Emerging Trends Influencing The Growth Of The Enterprise Risk Management Market: Enterprise Risk Knowledge Centre to Support Risk Management Professionals

The Enterprise Risk Management Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Enterprise Risk Management Market?
In recent times, there has been a consistent expansion in the size of the enterprise risk management market. It is projected to increase from a market value of $5 billion in 2024 to about $5.17 billion in 2025, with a compound annual growth rate (CAGR) of 3.5%. Growth in the past can be associated with factors such as legal compliance obligations, the menace of cybersecurity, business continuity planning, the role of data analytics and insights, as well as the interruptions in the supply chain.

Predictions suggest a robust expansion of the enterprise risk management market in the near future, with its value expected to reach $7.28 billion in 2029, boasting a compound annual growth rate (CAGR) of 8.9%. Factors contributing to this anticipated growth in the upcoming period include the emergence of new risks, preparedness for pandemics, regulatory shifts and increasing complexity, as well as crisis handling and response. The future trends of this market space indicate a blend with developing technologies, management of cyber security risks, incorporation of artificial intelligence (AI) and machine learning (ML), the effect of climate change and ESG (environmental, social, governance) risks, and management of third-party risks.

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What Are the Different Enterprise Risk Management Market Segments?
The enterprise risk management market covered in this report is segmented -

1) By Deployment: Cloud, On-Premises
2) By Component: Hardware, Software, Services
3) By Industry Vertical: BFSI, IT And Telecom, Retail, Healthcare, Energy And Utilities, Manufacturing, Government And Defense

Subsegments:
1) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud, Cloud-based Risk Management Solutions
2) By On-Premises: On-Premises Software Solutions, On-Premises Infrastructure Management, Custom On-Premises Implementations

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What Are the Primary Drivers Shaping the Enterprise Risk Management Market?
The increase in cases of data security violations in businesses plays a crucial role in spearheading the expansion of the enterprise risk management market. A data breach refers to an incident where information is illicitly accessed and extracted from a system, often without the owner's knowledge or approval. There's a notable upswing in data security intrusions due to factors such as weak or stolen credentials, susceptible applications, malware, ill-intentioned insiders, internal errors, among others. Enterprise risk management contributes in identifying, assessing, and preparing for potential losses that could result from such data security breaches. For example, reports released in September 2024 by The Office of the Australian Information Commissioner (OAIC), a government agency in Australia, indicated that Australian government agencies documented 63 data breaches, which comprised 12% of all notifications. Hence, the escalating instances of data security infringements are likely to fuel the growth of the enterprise risk management market.

Which Companies Are Leading in the Enterprise Risk Management Market?
Major companies operating in the enterprise risk management market include Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Capgemini SE, Infosys Limited, Fidelity National Information Services Inc., Thomson Reuters Corporation, Wolters Kluwer N.V., ACL Services Ltd., RSA Security LLC, OneTrust LLC, MetricStream Inc., NAVEX Global Inc., Cority Inc., Riskonnect Inc., Enablon Inc., GRC Solutions Inc., Galvanize Inc., Resolver Inc., ProcessUnity Inc., LockPath Inc., Aravo Solutions Inc., BWise Inc., LogicManager Inc., LogicGate Inc., Quantivate Inc., SAI Global Pty. Ltd., Optial Inc., Rsam LLC, Ideagen Ltd.

What Trends Are Expected to Dominate the Enterprise Risk Management Market in the Next 5 Years?
Several major firms involved in the enterprise risk management market are establishing enterprise risk knowledge hubs to advance their risk management skills and promote knowledgeable decision-making culture. These hubs function as essential libraries for superior methodologies, analytical tools and best practices, allowing firms to spot, assess, and control risks more efficiently. For instance, in August 2024, the IRM India Affiliate, a professional organization based in India, unveiled the Enterprise Risk Knowledge Centre, an exclusive portal for accessing all Enterprise Risk Management (ERM) resources. The Enterprise Risk Knowledge Centre is a planned comprehensive centre for risk management professionals and offers access to plentiful resources like research articles, best practice guides, and educational materials. The role of this platform is to foster knowledge exchange and cooperation among professionals, assisting enterprises to refine their risk evaluation systems and elevate their risk management schemes.

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What Are the Top Revenue-Generating Geographies in the Enterprise Risk Management Market?
North America was the largest region in the enterprise risk management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Enterprise Risk Management Market?
2. What is the CAGR expected in the Enterprise Risk Management Market?
3. What Are the Key Innovations Transforming the Enterprise Risk Management Industry?
4. Which Region Is Leading the Enterprise Risk Management Market?

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