Enterprise Risk Management Market Growth, Trends, Opportunities and Forecast to 2027

Negative attention of media to mismanagement of insurance-backed home mortgages and subsequent government regulation primarily brings enterprise risk management to the forefront. It instantly became of utmost importance amongst various enterprises due to the recent global recession. The global enterprise risk management market is likely to grow steadily during the assessment period due to large-scale adoption of enterprise risk management solutions and increased risk of data misuse.

Some of the prominent companies of the global enterprise risk management market are Fidelity National Information Services, Inc., IBM Corporation, SAP SE, Oracle Corporation, and Capgemini.

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In a report by Transparency Market Research on global enterprise risk management market, it is projected that the market would expand clocking CAGR of about 5% during the forecast period, from 2019 to 2027. The global enterprise risk management market will reach US$ 5.8 bn through 2027 from US$ 3.9 bn in 2019.

Increased Adoption of Risk Management Solutions by Banks to Spell Growth of the Market

An American multinational financial and investment banking service provider, JPMorgan Chase incurred loss of billions of dollars due to faulty risk management practices at the time of global recession of 2012. In another instance, the infamous Gulf of Mexico oil spill not only cost British Petroleum billions of dollars in revenue but also long-term depreciation of stock.

Such reduced and ignored reputational and operational risks have adversely influenced enterprise revenue and performance. In addition to that, unwanted attention of media has generated negative sentiment amongst the people and has drawn attention toward the deregulation and irregularities of large enterprises in all of the industries.

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It is important for various industries to have proper enterprise risk management solutions in place. Many organizations, particularly the BFSI domain, cannot bear substantial losses as they employed mechanisms lacking holistic view of enterprise risks. Various industries have finally started realizing that their financial processes are ineffective and have started working on employing effective enterprise risk management solutions to minimize risk and losses.

The global enterprise risk management market is segmented based on:

Component

- Hardware
- Software
- Services

Institution

- Banks
- Credit Unions
- Specialty Finance
- Thrifts

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