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Risk Analytics Market Trends, Top Companies, Share, Growth And Forecast 2033
Risk Analytics Market Trends,
As per the report, the risk analytics market size has grown rapidly in recent years. It will grow from $33.44 billion in 2023 to $37.94 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The risk analytics market size is expected to see rapid growth in the next few years. It will grow to $63.04 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%.
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Increasing Use Of Large Amounts Of Structured And Unstructured Data To Drive The Market
The increasing use of large amounts of structured and unstructured data will propel the growth of the risk analytics market. 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. Businesses are increasingly using these large amounts of structured and unstructured data for predictive analysis, risk analysis, forecasting, and others. This increasing usage will create demand for risk analytics as well as risk analytics uses large amounts of structured/unstructured data to predict the risk with a large degree of accuracy. For instance, according to a report by an American data storage company Seagate Technology PLC, the global data will increase by 61% to 175 zettabytes (ZB) by 2025 from 33 ZB in 2018. 90 ZB of data will be created on IoT devices by 2025. Close to 30% of the data created will be consumed in real-time by 2025. It indicates that there is a huge amount of data that needs to be stored, handled, and used/analyzed. Therefore, the rising usage of a large amount of structured and unstructured data will drive the risk analytics market growth.
Technological Advancement Transforms The Market
Technological advancement is a key trend gaining popularity in the risk analytics market. 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. X-Sight Entity Risk, powered by artificial intelligence, entity resolution, machine learning, and network analytics, enhances the efficacy of advanced anti-money laundering, enterprise fraud prevention, and other financial services applications.
The risk analytics market covered in this report 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
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Major companies operating in the risk analytics market report are International Business Machines Corporation, Oracle Corporation, SAS Institute Inc., SAP SE, FIS Inc., ACI Worldwide Inc., Adyen N. V., Aon plc, Authorize. Net, AxiomSL Ltd., BlueSnap, Braintree, Capgemini SE, Eastnets, Experian Health, First Data Corporation, Fiserv Inc., Ingenico Group, Interkassa, Marsh & McLennan Companies Inc., Moody's Analytics Inc., OneSpan Inc., PayPal Holdings Inc., RSA Security LLC, Square Inc., Stripe Inc., VeriFone Inc., Verisk Analytics Inc., Worldpay Inc.
Contents of the report:
1. Executive Summary
2. Risk Analytics Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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