Press release
Risk Analytics Market is Set to Garner Staggering Revenues by 2021
The integration of risk modeling techniques into analytics allows organizations to know probable fraud, intensity of the fraud and prioritize the investigations based on impact rate of each fraud. Fraud detection analytics enable government organizations to identify fraud and optimize the level of risk. Risk analytics check user behavior, historical fraud data and current and past transactions to estimate the risk.
The risk analytics market is segmented by solutions, services, applications and industry verticals. Different types of risk analytics solutions available in the market include extract, risk calculation engines, transform and load, scorecard and visualization tools, dashboard analytics, risk reporting and governance risk and compliance. Various services offered by risk analytics comprises of support and maintenance service, consulting service and integration service. Risk analytics has widespread applications such as fraud detection and prevention, credit risk management, liquidity risk analysis, real time situational awareness, industry benchmarking and validation and product portfolio management. Different industry using risk analytics include banking, financial services, insurance, consumer goods and retail, government, healthcare, telecommunication and information technology (IT), manufacturing, transportation and logistics, energy and utilities, media and entertainment and others.
Increasing need to tackle verticals specific challenges and growing focus on market and competitive intelligence is driving the risk analytics market. Risk analytics is increasingly being popular among corporate in addition to the financial services sector. Financial organizations are expected to continue to use risk analytics owing to regulatory requirements. Emergence of real time and on-demand risk analytics is fuelling the risk analytics market growth. Technology is being the key enabler for providing real time market and trading data to the companies offering risk on-demand analytics services and assisting them to serve as per the market volatility. Service providers are moving ahead for designing dynamically configurable risk analytics platform for customers with lack of time and capital investments for customized offerings. Low level of knowledge and regulatory compliances are the primary challenges in the risk analytics market. These challenges are hampering the risk analytics market growth.
Prominent players in the risk analytics market include Oracle India Pvt. Ltd., International Business Machines Corporation, SAS Institute Inc., Microsoft Corporation and SAP A.G. Cisco Systems, Inc., Teradata Corporation and TIBCO Software Inc. among others.
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