Risk Management Consulting Services Market by Type (Advanced Risk Analytics, Balance Sheet Management, Climate and ESG Risk Management), End-Users (Large Enterprise, SME), Industry - Global Forecast 2024-2030

Risk Management Consulting Services Market by Type (Advanced Risk Analytics, Balance Sheet Management, Climate and ESG Risk Management), End-Users (Large Enterprise, SME), Industry - Global Forecast 2024-2030

The Risk Management Consulting Services Market size was estimated at USD 121.72 billion in 2023 and expected to reach USD 130.46 billion in 2024, at a CAGR 7.30% to reach USD 199.37 billion by 2030.

Risk management consulting services are essential for organizations as these services help them to identify, assess, and manage various types of risks that could negatively impact their business objectives. Risk management consulting services help organizations proactively manage risks, reduce the impact of potential risks, and enhance their overall business performance. The growing demand for business process improvisation and operational efficiency, advancements in ERP consulting & IT training, and the emergence of digital consulting raise the need for risk management consulting services to help organizations identify potential risks and formulate effective strategies to manage them. The macro-environmental factors are complex and difficult to predict, making it challenging for organizations to manage risks effectively. Additionally, the limited availability of skilled professionals in risk management can make it challenging for organizations to find and hire the right talent. Another potential challenge for organizations is the high cost and complexity of installing risk management software. This software can be costly to purchase and may need significant time and resources to implement and maintain. Organizations may need to invest in training to ensure employees can effectively use and derive value from the software. Moreover, the evolution of crowdsourcing and network-based consulting and the adoption of advanced data management strategies are creating the scope for innovation in risk management consulting services. By leveraging these trends, organizations can develop more effective risk management strategies that are better aligned with their long-term business goals and objectives.

Regional Insights

The proliferation of climate and ESG risk management frameworks with the constant need for financial management advice and support for businesses is increasing the adoption of risk management consulting services in the Americas. Surging stringent government regulatory compliance and increasing risk management adoption among financial institutions, especially in the newly growing ESG sector, expands market growth in EMEA. The increasing presence of SMEs across EMEA and APAC increases the adoption of risk management consulting services. According to the European Commission (EC), small and medium-sized enterprises (SMEs) are the backbone of Europe's economy, representing 99% of all European Union (EU) businesses. Around 100 million people are employed by small and medium-sized businesses, which contribute more than half of Europe's GDP and play a critical role in adding value to every economic sector. The presence of multinational companies (MNCs) across Australia, Hong Kong, Japan, Malaysia, the Philippines, Singapore, and Thailand and emerging digitalized trends in the region are increasing the demand for various risk management consulting services in the Asia-Pacific.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Risk Management Consulting Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing demand for business process improvisations coupled withoperational efficiency
    • Advancements in ERP consulting and IT training
    • Rising globalization and the emergence of digital consulting
    • Market Restraints
      • Issues related to complex macro-environment and limited availability of skilled professionals
      • Market Opportunities
        • Evolution of crowdsourcing and network-based consulting
        • Adoption of business intelligence (BI) and advanced data management strategies
        • Market Challenges
          • High cost and complexity in installation of the risk management software
          • Market Segmentation Analysis
            • Type: Need for operational risk management to navigate environmental regulations and supply chain complexities
            • Industry: Increasing emphasis of risk management in payments & banking sectors
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Risk Management Consulting Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Risk Management Consulting Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • FTI Consulting and Smarsh to Offer Enhanced Solutions Across a Spectrum of Digital Insights & Risk Management Issues
              
              FTI Consulting and Smarsh partnered to provide enhanced risk management consulting services, as well as a suite of digital insights. This partnership allows clients to optimize their workflow and processes across various departments for improved compliance and governance. They combine Smarsh's industry-leading expertise in digital information capture with FTI Consulting's world-class risk management consulting capabilities. The combination of these two entities allows companies to access a full range of solutions that will help them mitigate risk and ensure regulatory compliance over all aspects of their digital communications. With this partnership, firms can now access advanced tools and data analytics that provides unprecedented insight into communication trends, helping them identify potential risk areas before it becomes an issue.
              
              BearingPoint planned to acquire Levo Consultants to boost its services
              
              BearingPoint, a global management and technology consulting firm, announced that it is acquiring Levo Consultants, a risk management consultancy that specializes in providing services across the financial services sector. With Levo’s deep understanding of complex regulatory environments, combined with BearingPoint’s broad industry knowledge and strong track record managing large-scale projects and programs, this move may help both organizations better serve their clients and strategically expand their service offerings. In addition to offering an expanded portfolio for clients, this acquisition could potentially open new markets for both firms through increased resources and access to services.
              
              RegTech Acin receives big name backing in recent Series B
              
              As the RegTech and ACIN markets continue to rapidly expand and gain prominence, it is encouraging to see that a player like Acin has been able to attract backing from such big names. This reflects positively on the general risk management consulting services market, as it demonstrates that investors are confident in the success of this field. The additional capital can be used by Acin to further develop its products and services, allowing it to compete at the highest level. In addition, this new investment may prove inspirational for other companies in this space looking for their own financial backers. As RegTech and ACIN become increasingly prominent, they could have a significant impact on the risk management consulting services market going forward.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Risk Management Consulting Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Risk Management Consulting Services Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Actualize Consulting, Allianz Group, Aon PLC, Bain & Company, Inc., BearingPoint B.V., BlackRock, Inc., Boston Consulting Group, Capgemini SE, Consultport GmbH, Crisil Limited, Deloitte Touche Tohmatsu Limited, ECBM Insurance Brokers & Consultants, Ernst & Young Global Limited, FM Global Group, FTI Consulting, Inc., Grant Thornton LLP, Hartman Executive Advisors, HUB International Limited, International Business Machines Corporation, KPMG International Limited, Marsh & McLennan Companies, Inc., McKinsey & Company, MedPro Group, Mercadien Group, Mercer (US) LLC, NMS Consulting, Inc., Princeton Holdings Limited, Protiviti Inc., Risk Management Consulting LLC, SC&H Group, Inc., Willis Towers Watson Public Limited Company, and Worldwide Risk Management, Inc..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Risk Management Consulting Services Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Type
              • Advanced Risk Analytics
              • Balance Sheet Management
              • Climate and ESG Risk Management
              • Commodity Market Risk
              • Compliance & Crisis Response
              • Credit Risk Management
              • Cybersecurity & Digital Risk
              • Network Risk
              • Operational Risk Management
              • End-Users
                • Large Enterprise
                • SME
                • Industry
                  • Automotive
                  • Financial Institutions
                  • Insurance
                  • Payments & Transaction Banking
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year