Risk Management Market Surges, Valued at $28.87 Billion, Forecasts Predict Continued Growth in 2027

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.

☛ Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/4441

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.

☛ For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/4441

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.

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

☛ Buy Now & Get Exclusive Discount on this Report: https://www.alliedmarketresearch.com/risk-management-software-market/purchase-options

☛ Access the full summary at: https://www.alliedmarketresearch.com/risk-management-software-market

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.

Leading Market Players:

► Lockpath, Inc.

► IBM Corporation

► MetricStream Inc.

► LogicManager, Inc.

► SAP SE

► Qualys, Inc.

► ServiceNow

► SAS Institute Inc.

► Thomson Reuters

► RSA Security LLC

☛ Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4441

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

David Correa
1209 Orange Street
Corporation Trust Center
Wilmington
New Castle
Delaware 19801
USA Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.