NEW
YORK, July 18, 2024 /PRNewswire/ -- The global
risk management software market size is estimated to grow by
USD 11.05 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 18.69% during the forecast period. Increase in data
and security breaches among enterprises is driving market
growth, with a trend towards rising adoption of
cloud-based risk management solutions. However, high cost and
complexity in installation and configuration of the software
poses a challenge. Key market players include 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.
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Risk Management
Software Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
18.69%
|
Market growth
2024-2028
|
USD 11055
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
16.01
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
31%
|
Key
countries
|
US, UK, Japan, Germany,
and Canada
|
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
|
Market Driver
Cloud-based risk management solutions are gaining popularity
among organizations due to their advantages over traditional
on-premises systems. These solutions enable real-time risk
visibility, scalability, flexibility, and cost savings. For
instance, RiskCloud and LogicManager are cloud-based risk
management platforms that offer comprehensive risk management tools
and services. They help identify, assess, mitigate, and monitor
risks across business activities, providing real-time insights
through reporting capabilities. These solutions are particularly
beneficial for organizations with multiple locations or remote
workers, enabling access from anywhere with an internet connection
and promoting team collaboration. Additionally, cloud-based risk
management solutions offer enhanced security and data protection
through dedicated security teams and advanced security
technologies. These factors are driving the growth of the global
risk management software market.
The Risk Management Software Market is experiencing significant
growth due to increasing trends in phishing attacks, extortion, and
cybersecurity threats. Awareness towards data security is on the
rise, driving the demand for innovative cybersecurity solutions.
Economic uncertainties and financial constraints have led end-users
to seek cost-effective solutions from risk management providers.
Deployment modes vary from cloud-based and mobile solutions to
on-premises, catering to diverse business needs. Component-wise,
predictive analytics, machine learning, and natural language
processing are key trends. The insurance sector, financial
institutions, IT industry, and other end-users are adopting these
solutions for risk assessment, decision making, and risk mitigation
activities. Pre-loss prevention and post-loss management activities
are crucial in the current digital age, with real-time
capabilities, document storage, financial reporting, and integrated
banking essential features. Product developers continue to focus on
secure technology to combat identity theft and other cyber threats.
The market's growth prospects are promising, with rapid
digitalization and the widespread use of smartphones driving
demand.
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Market Challenges
- Risk management software is a valuable tool for businesses to
identify and mitigate potential risks and threats. However, the
installation and configuration process can be costly and complex
due to customization needs and system integrations. Every business
has unique risk management requirements, necessitating a
consultation process with vendors to ensure customization.
Integration with existing systems, such as financial management or
customer relationship management software, also adds complexity.
Additionally, data security is a significant consideration,
requiring secure installation and configuration, often involving
encryption or access control. For instance, a healthcare provider
implementing risk management software must consider data privacy
and medical record confidentiality, necessitating customization and
seamless integration with electronic medical records. These factors
contribute to the high cost and complexity of risk management
software, potentially hindering market growth.
- The Risk Management Software market faces several challenges
that organizations must address to ensure effective risk
mitigation. Security breaches pose a significant threat, requiring
technological expertise to prevent cyber-attacks and data breaches.
Developing economies present opportunities for expansion but also
bring infrastructure challenges. Trade regulations and production
analysis are critical issues, especially in association with legal
liabilities and financial uncertainty. Risk management software is
a primary driver for addressing these challenges, offering
assessment, summarization, and visualization capabilities. However,
software installation, configuration, and infrastructure
requirements can be complex. Cloud-based applications offer
flexibility but introduce security risks, particularly in the
work-from-home culture. Moreover, natural disasters and
data-related risks add to the complexity. Cybercriminals target
digital media and communication networks, causing damage and loss.
Strategic decisions regarding risk management software
implementation require careful consideration of these challenges
and the potential risks involved. The board must be aware of these
issues and make informed decisions to mitigate risks and protect
their organization.
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challenges - Request a sample report!
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 global risk management software
market's software segment is experiencing notable growth due to the
rising demand for tools that mitigate risks and enhance
organizational performance. This expansion is driven by
technological advancements, escalating data volumes, and the
necessity for proficient risk analysis and management. Two
prominent software types in this market are quantitative risk
assessment software and simulation software. Quantitative risk
assessment software quantifies risks using statistical tools and
algorithms, and it's widely adopted in finance, healthcare, and
insurance sectors. Simulation software predicts potential outcomes
and evaluates risks' impact on business operations, commonly used
in various industries, including finance, healthcare, and energy.
Risk management software's advantages include automating complex
processes, such as compliance management, which ensures regulatory
adherence, streamlines the process, and eliminates manual errors.
Additionally, predictive analytics software, a crucial software
type, analyzes historical trends to identify potential risks and
predict future outcomes, making it indispensable in finance,
healthcare, and energy industries. These factors are anticipated to
fuel the adoption of software in the global risk management
software market throughout the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global GRC platform market is poised for robust growth
driven by increasing regulatory complexities and the need for
streamlined risk management across industries. GRC platforms
integrate governance, risk, and compliance management to enhance
operational efficiency and ensure regulatory adherence, thereby
mitigating organizational risks effectively.
The global treasury and risk management software market is
experiencing significant expansion fueled by rising financial
complexities and the imperative for efficient cash flow management.
These software solutions empower organizations to optimize
liquidity, manage financial risks, and enhance decision-making
through advanced analytics and real-time insights, catering to
diverse financial needs across sectors.
Research Analysis
The Risk Management Software market is experiencing significant
growth due to the rapid digitalization of businesses and the
increasing use of smartphones. Traditional administrative and
financial tasks are being automated, making way for real-time risk
assessment, decision making, and mitigation activities. Online,
cloud-based applications are becoming the preferred choice for
end-users, offering document storage and easy access to risks and
issues from anywhere. Risk boards can monitor and manage legal
liabilities, financial uncertainty, and security risks in
real-time. The association between risk management and data
security is becoming increasingly important, with the need for
robust systems to protect sensitive information. Pre-loss
prevention is a key focus area, with organizations seeking to
minimize potential issues before they become major problems.
Deployment types include on-premises, cloud-based, and hybrid
solutions.
Market Research Overview
Risk management software is a critical tool for organizations to
mitigate various risks in today's digitally-driven world. With the
increasing use of smartphones and digitization, administrative and
financial tasks are being automated, leading to the growth of
cloud-based, real-time risk management solutions. Document storage,
financial reporting, integrated banking, and organizational data
are some key features of these applications. Product developers are
focusing on secure technology to address identity theft and
cybersecurity issues in financial institutions and the IT industry.
Cloud-based security solutions are primary drivers for growth, with
cloud-based application deployment being a preferred mode. Growth
segments include developing economies, work-from-home culture, and
expanding operations in digital media and communication networks.
Risk management software addresses various risks, including
financial uncertainty, legal liabilities, security risks, natural
disasters, and data-related risks. Innovative solutions for risk
assessment, decision making, and mitigation activities are in high
demand. End-users include various industries, with deployment types
ranging from on-premises to cloud-based. Rapid digitalization and
economic uncertainties are primary growth drivers, but cybercrimes,
such as phishing attacks, extortion, and cyber-attacks, pose
significant challenges. Pre-loss prevention and post-loss
management activities are essential components of effective risk
management.
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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