According to a new market research report “Risk Analytics Market by Software Type (ETL, Risk Calculation Engines, Scorecard and Visualization), Service, Risk Type (Strategic Risk, Operational Risk, Financial Risk), Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2024″, published by MarketsandMarkets, the risk analytics market is expected to grow from USD 23.0 billion in 2019 to USD 45.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.
The major factors driving the growth of risk analytics market include increasing complexities across business processes, and rising digitalization & business process automation.
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The services segment is expected to grow at the highest CAGR in the global Risk Analytics Market during the forecast period
The risk analytics market has been segmented based on components into two categories: software and services. The software segment is estimated to hold the largest market size, driven by the increasing adoption of various risk analytics software to identify new risk factors and risk mitigation measures. The growing data silos and need of data integration across organization, and rising need of building sophisticated risk strategies are some of the major factors contributing to the adoption of risk analytics software. The growth of the services segment can be attributed to the increasing deployment of risk analytics software, tools and solutions, which is leading to increased demand for pre- and post-deployment services.
Manufacturing vertical to grow at the highest CAGR during the forecast period
The adoption of risk analytics is rapidly growing in the manufacturing vertical owing to the need to analyze large volumes of data generated from various operations, and thereby driving the need to understand the different types of internal and external risks. Moreover, the complexity associated with supply chain has resulted in manufacturing companies focusing on adopting various analytical tools and techniques to manage different types of risks in a better manner.
Of the various verticals, banking & financial services are expected to hold the largest market size during the forecast period. Banking & financial services are adopting analytics solutions to meet compliance-related requirements. The rapid rate of automation in banks is expected to play a vital role in adopting risk analytics solutions during the forecast period.
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North America to hold the largest market size during the forecast period
North America is the major revenue-generating region for the risk analytics market. North America, one of the most developed regions, is at the forefront of adoption of advanced technologies. The rise in the volume of data has resulted in the demand for risk analytic solutions across the region. With the increasing business complexity, organizations are focusing on deploying risk analytics solutions that can help them analyze different types of risks that emerge from dynamic political, economical, and technological factors. The extensive presence of key industry players who are continuously engaged in delivering innovative solutions to help organizations streamline the various business processes will also contribute to the growth of the market.
The major risk analytics vendors include IBM (US), Oracle (US), SAP (Germany), SAS Institute (US), FIS (US), Moody’s Corporation (US), Verisk Analytics, Inc. (US), AxiomSL, Inc. (US), Gurucul (US), Provenir (US), Risk Edge Solutions (India), BRIDGEi2i Analytics Solutions (India), Recorded Future, Inc. (US), DataFactZ (US), and Digital Fineprint (England).
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