PUBLISHER: SkyQuest | PRODUCT CODE: 1463384
PUBLISHER: SkyQuest | PRODUCT CODE: 1463384
Global Risk Analytics Market size was valued at USD 43.45 billion in 2022 and is poised to grow from USD 53.10 billion in 2023 to USD 264.02 billion by 2031, at a CAGR of 22.2% during the forecast period (2024-2031).
The primary driver of the worldwide market is a single platform that facilitates risk management and company operations in terms of analysis, computation, forecasting, and risk mitigation. Furthermore, it is projected that the increasing demand from emerging countries and the incorporation of artificial intelligence (AI) into these analytics would present numerous opportunities for software developers. Many vendors in the market are focusing on providing AI-integrated solutions that help businesses confront emerging threats. A variety of end-user sectors are increasingly using large volumes of structured and unstructured data, which raises the demand for risk analytics to manage and safeguard data from threats. For example, Seagate Technology PLC projects that the world's total data volume will reach 47 and 163 zettabytes by 2020 and 2025, respectively. The Global Association of Risk Professionals projects that the capital markets, banking, and insurance industries will invest USD 96 billion in risk information technologies and services. With so many sectors adopting massive volumes of organized and unstructured data quickly, there is an increasing need for risk mitigation to manage and safeguard data from risks. To maintain their competitive edge and facilitate enhanced regulatory reporting, the companies are adopting a more all-encompassing approach to risk governance through the implementation of integrated strategies.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Risk Analytics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Risk Analytics Market Segmental Analysis
Global Risk Analytics Market is segmented on the basis of type, end user, deployment outlook, enterprise size and region. By type, the market is segmented into big data analytics, business analytics, customer analytics, risk analytics, statistical analytics, others. By end user, market is segmented into BFSI, government, healthcare, IT & telecom, military & defense, others. by deployment outlook, the market is segmented into on-premise and cloud. by enterprise size, the market is segmented into the large enterprise, small & medium enterprise. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global Risk Analytics Market
Businesses are finding it increasingly difficult to manage massive data sets and identify possible threats as business complexity rises. Expanding inventions, changing types of complexity, inadequate information management, intricate laws, and government monitoring are the primary factors contributing to an organization's growing complexity. Following the 2008 financial crisis, companies began to place a higher priority on risk management and invested heavily in adopting cutting-edge techniques that can help control risk throughout the entire organization. Growing technical innovation and the adoption of new technologies, such as edge computing, AI, ML, and IoT, have resulted in the massive generation of data.
Restraints in the Global Risk Analytics Market
Regulatory compliance can take a variety of shapes globally. This makes it difficult for organizations to lower compliance risk and follow a variety of regulatory requirements that differ from nation to nation and industry to industry. One of the things preventing the risk analytics market from growing is the lack of a set standard to be adhered to. Additionally, these factors make it difficult for businesses providing risk analytics solutions to satisfy the needs of a wide range of end customers. In some regions where there is no regulatory structure and standard imposed by governing authorities, organizations focus on developing internal regulatory rules and policies.
Market Trends of the Global Risk Analytics Market
The move toward cloud-based risk analytics solutions is being driven by the use of cloud computing. Scalability, cost-effectiveness, and flexibility are features of cloud-based platforms that let businesses work together efficiently, access risk data from any location, and expand their risk analytics capabilities to meet their needs. Cloud-based solutions offer improved data security measures and facilitate smooth integration with other company systems.