Rising Cybersecurity Threats Fueling Demand For The Integrated Risk Management Software: Core Growth Enabler in the Integrated Risk Management Software Market, 2025

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What Will the Integrated Risk Management Software Industry Market Size Be by 2025?
The market for integrated risk management software has seen substantial growth in the past couple of years. The industry is forecasted to rise from a valuation of $13.88 billion in 2024 to $14.79 billion in 2025, achieving a Compound Annual Growth Rate (CAGR) of 6.5%. The upsurge observed in the historical period is credited to aspects such as regulatory compliance obligations, escalating cyber security threats, fluctuations in the financial market, the effects of globalization and supply chain threats, along with notable risk occurrences.

What's the Long-Term Growth Forecast for the Integrated Risk Management Software Market Size Through 2029?
In the coming years, the integrated risk management software market is projected to experience robust growth. The market is forecasted to expand to $19.16 billion by 2029, with a CAGR of 6.7%. This growth during the predicted period can be ascribed to factors like the introduction of new regulatory needs, initiatives for digital transformation, complexity in business operations, and an increased emphasis on resilience and business continuity. During the forecast period, the sector is expected to witness trends like the usage of artificial intelligence and machine learning, prioritization of real-time risk surveillance, development of risk quantification methodologies, attention on vendor and third-party risk management, and the incorporation of sustainability and ESG (environmental, social, and governance) aspects.

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What Are the Key Growth Drivers Fueling the Integrated Risk Management Software Market Expansion?
The surge in cyber threats is likely to fuel the expansion of the integrated risk management software market. Cyber threats encompass harmful activities, events, or weaknesses that represent a danger to the privacy, completeness, and accessibility of digital data and technological systems. These threats are growing with the rise of digitization, system interconnectivity, the spread of advanced attack methods, and increasing incentives for cyber offenders to exploit weaknesses for financial or geopolitical benefits. Integrated risk management software responds to these cyber threats by offering organizations a comprehensive strategy to identify, evaluate, rank, and address cyber risks across all business aspects, systems, and processes, thereby heightening resilience and lessening the likelihood and repercussions of cyber attacks. For example, the ASD's ACSC Annual Cyber Threat Report in November 2022 stated that more than 76,000 cybercrime reports were registered by the Australian cybersecurity organization, an uptick of nearly 13% from the last fiscal year. This corresponds to a complaint every seven minutes compared to eight minutes in the prior fiscal year. As a result, the escalating cyber threats are driving the growth of the integrated risk management software market.

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What Are the Key Trends Driving Integrated Risk Management Software Market Growth?
Key players in the integrated risk management software market are creating state-of-the-art solutions, such as pre-configured ones, to assist organizations in swiftly establishing IT and third-party risk management procedures. These pre-configured solutions are significant in integrated risk management software as they equip organizations with predefined templates, workflows, and optimal strategies to speed up the execution and adoption of risk management operations. For example, NAVEX Global Inc., a company specializing in software based in the US, introduced NAVEX IRM Out-of-the-Box in November 2022. This solution is engineered to facilitate information technology and third-party risk management plans in response to the increasing cybersecurity threats encountered by firms. The software offers pre-configured IT and third-party risk management modules, aiming to ease implementation and hasten the risk management processes for firms dealing with cybersecurity issues. This ready-to-use software promotes resilience and adaptability amidst changing risks by enabling users to quickly and efficiently build comprehensive risk management structures with rapid setup, easy processes, automatic report generation, and live dashboards. Furthermore, its customizable options allow organizations to modify the solution to meet their unique demands, ensuring scalability and sustained effectiveness in risk management.

How Is the Integrated Risk Management Software Market Segmented?
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

Subsegments:
1) By Enterprise Risk Management Software: Risk Identification And Assessment Tools, Risk Control And Mitigation Tools, Risk Reporting And Monitoring Tools
2) By Financial Risk Management Software: Credit Risk Management Tools, Liquidity Risk Management Tools, Market Risk Management Tools, Operational Risk Management Tools
3) By Integrated Risk Management Software: Comprehensive Risk Assessment Platforms, Enterprise-Wide Risk Monitoring Tools, Risk Compliance and Reporting Systems
4) By Application Risk Management Software: Vulnerability Assessment Tools, Threat Detection And Prevention Tools, Application Security Risk Monitoring
5) By Market Risk Management Software: Market Data Analysis Tools, Portfolio Risk Management Tools, Hedging And Risk Mitigation Tools
6) By Credit Risk Management Software: Credit Scoring And Assessment Tools, Credit Exposure Analysis, Loan Default Prediction Tools
7) By Information Technology (IT) Risk Management Software: IT Security Risk Management, Cybersecurity Risk Monitoring, IT Compliance Management
8) By Quantitative Risk Management Software: Risk Quantification And Modeling Tools, Statistical Analysis And Simulation Tools, Risk Assessment Algorithms
9) By Project Risk Management Software: Risk Identification And Tracking Tools, Project Risk Mitigation Tools, Project Scheduling And Resource Allocation Risk Management Tools

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Which Companies Are Leading the Charge in Integrated Risk Management Software Market Innovation?
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.

Which Regions Are Leading the Global Integrated Risk Management Software Market in Revenue?
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.

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