Risk Management Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Risk Management Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $19.39 billion In 2028 At A CAGR Of 12.5% :

The risk management market size has grown rapidly in recent years. It will grow from $10.5 billion in 2023 to $12.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increased regulatory requirements, increased insurance development, increased financial crises, and globalization.

The risk management market size is expected to see rapid growth in the next few years. It will grow to $19.39 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increasing cybersecurity threats, increasing economic volatility, and increasing health and safety concerns. Major trends in the forecast period include integration of ai and machine learning, cybersecurity risks, climate change and environmental risks, supply chain resilience, regulatory compliance, and operational resilience.

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Risk Management Market Major Segments
The risk management market covered in this report is segmented -

1) By Component: Solution, Services, Professional, Managed
2) By Deployment Mode: Cloud-based, On-premises
3) By Vertical: Banking, Financial Services and Insurance (BFSI), Information Technology and Telecom, Healthcare, Retail, Manufacturing, Government and Defense, Transport and Logistics, Energy and Utilities, Other Verticals

Key Driver - Rising Cyber Threats Propel Growth In The Risk Management Market

The rising cyber threats are expected to propel the growth of the risk management market growth going forward. Cyber threats refer to malicious activities or risks that exploit vulnerabilities in computer systems, networks, or digital devices for various purposes, including financial gain, espionage, disruption of operations, or damage to reputation. Cyber threats are on the rise due to the increasing digitization of society has expanded the attack surface, providing cybercriminals with more targets to exploit. Risk management processes enable organizations to identify and understand the various cyber threats they face, including malware, phishing attacks, data breaches, and insider threats. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the number of cybercrime reports received in 2022 was 76,000, representing an increase of 13% from the year before. Therefore, the rising cyber threats are driving the growth of the risk management market.

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Prominent Trend - Enterprise Risk Management Automation Transforming The Tech Industry

Major companies operating in the risk management market are innovating new technologies, such as enterprise risk management (ERM) automation tools, to gain a competitive edge in the market. Enterprise risk management (ERM) automation tool is a software program that helps businesses, especially technology companies, automate the risk management process. For instance, in January 2024, Insurtech Koop Insurance, a US-based insurance company, launched a pioneering enterprise risk management (ERM) automation tool. To give technology customers an enjoyable risk management experience, the tool has features like contractual requirements management, risk event reporting, control implementation, and smart coverages. The tool is intended to support technology companies in managing risks more skillfully and adaptably, staying flexible, and maintaining their competitiveness in the rapidly evolving technology market.

Risk Management Market Players
Major companies operating in the risk management market are Berkshire Healthway Inc., Allianz SE, AXA SA, Tokio Marine Holdings, Deloitte Touche Tohmatsu Limited, PwC (PricewaterhouseCoopers), Liberty Mutual Insurance, Ernst & Young (EY), Chubb Limited, Zurich Insurance Group, Travelers Companies Inc., KPMG, Capgemini SE, Catlin Group Limited, Marsh & McLennan Companies, Aon plc, Willis Towers Watson, Gallagher, FM Global, Genpact, Munich Re Group, Hiscox Ltd., RSA Insurance Group, Lockton Companies, Verisk Analytics Inc., Protiviti Pvt. Ltd., SAI Global, Swiss Re Ltd., Risk Management Solutions (RMS)

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Largest And Fastest Growing Region In The Market
North America was the largest region in the risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Risk Management Market Report Structure
3. Risk Management Market Trends And Strategies
4. Risk Management Market - Macro Economic Scenario
5. Risk Management Market Size And Growth
…..
27. Risk Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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