Risk Management Market Sets the Table for Continued Growth | 2020 - 2027

As per the report published by Allied Market Research, the global risk management market was pegged at $6.25 billion in 2018 and is anticipated to reach $18.50 billion by 2026, growing at a CAGR of 14.6% during the estimated period.

Increased in data & security breaches in enterprises, stringent government regulatory compliances, rapid development in IoT landscape, and adoption of risk management among financial institutions drive the growth of the global risk management market.

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However, high cost and complexity in installation and configurations hamper the market growth. On the contrary, a rise in demand from developing countries and the integration of artificial intelligence in risk management software are expected to create lucrative opportunities in the near future.

By component, the software segment accounted for the highest share in 2019, holding nearly three-fourths of the global risk management market, due to rise in need to monitor different types of risks or any facility from any kind of physical threats or suspicious activities.

However, the service segment is estimated to register the highest CAGR of 20.7% during the forecast period, owing to increase in adoption of services among end users, as they ensure effective functioning of risk management software.

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By industry vertical, the manufacturing segment is projected to portray the highest CAGR of 22.0% from 2020 to 2027, due to rise in the trend of IoT and automation in the manufacturing sector.

However, the BFSI segment held the largest share in 2019, contributing to nearly one-fourth of the global risk management market, owing to rise in the adoption of risk management software by various large banks and FinTech industries to mitigate different types of risk to grow and sustain in the market.

The global risk management market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to manifest the fastest CAGR of 16.1% during the forecast period. However, the market across North America held the largest share in one-third of the market.

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The global risk management market report includes an in-depth analysis of the major market players such as Lockpath, Inc., IBM Corporation, SAP SE, ServiceNow, SAS Institute Inc., Qualys, Inc., Thomson Reuters, RSA Security LLC, MetricStream Inc., and LogicManager, Inc.

Covid-19 scenario:

• The Covid-19 outbreak and followed lockdown had a positive impact on the market owing to largescale adoption of work from home culture among industries and surge in the risk of cyber-attacks and other security concerns.

• The pandemic brought radical changes in daily lives, especially in work. The strict compliance of social distancing and digital transformation of business increased the demand for risk management services.

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