94% in 2022, with a market Value of USD 12,066.73 Million and is projected to grow at a CAGR of 12.98% during the forecast period. IT and Telecom was the second-largest market in 2022, Value of USD 5,403.99 Million in 2022; it is projected to grow at a CAGR of 12.16%. However, Energy and Utilities is projected to grow at the highest CAGR of 13.71%. The banking and finance industry faces primary risks in the forms of credit, market, and operational risks. Risk analytics plays a crucial role in enabling banks to formulate policies across multiple domains. Its purpose extends to averting security breaches and safeguarding against data breaches, both significant apprehensions within the banking and financial sector.
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Risk Analytics Market, By Component
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- Software
- Services
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Based on Component, the market is segmented into Software, and Services. Software accounted for the largest market share of 72.83% in 2022, with a market Value of USD 24,450.38 Million and is projected to grow at a CAGR of 11.70% during the forecast period. Services was the second-largest market in 2022, Value of USD 9,123.12 Million in 2022; it is projected to grow at the highest CAGR of 15.41%. The increasing importance on sustainability and energy efficiency has created opportunities for market players to develop innovative and environmentally friendly risk analytics software solutions. The continuous technological advancements, growing environmental awareness, and a demand for operational efficiency, will drive the demand for software in near future.
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Risk Analytics Market, By Geography
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- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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On the basis of Regional Analysis, the Global Risk Analytics Market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America accounted for the largest market share of 35.59% in 2022, with a market Value of USD 11,949.60 Million and is projected to grow at a CAGR of 12.17% during the forecast period. North America’s Risk Analytics Market is growing because of the increased risk brought about by the current corporate environment, banking, and other financial industries. The US corporate environment is extremely competitive, which has raised demand for advanced risk analytics solutions. To recognise and handle possible risks, sectors including technology, healthcare, and finance have proactively embraced advanced risk management solutions. Supply chain or distribution failure is a prevalent concern across industries, with varying contributing factors. The 2023 survey findings illustrate this, with respondents in the life sciences industry ranking supply chain or distribution failure as their top risk. In the US, widespread drug shortages triggered an inquiry by the US Senate Committee on Homeland Security and Government Affairs, revealing a 30 percent increase in shortages between 2021 and 2022. This was attributed in part to geographic supply concentrations and quality in the supply chain. Canada has also witnessed an transaction in the demand for risk analytics due to regulatory changes, evolving business landscapes, and a growing awareness of the necessity for robust risk management practices. The financial sector, energy industry, and government agencies have played pivotal roles in driving this trend.
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Europe was the second-largest market in 2022, Value of USD 10,150.35 Million in 2022; it is projected to grow at a CAGR of 12.95%. However, Asia Pacific is projected to grow at the highest CAGR of 14.29%. Risk analytics is witnessing a surge in demand across Europe, driven by the escalating complexity of business environments, regulatory shifts, and a growing acknowledgment of the necessity for proactive risk management. Companies in diverse industries are increasingly adopting advanced analytics tools to efficiently identify, assess, and mitigate risks. The driving forces behind this trend in Europe encompass the impetus for digital transformation, the escalating cyber threats, and the imperative to comply with stringent regulatory frameworks such as GDPR.
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Key Players
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The Global Risk Analytics Market is highly fragmented with the presence of a large number of players in the Market. Some of the major companies include IBM Corporation, Oracle Corporation, SAP SE, Fidelity National Information Services, Verisk Analytics, Axiomsl Inc, Misys, Proven and others. This section provides company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.
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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, benchmarking, and SWOT analysis.
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Company Market Ranking Analysis
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The company ranking analysis provides a deeper understanding of the top 3 players operating Risk Analytics Market. takes into consideration several factors before providing a company ranking.
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The top three players for the Risk Analytics Market are IBM Corporation, Oracle Corporation, SAP SE. The factors considered for evaluating these players include company’s brand value, product portfolio (including product variations, specifications, features and price), company presence across major regions, product related sales obtained by the company in recent years and its share in the total revenue. further study the company’s product portfolio based on the technologies adopted or new strategies undertaken by the company to enhance their market presence globally or regionally. We also consider the distribution network (online as well as offline) of the company that helps us to understand the company’s presence and foothold in various Risk Analytics Markets.
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Company Regional Footprint
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The company’s regional section provides geographical presence, regional level reach, or the respective company’s sales network presence. For instance, IBM Corporation has its presence globally i.e. in North America, Europe, Asia Pacific and RoW. All the companies considered for profiling are reviewed similarly under this section. These sections help us to understand the overall Risk Analytics Market presence on a global and country level.
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Ace Matrix
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This section of the report provides an overview of the company evaluation scenario in the Risk Analytics Market. The company evaluation has been carried out based on the outcomes of the qualitative and quantitative analyses of various factors such as the product portfolios, technological innovations, market presence, revenues of companies, and the opinions of primary respondents.
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