Integrated Risk Management (IRM) Solution Market growth driving due to cloud based IRM solutions
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Global IRM market is segmented on the basis of solution, service, deployment type, enterprise size, industry vertical, and region. The enterprise size category is further bifurcated into small & medium enterprise (SME), and large enterprise. Of the two sizes, large enterprise accounted for a larger market in terms of revenue generation and is also expected to generate the higher demand for IRM solutions, during the forecast period. Based on deployment type, the market is segmented into cloud and on-premise. In 2016, the on-premise deployment dominated the global market and accounted for a major share of the overall market, however, the market for cloud deployment is expected to higher demand during the forecast period. On the basis of service, the market is classified into implementation, integration, consulting, training, and maintenance. These services find application on various industries, including energy & utilities, engineering, BFSI, healthcare & pharmaceuticals, retail & manufacturing, IT & telecom, transportation & logistics, and others.
Geographically, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America has been the largest revenue generator for this industry. Early adoption, robust IT infrastructure, and increasing demand for risk management solutions from regional players is enhancing the IRM interest among businesses in the region. The market in Asia-Pacific is expected to grow at a considerable rate during the forecast period, owing to high development and rise of many integrated risk management programs for enterprises in the region.
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Factors driving the growth of global IRM industry include cloud based IRM solutions, increasing volatility in modern business environment, and drastic effects of financial and economic crises, globally. Lack of adequate integration support and technical constraints in implementing IRM solutions within the current running business infrastructure, are some of the factors which are expected to hinder the growth of the global Integrated Risk Management Solution market during the forecast period. However, increasing demand for real time risk management technologies promise a strong growth of the market in near future.
The market competitiveness in IRS industry is currently on the rise with product and service extensions and technological innovations by major players. For instance, MetricStream, a provider of governance, risk and compliance (GRC), announced the release of its new M7 platform and application for risk, audit, compliance, IT security, and other GRC professionals. Some of the key players in this industry include Dell Technologies (RSA), MetricStream, Convercent, Proviti, Enablon, IBM Corporation, Enigma, ThreatMetrix, and Carbon Analytics.
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