USD 28.87 Billion Risk Management Market to Reach at 18.7% CAGR | Risk Management in the Age of Cybersecurity Threats

Rise in data & security breaches, surge in strict government regulatory compliances, and increase in adoption of risk management among financial institutions drive the global risk management market. Moreover, the growth of IoT landscape supplements the market growth. However, the complexity and high costs in installation and configuration of software hinder the market growth. On the contrary, surge in demand from the emerging economies and integration of AI in risk management software would open lucrative opportunities for the market players in the future.

As per the report, the global risk management industry was accounted for $7.39 billion in 2019, and is estimated to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2020 to 2027.

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Various governments have imposed regulations on organizations to implement enterprise risk management using user-friendly information systems. These systems enable companies to assess, recognize, analyze, and address both opportunities and risks, safeguarding their corporate reputation and generating value for shareholders. Additionally, government regulations in different countries have spurred the growth of risk management software. For example, Singapore has introduced a regulatory framework that employs civil and criminal measures to combat financial benchmark manipulation. In China, the government has introduced Governance, Risk Management, and Compliance (GRC) solutions in organizations to enhance risk monitoring, segregation of duties management reporting, and continuous control monitoring. Consequently, these diverse government regulations in various countries have created profitable opportunities for the risk management market in recent years.

Developing economies face heightened risks of cyberattacks, fraud, money laundering, terrorist activities, and data breaches. As a result, there has been an increase in the adoption of risk management software in these regions. Furthermore, the substantial external foreign currency debt in many developing economies makes them vulnerable to interest rate fluctuations, changes in international exchange rates, and currency crises, further driving the adoption of risk management practices. Additionally, as developing economies boost their investments in IT and digitalization, they become more susceptible to security concerns such as data theft and various cyberattacks. Hence, risk management software plays a critical role in mitigating risks like cyberattacks, financial fraud, and data breaches, presenting lucrative opportunities for the market.

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Covid-19 scenario:

1.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.

2.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.

By region, the market across North America held the lion's share in 2019, accounting for more than one-third of the market, as the number of market players indulged in developments such as partnership, product launch, and collaboration. However, the global risk management market across Asia-Pacific is estimated to manifest the highest CAGR of 20.4% during the forecast period, owing to growth in banking and financial industry in developing nations of China and India and surge in digitization across various developing nations

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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.

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 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.

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Leading Market Players:

• Lockpath, Inc.
• IBM Corporation
• MetricStream Inc.
• LogicManager, Inc.
• SAP SE
• Qualys, Inc.
• ServiceNow
• SAS Institute Inc.
• Thomson Reuters
• RSA Security LLC

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