Risk Analytics Market worth $180.9 billion by 2029, growing at a CAGR of 24.8%: Report by MarketsandMarkets™

Chicago, May 01, 2024 (GLOBE NEWSWIRE) — The global Risk Analytics Market size is projected to grow from $59.7 billion in 2024 to $180.9 billion in 2029, at a CAGR of 24.8% during the forecast period 2024 to 2029, according to a new report by MarketsandMarkets™.

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In today’s rapidly changing business environment, risk analytics plays a crucial role by providing invaluable insights into the complex and dynamic landscape of risk factors that businesses face. As markets become increasingly complex and interconnected, the need to identify, assess, and mitigate risks becomes paramount for sustainable growth and competitive advantage. Organizations worldwide are embracing risk analytics as it offers a systematic approach to analyzing historical data, predicting future scenarios, and quantifying risks across various domains such as finance, operations, and compliance. By identifying, quantifying, and prioritizing risks, organizations can make informed decisions to mitigate potential threats and capitalize on opportunities effectively. This process involves collecting and processing vast amounts of data from diverse sources, such as market trends, economic indicators, and historical performance, to generate actionable intelligence for risk management strategies. Risk intelligence is enabling businesses to identify, assess, and prioritize risks across various operational domains, including finance, supply chain, and regulatory compliance.

Risk Analytics Market Dynamics:

Drivers:

  • Growing incidences data theft and security breaches

Opportunities:

  • Adoption of AI and blockchain technology in the market

Restraints:

  • Resistance to Change

List of key players:

  • IBM (US)
  • SAS Institute (US)
  • Oracle (US)
  • FIS(US)
  • Moody’s Analytics (US)
  • ProcessUnity (US)
  • ServiceNow (US)
  • Marsh (US)
  • Aon (UK)
  • MetricStream (US)

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Based on the offering, the market is further categorized into software and services. The software segment has been further segmented by type and by deployment mode. By type the market is divided into ETL Tools, Risk Calculation Engines, Scorecard and Visualization Tools, Risk Reporting Tools, Dashboard Analytics, GRC Software, and Others (Portfolio Management, Operation Risk Management). Where Risk Reporting tools are bifurcated into Pre-Built Parameterized Standard Reports, Drill Down & Thru Reporting, Audit & Data Quality Reports, Enterprise Reporting, Compliance Reporting, and Others. By deployment mode the market is divided into clouds and on-premises. Services are segmented into professional services and managed services, professional services encompass consulting, deployment and integration, and support and maintenance.

Based on the risk type, the market is bifurcated into strategic risk, regulatory risk, environmental risk and other (economic risk and change risk). Strategic risk is further bifurcated into operational risk, reputational risk, political risk, governance risk, and financial risk.

Based on the risk stages, market is bifurcated segment includes risk identification, risk assessment and prioritization, risk response and mitigation, risk monitoring, risk reporting.

Based on industry verticals, the Risk Analytics Market is bifurcated into BFSI, retail and ecommerce, healthcare and life sciences, telecommunications, energy and utilities, manufacturing, transportation and logistics, government and defence, mining, construction, others. Risk analytics, employing historical data, algorithms, and AI, is a crucial asset for diverse industry verticals like retail, banking, and healthcare.

The Risk Analytics Market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is estimated to account for the largest share of the Risk Analytics Market in 2024, followed by Asia Pacific. Various factors propel the growth of the Risk Analytics Market in North America. These include the increasing complexity and volume of data generated by businesses and financial institutions have necessitated advanced risk management solutions. With the rise of big data, machine learning, and artificial intelligence technologies, North American enterprises are leveraging advanced analytics tools to assess and mitigate risks more effectively. Stringent regulatory requirements in industries such as finance, healthcare, and energy have compelled organizations to adopt robust risk analytics solutions to ensure compliance and minimize potential liabilities. The growth of risk analytics in Asia is driven by digitalization, AI advancements, data-driven strategies, technology investments, and government support. The rapid economic growth and digital transformation across countries in Asia Pacific have also led to increased awareness among enterprises about the importance of risk management.

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