Global Risk Advisory Service Market Size Study, by Type (Operational Risk, Financial Risk, Compliance and Regulatory Risk, Others), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, IT and Telecom, H

Global Risk Advisory Service Market Size Study, by Type (Operational Risk, Financial Risk, Compliance and Regulatory Risk, Others), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail and E-commerce, Government and Public Sector, Manufacturing, Others), and Regional Forecasts 2022-2032

Global Risk Advisory Service Market is valued at approximately USD 132.92 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 14.78% over the forecast period 2024-2032. Risk advisory services encompass professional consulting aimed at identifying, assessing, and managing diverse risks impacting organizational operations, finances, reputation, and regulatory compliance. Specialized firms offer expert solutions in risk management, cybersecurity, compliance, and financial auditing, aiding clients in navigating complex risk landscapes and regulatory challenges. The trend towards addressing climate change challenges through strategic acquisitions. For instance, Zurich Resilience Solutions partnered with KPMG Switzerland in 2023 to offer cutting-edge advisory services for climate change challenges. The COVID-19 pandemic underscored the importance of risk advisory services, with companies seeking expert guidance to navigate uncertainties, despite financial constraints limiting consulting service expenditures.

The escalating complexity in business operations has driven the demand for risk advisory services, helping companies manage diverse risks, including cyber threats. These services offer tailored strategies, ensuring businesses operate smoothly and mitigate costly disruptions. Furthermore, increasing regulatory compliance requirements and the global surge in unforeseen risks such as cyberattacks and data breaches propel the adoption of risk advisory services. Moreover, the rise in business complexity and regulatory compliance requirements are pivotal drivers of market growth. Several companies using various initiatives to expand its risk and compliance offerings. For instance, Cherry Bekaert's acquisition of Accume Partners in 2022 and expanded its risk and compliance offerings, particularly in the financial services industry. Furthermore, growing cybersecurity threats, driven by rapid digitization, significantly boost demand for risk advisory services, emphasizing the need for robust security strategies. However, a lack of awareness among businesses and regulatory challenges impedes market growth. Conversely, the rapid digitization of businesses and increasing cybersecurity threats present lucrative growth opportunities for the market.

The key regions considered for the Global Risk Advisory Service Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2023, North America dominate the market in terms of revenue, driven by stringent regulatory requirements and increasing cybercrimes. The region's highly developed financial sector, encompassing major industries such as banking, insurance, and capital markets, creates a robust demand for comprehensive risk management solutions. Companies in North America increasingly rely on specialized advisory services to navigate complex regulatory landscapes and mitigate financial, operational, and strategic risks effectively. The presence of leading advisory firms with extensive expertise in risk assessment and mitigation strategies further strengthens North America's position. These firms leverage advanced technologies and analytics to provide tailored risk advisory services, addressing emerging threats and enhancing organizational resilience. Thus, the region's SMEs and mid-size enterprises are significant contributors to the demand for risk advisory services. Furthermore, Asia-Pacific is projected to be the fastest-growing region, attributed to its developing economy and adoption of advanced technologies by SMEs, creating lucrative opportunities for market players.

Major market players included in this report are:

Deloitte Touche Tohmatsu Limited

PwC

KPMG International Limited

RSM International Ltd.

Weaver and Tidwell, L.L.P.

MBG Corporate Services

Cherry Bekaert

BDO Global

Grant Thornton International Ltd (GTIL)

CLA Global TS

Protiviti Inc.

Navigant Consulting, Inc.

Crowe LLP

Alvarez & Marsal Holdings, LLC

FTI Consulting, Inc.

The detailed segments and sub-segments of the market are explained below:

By Type:

Operational Risk

Financial Risk

Compliance and Regulatory Risk

Others

By Organization Size:

Large Enterprises

Small and Medium-sized Enterprises

By Industry Vertical:

BFSI

IT and Telecom

Healthcare

Retail and E-commerce

Government and Public Sector

Manufacturing

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of Latin America

Middle East & Africa

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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