Risk management is essential for businesses and has been in practice for years. However, in recent years, the area has gained substantial significance due to a rise in awareness. Risk management has become the key area of concern for the C-suite and relying on mere instincts might turn out to be risky for businesses. This has compelled organizations to turn to risk analytics solutions, which are backed by hard data. Additionally, growing uncertainty in the cyberspace has compelled organizations to protect their valuable data, which has further led to the proliferation of the risk analytics market.
The pressing need to measure, quantify, and predict risks within the context of emerging disruptive forces, evolving business models, and changing the regulatory landscape, is intensifying the demand for risk analytics services. Risk analytics is the utilization of data analytics tools and techniques combined with the adherence to regulatory and management regulations to calculate possible scenarios and events that might affect the business. Risk analytics services help businesses manage risks better, improve performance, reduce costs, and increase profits. Market Research Future (MRFR) has recently published a comprehensive report on the global risk analytics market and has projected the market to reach USD 42 Bn at a CAGR of 14% over the forecast period of 2017-2023.
The BFSI and insurance sector are responsible for generating a huge chunk of the overall risk analytics market demand. Risk analysis is immensely important to these sectors as it helps them mitigate the chances of huge economic loss. Other factors that contributes to the growth of the market include technological advancement in risks analytics tools and the adoption of cloud services. Cloud adoption facilitates storage of huge volumes of data. Organizations can use risk analytics to identify key trends and patterns which would aid is better risk management.
Region-wise, the risk analytics market size has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America accounts for the principal share of the risk analytics market. Progress made in technology along with the growing use of mobile devices and other gadgets in the region. In addition, the presence of key players in the region gives it unprecedented leverage over others.
The APAC market is anticipated to grow at the fastest rate over the forecast period. Constant currency fluctuation and increasing demand from end-use industries have boosted the growth of the APAC risk analytics market. The BFSI sector, in particular, has generated substantial demand for risk analytics solutions in the region.
The global risk analytics market has been segmented based on component, deployment, and vertical.
By component, the risk analytics market has been segmented into software and services. The software segment has been further segmented into Extract, Transform and Load Tools, Dashboard Analytics and Risk Reporting Tools, and Scorecard, Visualization Tools, Risk Calculation Engines, and GRC Software, among others. The services segment has been further segmented into managed services and professional services.
By deployment, the risk analytics market has been segmented into on-premise and on-cloud.
By vertical, the risk analytics market has been segmented into BFSI, Healthcare, Transportation, Manufacturing, Retail, and Government, among others. The BFSI sector is leading in the deployment of risk analysis solutions as the sector is subject to high degree risks.
Moody's Analytics, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), SAP SE (Germany), Misys (U.K.), Provenir, Inc. (U.S.), SAS Institute Inc. (U.S.), AxiomSL (U.S.), Gurucul (U.S.), Risk Edge Solutions (India), Oracle Corporation (U.S.), and IBM Corporation (U.S.) are the key players in the global risk analytics market.
July 2019 - Bitdefender, a global cybersecurity and antivirus software leader, announced the integration of security risk analytics capabilities into its GravityZone endpoint security solution. The new risk analytics solution would help enterprises ensure that they can discover, prioritize, and remediate risks from endpoint software misconfigurations.
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