Risk management software market size to grow by USD 7.37 billion, North America to occupy 31% market share, Technavio

NEW YORK, Feb. 28, 2024 /PRNewswire/ -- The risk management software market size is estimated to grow by USD 7.37 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.32% during the forecast period. North America is estimated to contribute 31% to the growth of the global market during the forecast period. The market in the region is experiencing significant growth, driven by the presence of numerous organizations spanning banking, financial services, insurance (BFSI), IT, healthcare, and other sectors. In the US, many organizations encounter substantial challenges when acquiring software from third-party vendors. Furthermore, the region hosts prominent banking and financial institutions like Wells Fargo & Co., PNC Financial Services Group Inc., Bank of America, JPMorgan Chase & Co., and Citigroup Inc., processing numerous transactions annually. To streamline operations from the back office to the front office and manage high transaction volumes efficiently, these institutions are increasingly adopting advanced software solutions for automated payment operations and centralized oversight. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Segmentation Assessment

Segment Overview

Technavio has segmented the market based on Component (Software and Services), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the software segment will be significant during the forecast period. A growing need for software capable of risk mitigation and enhancing organizational performance is a key driver of the market, propelled by factors like technological advancements, rising data volumes, and the imperative for efficient risk analysis and management. For instance, quantitative risk assessment software utilizes statistical tools and algorithms to quantify risks and develop effective mitigation strategies, finding wide applications in industries such as finance, healthcare, and insurance. Its primary advantage lies in automating complex and time-consuming processes. Insights on the market contribution of various segments including country and region, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Rising Data and Security Breaches Fuel Market Growth

As more companies depend on big data analytics and cloud computing for a competitive edge, cyber-attacks are on the rise. Consequently, organizations invest in tools to recognize and mitigate vulnerabilities in their IT infrastructure. To address these issues, many focus on compliance automation features for more efficient monitoring and enforcement. For example, insurance companies, prone to security breaches due to sensitive data reliance, employ advanced threat intelligence platforms for real-time threat detection.

Increasing Adoption of Cloud-Based Solutions Shapes Market Growth

Cloud-based solutions offer the primary advantage of enabling employees to access management tools and information anytime, anywhere, as long as they have an internet connection.

Cost and Complexity of Installation and Configuration Hinder Market Growth

Enterprises face challenges due to the expensive and intricate installation and configuration processes, exacerbated by the need for software customization tailored to individual businesses. Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Risk Management Software Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Risk Management Software Market between 2023 and 2027
• Precise estimation of the size of the Risk Management Software Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Risk Management Software Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Risk Management Software Market vendors. Technavio's SUBSCRIPTION platform

Analyst Review

The Market is witnessing significant growth driven by the increasing adoption of online or cloud-based applications across various industries. Organizations are increasingly aware of the various kinds of risks they face, including legal liabilities, financial uncertainty, security risks, and natural disasters. To address these risks, organizations are investing in risk management software to enhance their risk management efforts and mitigate potential risks. This software helps organizations identify, assess, and manage risks more effectively, leading to improved decision-making and business outcomes.

One of the primary drivers of the expansion of the global risk management market is the growing need for organizations to manage risks associated with the coronavirus outbreak. The pandemic has disrupted routine activities and businesses, highlighting the importance of digital media and communication networks. However, with the increase in digital connectivity comes the risk of cybercrimes, as cybercriminals target organizations through data breaches and other cyber threats. As a result, organizations are focusing on strengthening their risk management efforts and investing in risk management software to protect against these risks.

The adoption of risk management software is prevalent across industries such as manufacturing, transportation and logistics, pharmaceuticals, and food & beverages. These sectors rely on risk management software to achieve equilibrium between supply and demand through effective supply chain management. Integrated planning and execution processes optimize the flow of materials and information, ensuring that organizations can effectively manage risks and maintain operational efficiency. In developing economies, small and medium-sized businesses are increasingly adopting risk management software to enhance their risk management practices and improve their competitiveness in the market. Download a Sample Report

Related Reports

 The treasury and risk management software market size is estimated to grow at a CAGR of 6.86% between 2023 and 2028. The market size is forecast to increase by USD 1.94 billion. 

The energy trading and risk management market size is estimated to grow at a CAGR of 4.6% between 2022 and 2027. The market size is forecast to increase by USD 399 million. 

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Deployment

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio