Integrated Risk Management Software Market: Key Trends and Growth Insights

The Business Research Company recently released a comprehensive report on the Global Integrated Risk Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Integrated Risk Management Software Market 2024 Key Insights:

• 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%.
• Rising Cybersecurity Threats Fueling Demand For The Integrated Risk Management Software
• Innovative Solutions Transforming The Integrated Risk Management Software Market
• North America was the largest region in the integrated risk management software market in 2023

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