Risk Management Consulting Services Market by Type, End-Users, Industry

Description

List of Tables

[189 Pages Report] The Risk Management Consulting Services Market size was estimated at USD 121.72 billion in 2023 and expected to reach USD 130.46 billion in 2024, at a CAGR 7.30% to reach USD 199.37 billion by 2030.

Risk management consulting services are essential for organizations as these services help them to identify, assess, and manage various types of risks that could negatively impact their business objectives. Risk management consulting services help organizations proactively manage risks, reduce the impact of potential risks, and enhance their overall business performance. The growing demand for business process improvisation and operational efficiency, advancements in ERP consulting & IT training, and the emergence of digital consulting raise the need for risk management consulting services to help organizations identify potential risks and formulate effective strategies to manage them. The macro-environmental factors are complex and difficult to predict, making it challenging for organizations to manage risks effectively. Additionally, the limited availability of skilled professionals in risk management can make it challenging for organizations to find and hire the right talent. Another potential challenge for organizations is the high cost and complexity of installing risk management software. This software can be costly to purchase and may need significant time and resources to implement and maintain. Organizations may need to invest in training to ensure employees can effectively use and derive value from the software. Moreover, the evolution of crowdsourcing and network-based consulting and the adoption of advanced data management strategies are creating the scope for innovation in risk management consulting services. By leveraging these trends, organizations can develop more effective risk management strategies that are better aligned with their long-term business goals and objectives.

KEY MARKET STATISTICS
Base Year [2023]	USD 121.72 billion
Estimated Year [2024]	USD 130.46 billion
Forecast Year [2030]	USD 199.37 billion
CAGR (%)	7.30%

Type: Need for operational risk management to navigate environmental regulations and supply chain complexities

Advanced risk analytics refers to the use of complex algorithms and statistical methods to predict and manage potential risks. Its application spans across various industries, including finance, healthcare, and manufacturing. Balance sheet management involves the strategic analysis of assets and liabilities to optimize earnings, manage risks, and comply with regulations. As environmental and social governance (ESG) factors become increasingly crucial, services focusing on assessing and mitigating risks related to climate change are in demand. Commodity market risk service focuses on the management of risks associated with fluctuations in commodity prices. Compliance & crisis response services include ensuring that companies comply with legal standards and are prepared for crisis situations. Credit risk management involves assessing and managing the risk of financial loss from borrowers defaulting on their obligations. With the growing threat landscape in the digital world, managing cybersecurity and digital risks is paramount for all organizations. Network risk involves managing risks associated with network and IT infrastructure failures or breaches. Operational risk management focuses on risks arising from internal processes, people, and systems.

Industry: Increasing emphasis of risk management in payments & banking sectors

The automotive sector faces unique challenges, including managing the complexity of global supply chains and rapidly changing regulatory environments. The need for innovation while ensuring safety and compliance puts a particular strain on risk management strategies. Financial institutions prioritize risk management consulting for financial risk, including credit, market, and liquidity risks. Additionally, operational, compliance and cyber risks are of high importance due to the digitization of financial services. Financial institutions deal with a high level of regulatory scrutiny compared to other industries. The dynamic nature of financial markets and the critical importance of customer trust necessitate sophisticated and dynamic risk management strategies. Insurance companies seek risk management consulting for understanding and mitigating underwriting risks, claims fraud, and operational risks. They also focus on strategic risks associated with market changes and regulatory compliance. Payments & transaction banking requires risk management consulting to address fraud risk, operational risk, compliance risk, and cyber security. With the rise of digital payments, managing the security and integrity of transactions is paramount.

Regional Insights

The proliferation of climate and ESG risk management frameworks with the constant need for financial management advice and support for businesses is increasing the adoption of risk management consulting services in the Americas. Surging stringent government regulatory compliance and increasing risk management adoption among financial institutions, especially in the newly growing ESG sector, expands market growth in EMEA. The increasing presence of SMEs across EMEA and APAC increases the adoption of risk management consulting services. According to the European Commission (EC), small and medium-sized enterprises (SMEs) are the backbone of Europe's economy, representing 99% of all European Union (EU) businesses. Around 100 million people are employed by small and medium-sized businesses, which contribute more than half of Europe's GDP and play a critical role in adding value to every economic sector. The presence of multinational companies (MNCs) across Australia, Hong Kong, Japan, Malaysia, the Philippines, Singapore, and Thailand and emerging digitalized trends in the region are increasing the demand for various risk management consulting services in the Asia-Pacific.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Risk Management Consulting Services Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Risk Management Consulting Services Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Risk Management Consulting Services Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Actualize Consulting, Allianz Group, Aon PLC, Bain & Company, Inc., BearingPoint B.V., BlackRock, Inc., Boston Consulting Group, Capgemini SE, Consultport GmbH, Crisil Limited, Deloitte Touche Tohmatsu Limited, ECBM Insurance Brokers & Consultants, Ernst & Young Global Limited, FM Global Group, FTI Consulting, Inc., Grant Thornton LLP, Hartman Executive Advisors, HUB International Limited, International Business Machines Corporation, KPMG International Limited, Marsh & McLennan Companies, Inc., McKinsey & Company, MedPro Group, Mercadien Group, Mercer (US) LLC, NMS Consulting, Inc., Princeton Holdings Limited, Protiviti Inc., Risk Management Consulting LLC, SC&H Group, Inc., Willis Towers Watson Public Limited Company, and Worldwide Risk Management, Inc..

Market Segmentation & Coverage

This research report categorizes the Risk Management Consulting Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Advanced Risk Analytics
- Balance Sheet Management
- Climate and ESG Risk Management
- Commodity Market Risk
- Compliance & Crisis Response
- Credit Risk Management
- Cybersecurity & Digital Risk
- Network Risk
- Operational Risk Management

End-Users
- Large Enterprise
- SME

Industry
- Automotive
- Financial Institutions
- Insurance
- Payments & Transaction Banking

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Risk Management Consulting Services Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Risk Management Consulting Services Market?

3. What are the technology trends and regulatory frameworks in the Risk Management Consulting Services Market?

4. What is the market share of the leading vendors in the Risk Management Consulting Services Market?

5. Which modes and strategic moves are suitable for entering the Risk Management Consulting Services Market?

Product Code: MRR-43477954272A

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing demand for business process improvisations coupled with

operational efficiency

5.1.1.2. Advancements in ERP consulting and IT training
5.1.1.3. Rising globalization and the emergence of digital consulting

5.1.2. Restraints
- 5.1.2.1. Issues related to complex macro-environment and limited availability of skilled professionals
5.1.3. Opportunities
- 5.1.3.1. Evolution of crowdsourcing and network-based consulting
- 5.1.3.2. Adoption of business intelligence (BI) and advanced data management strategies
5.1.4. Challenges
- 5.1.4.1. High cost and complexity in installation of the risk management software

5.2. Market Segmentation Analysis
- 5.2.1. Type: Need for operational risk management to navigate environmental regulations and supply chain complexities
- 5.2.2. Industry: Increasing emphasis of risk management in payments & banking sectors
5.3. Market Trend Analysis
- 5.3.1. Rising deployment of ESG risk management services with the increasing development of novel risk management consulting services in the Americas
- 5.3.2. Rising digitalization across the business and industrial sectors with the increasing number of MNCs and startups in the Asia-Pacific
- 5.3.3. Stringent government regulatory compliance with increasing risk management consultancy services adoption to reduce cyber attacks in the EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Risk Management Consulting Services Market, by Type

6.1. Introduction
6.2. Advanced Risk Analytics
6.3. Balance Sheet Management
6.4. Climate and ESG Risk Management
6.5. Commodity Market Risk
6.6. Compliance & Crisis Response
6.7. Credit Risk Management
6.8. Cybersecurity & Digital Risk
6.9. Network Risk
6.10. Operational Risk Management

7. Risk Management Consulting Services Market, by End-Users

7.1. Introduction
7.2. Large Enterprise
7.3. SME

8. Risk Management Consulting Services Market, by Industry

8.1. Introduction
8.2. Automotive
8.3. Financial Institutions
8.4. Insurance
8.5. Payments & Transaction Banking

9. Americas Risk Management Consulting Services Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Risk Management Consulting Services Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Risk Management Consulting Services Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. FTI Consulting and Smarsh to Offer Enhanced Solutions Across a Spectrum of Digital Insights & Risk Management Issues
- 12.3.2. BearingPoint planned to acquire Levo Consultants to boost its services
- 12.3.3. RegTech Acin receives big name backing in recent Series B
- 12.3.4. Celonis, ServiceNow, KPMG launched Connected Integrated Risk Management
- 12.3.5. EY announced the acquisition of international financial and risk transformation consultancy, ifb SE
- 12.3.6. NAVEX Launched NAVEX IRM Out-of-the-Box to Accelerate Third Party and IT Risk Management
- 12.3.7. EY announced an alliance with Kyndryl to help organizations advance and accelerate their digital transformation journeys
- 12.3.8. Jupiter Announced Climate Risk Analytics Collaboration with the Boston Consulting Group
- 12.3.9. FTI Consulting Expands RelativityOne Solutions to Singapore
- 12.3.10. Protiviti Expanded Legal Consulting Capabilities to Meet Growing Client Needs
- 12.3.11. EY and Microsoft Announced Collaboration To Help Businesses Use Technology To Tackle Complex Legal And Compliance Challenges

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio