Enterprise Risk Management Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the Enterprise Risk Management Market Size By 2025?
The market size for enterprise risk management has seen consistent growth over recent times. It is expected to expand from a value of $5 billion in 2024 to around $5.14 billion in 2025, a compound annual growth rate (CAGR) of 2.8%. The growth during this historic period is a consequence of factors such as regulatory compliance obligations, cybersecurity risks, business continuity strategies, data analytics and insights, and disruptions within supply chains.

How Big Is the Enterprise Risk Management Market Size Expected to Grow by 2029?
The market for enterprise risk management is anticipated to undergo robust expansion in the following years, with its value swelling to $7.13 billion in 2029 at a compound annual growth rate of 8.5%. This predicted growth during the forecast period can be credited to the surfacing of new risks, readiness for pandemics, adjustments in regulations and their complexity, along with crisis control and response. Notable trends expected during the forecast period encompass the incorporation of budding technologies, the management of cybersecurity risks, the fusion of artificial intelligence (AI) and machine learning (ML), the impact of climate change and ESG (environmental, social, governance) risks, and management of third-party risk.

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Which Key Market Drivers Powering Enterprise Risk Management Market Expansion and Growth?
The spike in enterprises experiencing data security violations is fuelling the growth of the enterprise risk management market. The term "data breach" refers to an instance where data is extracted from a system without the permission or knowledge of the owner. These infringements are becoming more common due to various factors including weak or stolen credentials, application vulnerabilities, malware, malicious insiders, or unintentional insider errors. Enterprise risk management plays a crucial role in identifying, assessing, and planning for potential losses caused by these data security infringements. For instance, in September 2024, Australian government agencies reported 63 data breaches according to The Office of the Australian Information Commissioner (OAIC), a governmental agency in Australia. This accounts for 12% of all reported incidents. As such, an upward trend in data breaches will continue to boost the growth of the enterprise risk management market.

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Which Fast-Growing Trends Are Poised to Disrupt the Enterprise Risk Management Market?
Prominent firms in the enterprise risk management market are establishing enterprise risk knowledge centres to improve their risk handling abilities and encourage knowledgeable decision-making. These knowledge centres act as a centralized storage for leading methodologies, best practices, and tools for analysis that facilitate organizations in identifying, evaluating, and reducing risks more competently. For example, in August 2024, the IRM India Affiliate, a professional organization based in India, set up the Enterprise Risk Knowledge Centre-an all-inclusive portal for accessing unique Enterprise Risk Management (ERM) resources. The Enterprise Risk Knowledge Centre is purposed to function as a thorough hub for risk management professionals, offering an array of resources like research papers, guides for best practice, and educational materials. The goal of this platform is to promote knowledge exchange and cooperation among experts, thus assisting organizations in enhancing their frameworks for risk assessment and refining their overall strategies for risk management.

What Are the Emerging Segments in the Enterprise Risk Management Market?
The enterprise risk managementmarket 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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Enterprise Risk Management Industry?
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.

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