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Risk Management Software Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Risk Management Software Global Market Report 2024
According to The Business Research Company's, The risk management software market size has grown strongly in recent years. It will grow from $23.79 billion in 2023 to $25.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to regulatory compliance requirements, increasing cybersecurity threats, financial market volatility, globalization and supply chain risks, and high-profile risk incidents.
The risk management software market size is expected to see strong growth in the next few years. It will grow to $31.73 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to increased focus on ESG (environmental, social, and governance) risks, 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 adoption of artificial intelligence and machine learning, emphasis on real-time risk monitoring, expansion of risk quantification techniques,and focus on vendor and third-party risk management.
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Market Drivers and Trends:
The rising instances of security and data breaches are expected to propel the growth of the risk management software market going forward. Security breaches refer to unauthorized access or actions that compromise the confidentiality, integrity, or availability of information or systems, while data breaches specifically involve the unauthorized access, disclosure, or acquisition of sensitive or confidential data. Rising instances of security breaches and data breaches are due to increasing reliance on digital systems, sophisticated cyberattacks, inadequate cybersecurity measures, and human error. Security and data breaches use risk management software to assess, prioritize, and mitigate potential risks, track vulnerabilities, and implement proactive security measures to safeguard against cyber threats. For instance, in December 2021, according to Surfshark, a Netherlands-based virtual private network service company, around 952.8 million accounts were breached in the first 11 months of 2021, compared to 921.8 million breaches in 2020. Therefore, the rising instances of security breaches and data breaches drive the growth of the risk management software market.
Major companies operating in the risk management software market are focusing on developing advanced security posture management (ASPM) solutions to enhance cyber resilience and mitigate security risks effectively. ASPM entails integrated platforms orchestrating security policies, streamlining application security testing, and managing vulnerabilities across various projects, teams, and security tools. For instance, in August 2023, Synopsys Inc., a US-based company that provides electronic products and software applications, launched Synopsys Software Risk Manager, a powerful application security posture management (ASPM) solution. It is designed to simplify, align, and streamline application security testing across projects, teams, and tools. This comprehensive solution combines policy-driven test orchestration and vulnerability management with market-leading application security testing (AST) engines to help teams maximize application security program ROI.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Inc., RSM International Ltd., Wolters Kluwer N.V., Intertek Group plc, Infor Inc., SAS Institute Inc., HubSpot Inc., Kroll LLC, Diligent Corporation, NAVEX Global Inc., Demandbase Inc., MetricStream Inc., Riskonnect Inc., Ideagen plc, Chetu Inc., LogicGate Inc., Fusion Risk Management Inc., Act-On Software Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Cura Technologies Ltd., Yesware Inc., SimplyCast Interactive Marketing Ltd., ThriveHive Inc.
Risk Management Software Market 2024 Key Insights:
• The risk management software market size is expected to see strong growth in the next few years. It will grow to $31.73 billion in 2028 at a compound annual growth rate (CAGR) of 6%.
• Security Breaches In Fueling The Risk Management Software Market
• Advancements In Risk Management Software
• North America was the largest region in the risk management software market in 2023
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