Risk Management Market Set to Grow at over 14.13% CAGR until 2028

IMARC Group, a leading market research company, has recently releases report titled "Risk Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global risk management market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights
How big is the risk management market?

The global risk management market size reached US$ 10.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 14.13% during 2023-2028.

What is risk management?

Risk management is a crucial process that involves evaluating, identifying, and effectively managing financial, strategic, legal, and security risks faced by organizations. It encompasses the assessment and mitigation of risks arising from various factors such as legal liabilities, strategic management errors, accidents, financial uncertainty, and natural disasters. By analyzing the relationship between potential hazards and their impact on the organization's strategic objectives, risk management plays a vital role in safeguarding the business.

Furthermore, risk management recognizes the significance of seizing positive opportunities that can enhance the value of enterprises through informed decision-making. It also plays a key role in ensuring the security and confidentiality of both personal and corporate data. As a result, risk management finds wide-ranging applications across multiple sectors, including information technology (IT), telecommunications, retail, banking, financial services and insurance (BFSI), healthcare, energy and utilities, manufacturing, and defense.

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What are the growth prospects and trends in the risk management?

The growth of the risk management market is primarily driven by the increasing utilization of electronic payments, which leads to a higher volume and complexity of financial transaction data, as well as the prevalence of digital monetary crimes. Furthermore, the adoption of advanced technologies like artificial intelligence (AI), machine learning (ML), and automation is contributing to the market's expansion. Organizations are increasingly opting for on-premises-based risk management solutions to enhance security and mitigate data theft issues, which further fuels market growth. Additionally, there is a growing demand for administration software that helps reduce compliance costs and improve work efficiency, serving as a significant factor driving market growth.

Government bodies have also implemented policies to promote the adoption of risk management solutions, offering flexible and convenient information systems to prevent money laundering activities. This, in turn, stimulates market growth. Furthermore, small and medium-sized enterprises (SMEs) are becoming more aware of the benefits associated with using risk management techniques, which is expected to propel the market's growth throughout the forecasted period.

What is included in market segmentation?
The report has segmented the market into the following categories:

Component Insights:

Software
Service

Deployment Mode Insights:

On-premises
Cloud-based

Enterprise Size Insights:

Large Enterprises
Small and Medium-sized Enterprises

Industry Vertical Insights:

BFSI
IT and Telecom
Retail
Healthcare
Energy and Utilities
Manufacturing
Government and Defense
Others

Breakup by Geography:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?
The report covers the major market players including:

ACTICO GmbH
Broadridge Financial Solutions Inc
Fidelity National Information Services Inc.
International Business Machines Corporation
LogicManager Inc.
MetricStream Inc.
NAVEX Global Inc.
Oracle Corporation
Qualys Inc.
Risk Edge Solutions
SAP SE
SAS Institute Inc.
ServiceNow
Thomson Reuters Corporation

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This release was published on openPR.