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Comprehensive Insights from the Risk Analytics Market Report || IBM, Oracle, SAP, SAS Institute, FIS
Risk Analytics Market
The Business Research Company's Risk Analytics Global Market Report 2023 identifies the increasing use of large amounts of structured and unstructured data is the major driver for the risk analytics market's growth in the forecast period. Structured data refers to information that is usually stored in a relational database and can be easily mapped into designated fields. Unstructured data is information that is not organized according to a pre-determined data model or schema and hence cannot be kept in a standard relational database. Unstructured data accounts for 80 to 90% of data generated and gathered by businesses, and its volume is continuously increasing faster than that of structured databases.
The global risk analytics market size will grow from $30.27 billion in 2022 to $34.44 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the risk analytics is expected to grow to $58.12 billion in 2027 at a CAGR of 14.0%.
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Major competitors in the risk analytics market are IBM, Oracle, SAP, SAS Institute, FIS, Moody's Corporation, Verisk Analytics Inc., AxiomSL Inc., Gurucul, Provenir.
A key trend in the risk analytics market includes technological advancement. Artificial intelligence (AI) and machine learning (ML) technologies are used in risk analytics to analyze massive amounts of data, minimize error, remove bias, and suggest areas where risk managers should focus more. Companies are utilizing AI to improve the knowledge of risk portfolios and produce optimal results. AI-based risk analytics software is easy to use and offers accurate results. For instance, in March 2022, NICE Actimize, a US-based software company introduced its advanced, innovative solution, X-Sight Entity Risk SaaS solution, that will produce a single risk score enabling a financial institution to get better understanding of its clients across the organization.
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The risk analytics market is segmented -
1) By Risk Type Application: Financial Risks, Operational Risks, Compliance Risks, Strategic Risks, Other Risk Type Applications
2) By Component: Solution, Services
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMES)
4) By Deployment Mode: On-Premises, Cloud
5) By Vertical: BFSI, Manufacturing, Transportation, Retail, IT & Telecommunication, Healthcare, Government
6) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the risk analytics market.
The Business Research Company's "Global Risk Analytics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Risk Analytics Market Include:
1. Executive Summary
2. Risk Analytics Market Characteristic
3. Risk Analytics Market Trends And Strategies
4. Risk Analytics Market - Macro Economic Scenario
5. Risk Analytics Market Size And Growth
……………
27. Risk Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Risk Analytics Market
29. Risk Analytics Market Future Outlook And Potential Analysis
30. Appendix
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