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Integrated Risk Management Software Market to Reach $17.93 Billion by 2028 at 6.6% CAGR Driven By Cybersecurity Threats

06-17-2024 07:21 PM CET | IT, New Media & Software

Press release from: The Business Research Company

Integrated Risk Management Software Market Report

Integrated Risk Management Software Market Report

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.

Integrated Risk Management Software 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 $17.93 billion In 2028 At A CAGR Of 6.6%:

The integrated risk management software market size has grown strongly in recent years. It will grow from $13.08 billion in 2023 to $13.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to regulatory compliance requirements, increased cybersecurity threats, financial market volatility, globalization and supply chain risks, and high-profile risk incidents.

The integrated risk management software market size is expected to see strong growth in the next few years. It will grow to $17.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the emergence of new regulatory requirements, digital transformation initiatives, increased complexity of business operations, and heightened focus on resilience and business continuity. Major trends in the forecast period include the adoption of artificial intelligence and machine learning, emphasis on real-time risk monitoring, expansion of risk quantification techniques, focus on vendor and third-party risk management, and integration of sustainability and ESG (environmental, social, and governance) factors.

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Integrated Risk Management Software Market Major Segments
The integrated risk management software market covered in this report is segmented -
1) By Type Of Software: Enterprise Risk Management Software, Financial Risk Management Software, Integrated Risk Management Software, Application Risk Management Software, Market Risk Management Software, Credit Risk Management Software, Information technology Risk Management Software, Quantitative Risk Management Software, Project Risk Management Software
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services, And Insurance (BFSI), Government, Information Technology And Telecom, Healthcare, Manufacturing, Other Industries

Key Driver - Rising Cybersecurity Threats Fueling Demand For The Integrated Risk Management Software

Rising cybersecurity threats are expected to propel the growth of the integrated risk management software market going forward. Cybersecurity threats refer to malicious activities, events, or vulnerabilities that pose risks to the confidentiality, integrity, and availability of digital information and technology systems. Cybersecurity threats are rising due to increased digitalization, the interconnectedness of systems, the proliferation of sophisticated attack techniques, and the growing incentives for cybercriminals to exploit vulnerabilities for financial gain or geopolitical motives. Integrated risk management software is used for cybersecurity threats by providing organizations with a holistic approach to identifying, assessing, prioritizing, and mitigating cyber risks across all business functions, systems, and processes, ultimately enhancing resilience and reducing the likelihood and impact of cyberattacks. For instance, in November 2022, according to the Annual Cyber Threat Report by the Australian Signals Directorate's Australian Cyber Security Centre (ASD's ACSC), an Australia-based body that is in charge of the Australian government's initiatives to improve cyber security, more than 76,000 reports of cybercrime were received, which represents an increase of around 13% from the previous fiscal year. This equates to one complaint every seven minutes, as opposed to eight minutes during the preceding fiscal year. Therefore, rising cybersecurity threats are driving the growth of the integrated risk management software market.

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Prominent Trend - Innovative Solutions Transforming The Integrated Risk Management Software Market

Major companies operating in the integrated risk management software market are developing innovative solutions featuring advanced functionalities, such as pre-configured solutions, to help organizations quickly stand up IT and third-party risk management programs. Pre-configured solutions play a crucial role in integrated risk management (IRM) software by providing organizations with pre-defined templates, workflows, and best practices to accelerate the implementation and adoption of risk management processes. For instance, in November 2022, NAVEX Global Inc., a US-based software company, launched NAVEX IRM Out-of-the-Box, a solution designed to streamline information technology and third-party risk management programs in response to the mounting cybersecurity threats faced by organizations. This software solution offers pre-configured IT and third-party risk management programs designed to simplify implementation and streamline risk management processes for organizations facing cybersecurity challenges. This pre-configured software ensures resilience and adaptation in the face of shifting risks by empowering users to rapidly and efficiently construct comprehensive risk management frameworks with lightning-fast setup, straightforward processes, automatic reporting, and real-time dashboards. Additionally, its customizable features allow organizations to tailor the solution to their specific needs, ensuring scalability and long-term effectiveness in managing risks.

Integrated Risk Management Software Market Players
Major companies operating in the integrated risk management software market are RSA Security LLC, NAVEX Global, Sphera Global, Riskonnect Inc., MetricStream, Galvanize, Intelex Technologies, LogicGate Inc., United Safety Ltd., Wolf & Company, Resolver Inc., ProcessUnity Inc., LogicManager Inc., Granite Partners, CyberSaint Security, Quantivate, Ostendio, BlackSwan Technologies, Acuity Risk Management, Standard Fusion, Phinity Risk Solutions, Risk Warden, Reciprocity Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the integrated risk management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the integrated risk management software 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. Integrated Risk Management Software Market Report Structure
3. Integrated Risk Management Software Market Trends And Strategies
4. Integrated Risk Management Software Market - Macro Economic Scenario
5. Integrated Risk Management Software Market Size And Growth
…..
27. Integrated Risk Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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The Business Research Company
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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