NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global risk management software market size is
estimated to grow by USD 7372.29 mn
from 2023-2027, according to Technavio. The market is estimated to
grow at a CAGR of 15.32% during the forecast period.
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historic data (2017 - 2021) - Download
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Component (Software and
Services), Deployment (On-premises and Cloud), and Geography (North
America, Europe, APAC, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Aravo Solutions Inc.,
Cura Global GRC Solutions PTE LTD., Dell Technologies Inc.,
Diligent Corp., Fusion Risk Management Inc., Ideagen, International
Business Machines Corp., Intertek Group Plc, Kroll LLC, LogicGate
Inc., LogicManager Inc., MetricStream Inc., NAVEX Global Inc.,
ProcessUnity Inc., Riskonnect Inc., RSM International Ltd., SAP SE,
Stiftelsen Det Norske Veritas, Thomson Reuters Corp., and Wolters
Kluwer NV
|
Key Market Trends Fueling Growth
The cloud-based risk management software market is experiencing
significant growth as businesses increasingly adopt these solutions
for effective and efficient risk management. Cloud-based systems
offer real-time risk visibility, scalability, flexibility, and cost
savings, making them an attractive alternative to traditional
on-premises solutions. Key features include phishing attack
protection, extortion prevention, risk assessment, risk decision
making, risk mitigation activities, pre-loss prevention, and
post-loss management. Solutions may also offer predictive
analytics, machine learning, and natural language processing.
Industries such as finance, insurance, and IT are major adopters,
with deployment types including mobile solutions and integrated
banking. Organizational data security is a primary concern, with
solutions addressing identity theft, data security, and
cybersecurity. Rapid digitalization and economic uncertainties have
further fueled the market's growth.
Market Challenges
- Risk management software is a vital solution for businesses of
all sizes, enabling the identification and mitigation of potential
risks and threats. However, the market for this software is
characterized by high installation and configuration costs due to
the necessity of customization. Unique risk management requirements
call for tailored software solutions, resulting in lengthy
consultation processes with vendors. Key aspects driving the market
include security breaches, technological expertise, developing
economies, infrastructure, trade regulations, production analysis,
application niches, work-from-home culture, cyber-attacks, security
issues, and various risks associated with organizations.
Additionally, factors such as legal liabilities, financial
uncertainty, natural disasters, data-related risks, and the
coronavirus outbreak contribute to the expansion of this
market.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
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Segment Overview
This risk management software market report extensively covers
market segmentation by
- Component
- 1.1 Software
- 1.2 Services
- Deployment
- 2.1 On-premises
- 2.2 Cloud
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Software- The software segment in the risk management
software market is experiencing substantial growth due to the
primary driver of security breaches and the need for robust risk
analysis and management. Technological expertise plays a pivotal
role in this expansion, with developing economies increasingly
adopting advanced software solutions. Market segmentation by
component includes software installation, configuration,
infrastructure, and application niches. The work-from-home culture
and cyber-attacks have intensified security issues, leading
organizations to invest in risk management software. In industries
such as healthcare, financial services, and insurance, this
software is indispensable. Risks, including legal liabilities,
financial uncertainty, and security risks, are addressed through
risk management software. Natural disasters and data-related risks
further necessitate the use of this technology. The coronavirus
outbreak has accelerated the adoption of online, cloud-based
applications, increasing the importance of risk assessment and
summation. Routine activities, such as production analysis and
communication networks, are vulnerable to cybercriminals, leading
to damage and loss. The risk board and strategic decisions require
effective risk management software to mitigate these issues. Verge
Health and the Texas Hospital Association are among the many
organizations that have segmented their growth segments to address
these challenges. The growth of risk management software is
expected to continue, as the importance of effective risk analysis
and management becomes increasingly apparent.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
The Risk Management Software Market is experiencing significant
growth due to the rapid digitalization of administrative and
financial tasks. Smartphones and cloud-based applications have made
real-time document storage and access possible, enabling end-users
to manage risks more effectively. However, this digitization also
brings new issues and risks, including financial uncertainty, legal
liabilities, security risks, and risks to the board. To mitigate
these risks, risk assessment, decision making, and mitigation
activities are crucial. Pre-loss prevention is a key deployment
type, ensuring data security and minimizing potential damages.
Online risk management solutions offer flexibility and efficiency,
making them an essential tool for associations and organizations
facing complex risk landscapes.
Market Research Overview
The Risk Management Software market is a significant sector in
the technology industry, focusing on providing solutions to
identify, assess, prioritize, and mitigate various risks faced by
organizations. These risks can include financial, operational,
compliance, strategic, and reputational risks. The software
solutions utilize advanced analytics, machine learning, and
artificial intelligence to identify potential risks and provide
recommendations for risk mitigation. The market is driven by the
increasing complexity of business operations, regulatory
requirements, and the need for organizations to protect their
assets and reputation. The software also facilitates collaboration
and communication between different teams and stakeholders involved
in risk management. The market is expected to grow at a robust pace
due to the increasing adoption of technology in risk management and
the rising demand for more effective and efficient risk management
solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio