Risk Advisory Service Market to Reach $426.5 billion, Globally, by 2034 at 13% CAGR: Allied Market Research

WILMINGTON, Del., Nov. 18, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Risk Advisory Service Market By Type (Operational Risk, Financial Risk, Compliance and Regulatory Risk, Technology and Cyber Risk, and Others), Organization Size (Large Enterprises, and Small and Medium-sized Enterprises), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail and E-commerce, Government and Public Sector, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2025-2034". According to the report, the risk advisory service market was valued at $124.5 billion in 2024, and is estimated to reach $426.5 billion by 2034, growing at a CAGR of 13% from 2025 to 2034.

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Report Overview:

The rise in the adoption of digital transformation and advanced technologies has driven the demand for data-driven solutions, prompting increased automation, integration, and the development of intelligent analytics platforms. In addition, increase in the demand for risk-based decision-making and strategic planning, such as predictive modeling and scenario analysis, is positively influencing growth.

However, the high cost of implementing risk advisory solutions along with data privacy concerns while outsourcing advisory services pose significant restraints. Conversely, the integration of AI and analytics into risk advisory services presents substantial opportunities for market players in the evolving risk advisory service landscape.

Key Segmentation Overview:

The risk advisory service market is segmented on the basis of type, organization size, industry vertical, and region.

• By Type: Operational Risk, Financial Risk, Compliance and Regulatory Risk, Technology and Cyber Risk, and Others.
• By Organization Size: Large Enterprises and Small and Medium-sized Enterprises.
• By Industry Vertical: IT and Telecom, Healthcare, Retail and E-commerce, Government and Public Sector, Manufacturing, and Others.
• By Region:
• North America (U.S. and Canada)
• Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, UAE, Saudi Arabia, and Rest of LAMEA)

Market Highlights

• By type, the technology and cyber risk segment dominated the market in 2024 and is expected to continue leading due to rising dependence on digital infrastructure and cloud technologies, personalization of gift cards, and increase in remote work, mobile applications, and IoT devices to enhance operational efficiency and data security
• By organization size, the large enterprises segment witnessed significant growth due to rise in the complexity of global business operations, growth in demand for specialized advisory services, and the integration of AI, analytics, and automation into enterprise risk management systems.
• By industry vertical, the BFSI segment is expected to register the highest growth, due to rising threat of cyberattacks and financial crimes, growing incidents of data breaches, and the integration of artificial intelligence (AI) and predictive analytics in risk assessment processes.

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Report Coverage & Details:

Factors Affecting Market Growth & Opportunities:

The growing adoption of digital transformation and advanced technologies, driven by increasing cybersecurity threats, regulatory compliance requirements, and the widespread use of cloud computing and IoT, has significantly boosted the risk advisory service market. In addition, the increase in demand for risk-based decision-making and strategic planning, through the integration of data analytics and artificial intelligence, along with emerging trends such as ESG (Environmental, Social, and Governance) considerations and geopolitical risk assessment, is further accelerating market growth and transforming the risk advisory service sector.

• Demand for cybersecurity advisory: Rise in digital threats and stricter regulations like cyber resilience rules have boosted demand for cybersecurity advisory services, as organizations increasingly prefer specialized support in threat intelligence and incident response.
• Innovations in risk analytics : The integration of AI and machine learning is improving predictive accuracy and automation, enabling early threat detection that can be faster and more reliable.

However, challenges such as the high initial cost of implementation and data privacy concerns while outsourcing advisory services remain key obstacles for industry players. Leading firms are focusing on enhancing client education, technology integration, and customization of services to drive broader adoption of risk advisory service solutions.

Regulatory Landscape & Compliance:

The regulatory landscape and compliance in the risk advisory service market is a complex and evolving domain shaped by regional and international laws, industry standards, regulatory frameworks, and best practice guidelines. These regulations are designed to ensure transparency, accountability, data protection, and ethical conduct in the delivery of risk advisory services.

Government compliance requirements in the risk advisory service sector focus on ensuring integrity, security, and regulatory adherence in the development and execution of risk advisory services. These include risk assessments, internal control evaluations, and reporting obligations, complying with anti-money laundering (AML) laws, and cybersecurity regulations.

Key regulations such as the General Data Protection Regulation (GDPR) in the European Union, the Sarbanes-Oxley Act (SOX) in the U.S., and the Personal Data Protection Act (PDPA) in Singapore play a crucial role in enhancing compliance, data governance, and operational resilience to ensure that risk advisory service solutions operate legally and ethically.

Technological Innovations & Future Trends:

• The integration of IoT enables real-time asset risk monitoring, especially in logistics, utilities, and manufacturing, is enhancing operational visibility and preemptive risk mitigation.
• The adoption of blockchain-based tools, especially in auditing and insurance, enables greater transparency, reduced friction, and the development of innovative risk models.
• Cloud platforms enable scalable, accessible advisory tools with dashboards, shared data, and remote collaboration.

Regional Insights

North America dominated the risk advisory service market owing to rise in regulatory complexities, cyber threats, and corporate governance requirements. In addition, there is growing emphasis on proactive risk management, with increased investment in digital risk solutions and integrated compliance frameworks. The U.S. leads the market in this region, driven by strong demand from key industries, including finance, healthcare, and technology, expanding into emerging areas like ESG compliance and data privacy, and a mature consulting ecosystem. The region's advanced technological infrastructure, robust legal systems, and high awareness of enterprise risk further contribute to its market dominance and growth potential. For instance, in May 2024, Marsh McLennan launched Sentrisk, an advanced AI-powered platform designed to revolutionize supply chain risk management. Developed by Marsh and Oliver Wyman, Sentrisk uses cutting-edge technologies like supply chain mapping AI, geospatial satellite imaging, and proprietary analytics to help businesses identify vulnerabilities across their supply chains from specific sites to individual components. It assesses risks including geopolitical, climate-related, reputational, and structural issues like single-supplier dependencies. The platform provides real-time alerts, risk scores, and tailored advisory services, enabling companies to proactively manage disruptions and build operational resilience.

Asia-Pacific is expected to grow at a significant rate during the forecast period, due to increase in digital transformation initiatives and rise in internet connectivity and smartphone penetration in the region, driving the adoption of cloud-based solutions and risk advisory services to meet the evolving regulatory and operational challenges. In addition, rise in foreign investments and expansion of industries, such as manufacturing and financial services, particularly in countries like China, India, Japan, South Korea, and Singapore, is expected to propel the market growth. China leads the market in this region by adopting advanced analytics, artificial intelligence, cybersecurity measures, and automation to enhance risk management and operational efficiency. For instance, in February 2025, Sydney-based Novera launched a new digital risk management advisory service aimed at helping organizations navigate cybersecurity, privacy, and AI-related risks. Led by industry veteran Tony Vizza, the firm offers a robust suite of services including AI risk assessments aligned with ISO/IEC 42001, strategic cybersecurity consulting, virtual CISO support, and privacy compliance solutions. Novera also provides expert legal reports for regulatory and legal proceedings. With a focus on delivering measurable value and resilience, the firm is positioned to support clients across the Asia-Pacific region in an increasingly complex digital landscape.

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Key Players:

Major players in the risk advisory service market include Cherry Bekaert, Price Waterhouse Cooper (PwC), Weaver and Tidwell, LLP, FTI Consulting, Inc., KPMG International Limited, Grant Thornton International Ltd., Deloitte Touche Tohmatsu Limited, BDO International Limited, RSM International Ltd., CLA Global TS Holdings Pte Ltd, MBG Corporate Services, Aon plc, Protiviti Inc., The Risk Advisory Group Ltd, IBM Corporation, Chubb Group Holdings Inc., Alvarez & Marsal Holdings, LLC, Willis Towers Watson PLC, Forvis Mazars Group SC, and Ernst & Young Global Limited. These companies are focusing on expanding their service offerings, strategic partnerships, and enhancing technological innovation, data-driven solutions, and sustainability practices in the risk advisory service industry.

Key Strategies Adopted by Competitors

• In June 2025, Ernst & Young (EY) launched new risk management solutions on its EY.ai Agentic platform, accelerated by NVIDIA technologies. These solutions are designed to help organizations proactively manage risks using AI-driven insights, automation, and advanced analytics. The platform enables real-time risk detection, scenario modeling, and decision-making support, enhancing resilience and agility. This launch reflects EY's commitment to integrating cutting-edge AI with risk advisory services, helping clients navigate complex regulatory and operational environments more effectively. 
• In February 2024, Alvarez & Marsal entered a strategic M&A partnership with digital architecture platform Pactio to enhance its mergers and acquisitions advisory services. This partnership aims to streamline deal execution by leveraging Pactio's advanced transaction management technology, which simplifies fund flows, tax memoranda, and data retention. It enables A&M to deliver faster, more transparent, and robust deal processes, helping clients mitigate transaction risks and improve productivity. Pactio's platform is especially beneficial for private capital groups, offering tools that support investors, lawyers, tax advisers, and fund administrators throughout the investment lifecycle.

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the risk advisory service market analysis from 2024 to 2034 to identify the prevailing risk advisory service market outlook opportunities.
• The market research is offered along with information related to key drivers, restraints, and risk advisory service market opportunity.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the risk advisory service market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.
• The report includes the analysis of the regional as well as global risk advisory service market trends, key players, market segments, application areas, and market growth strategies.

Risk Advisory Service Market

 Report Highlights

By Type

• Operational Risk
• Financial Risk
• Compliance and Regulatory Risk
• Technology and Cyber Risk
• Others

By Organization Size

• Large Enterprises
• Small and Medium-sized Enterprises

By Industry Vertical

• BFSI
• IT and Telecom
• Healthcare
• Retail and E-commerce
• Government and Public Sector
• Manufacturing
• Others

By Region

• North America (U.S., Canada)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

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