Risk Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Risk Analytics Market
The risk analytics market size was valued at USD 22.18 billion in 2023, and the market is now projected to grow to USD 54.95 billion by 2032, exhibiting a CAGR of 12.2% during the forecast period of 2024-2032.
This study identified that the COVID-19 pandemic greatly altered the risk analytics market. Managers and businesses were more exposed to unknown risks than ever before, consequently increasing the need for better risk evaluation instruments. It was observed that organizations saw the urgency of getting real-time data analytics to mitigate disruptions that affected supply chains, the markets, and operations. This forced organizations to actively seek for predictive analytics and scenario planning and therefore promote investments in risk solutions powered by AI. The technologies include advanced robotics, virtual assistants/ augment reality, augmented workforce, and risk collaborative robots, and these industries adopted these technologies for increasing robustness. In general, the pandemic brought the process of risk management digitalization to the next level and made data the nerve center of an organization’s decision-making process.
The market of risk analytics is exposed to some important trends in its development. The application of Artificial Intelligence and Machine Learning as innovative tools is revolutionizing the risk estimation and management solution providing real time data processing and scenario modeling. The solutions for delivering risk analytics in the cloud are rapidly expanding as the clients work with large volumes at relatively low cost as organizations shift online. New threats have also called for an integrated concept of operations and risk management, both operationally and cyber security related. Additionally, climate risk analytics, and ESG will play a pivotal role as companies aspire to move to sustainability coupled with regulatory compliance requirements. Thus, all the above mentioned factors are contributing towards the risk analytics market growth.
This is a classic case of understanding the dynamics involved in the growth of the risk analytics market, and the factors that form its foundation. Higher numbers and constantly growing variety of data require enhanced methods to both, recognize and evaluate risks, and minimize them. The increased rate of occurrence of cyber events forces organizations to develop high-quality security risk management tactics. Especially in the financial and healthcare industries, there is a lot of focus on questions of compliance, which is a further driver. Furthermore, as the market migrates away from on-premises solutions, and as AI and machine learning become more weaved into the products, they offer real-time analysis and predictive capacity. The further development of digitalization projects in industries also has a considerable impact on the growth of the market
Comprehensive Analysis Risk Analytics Market
The risk analytics market is divided based on several axes. They have software products like ETL tools, GRC software, risk calculation engines, scorecards risk monitoring tools, while the services offered are consulting and support. The risk categories include; financial, operational, compliance and strategic risks. Deployment options fall under two categories: the on-premise and cloud platforms. Segmentation of the market can also be done on the basis of enterprise size whether small and medium enterprises or large enterprises are considered as memorable segment. In terms of industries, sectors that lead are BFSI, healthcare, retail and manufacturing industries together with other business fields like media, construction and energy.
North America has the highest global market and this is attributed to the advanced technologically development and risk management solutions across the industries. The need arising from cyber security and regulatory compliance across the region, especially in banking and financial sectors, creates massive demand. The advanced application of AI in analytics and the implements of cloud solutions are fast increasing to support decision making and risk management. In addition, the advanced digital business advancement projects, especially in large firms, endorse extensive gamut risk management programs throughout the region.
Key players in this sector include SAP SE (Germany), Oracle Corporation (U.S.), IBM Corporation (U.S.), Moody's Analytics, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Provenir (U.S.), AxiomSL, Inc. (U.S.), Risk Edge Solutions (India), and Recorded Future, Inc. (U.S.)
As the year 2024, reports more organizations adopt cloud-based risk analytics solutions due to factors like; flexibility, scalability, and cost-saving. They enable businesses, particularly SMEs to tap into higher value analytics solutions while avoiding large capital intensive investments in hardware. The implementation of the AI and machine learning in cloud solutions is improving its ability to assess risk in real time, and to model for likely outcomes. Moreover, due to rising issues relating to data theft and privacy, cloud providers are concentrating on more rigid security solutions to protect valuable data which in turn is increasing the adoption in sectors that are BFSI and healthcare related.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD billion)
By ComponentSoftware
Extract, Transform & Load (ETL) Tools
GRC (Governance, Risk, and Compliance) Software
Risk Calculation Engine
Scorecard and Visualization Tools
Risk Monitoring and Strategic Planning
Others (Portfolio Management, Operational Risk Management, Human Resource Risk Management, and others)
Services
Consulting
Support and Maintenance
By Risk Type ApplicationFinancial Risk
Operational Risk
Compliance Risk
Strategic Risks
Others (Third-party Risk, Social and Economic Risks, and others)
By DeploymentOn-Premise
Cloud
By Enterprise SizeSmall and Medium-sized Enterprises (SMEs)
Large Enterprises
By IndustryBanking, Financial Services and Insurance (BFSI)
IT and Telecommunications
Healthcare
Retail and Consumer Goods
Energy and Utilities
Manufacturing
Others (Media and Entertainment, Construction, and others)
By RegionNorth America (The U.S., and Canada)
Europe (The U.K., Germany, France, Russia, and the Rest of Europe)
Asia Pacific (Japan, China, India, Southeast Asia and the Rest of Asia Pacific)
Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
Latin America (Brazil, Mexico and the Rest of Latin America)
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Approach
- 1.3. Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Drivers, Restraints, and Opportunities
- 3.2. Emerging Trends
- 4. Key Insights
- 4.1. Macro and Micro Economic Indicators
- 4.2. Impact of COVID-19
- 4.2.1. Short-term Impact
- 4.2.2. Long-term Impact
- 4.3. Key Industry Developments – In Response to the COVID-19 Impact
- 4.4. Consolidated SWOT Analysis of Key Players
- 4.5. Porter’s Five Force Analysis
- 5. Global Risk Analytics Market Analysis, Insights and Forecast, 2016-2027
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecasts
- 5.2.1. By Component (Value)
- 5.2.1.1. Software
- 5.2.1.1.1. Extract, Transform & Load (ETL) Tools
- 5.2.1.1.2. GRC (Governance,Risk and Compliance) Software
- 5.2.1.1.3. Risk Calculation Engine
- 5.2.1.1.4. Scorecard and Visualization Tools
- 5.2.1.1.5. Risk Monitoring and Strategic Planning
- 5.2.1.1.6. Others (Portfolio Management, Operational Risk Management, Human Resource Risk Management)
- 5.2.1.2. Services
- 5.2.1.2.1. Consulting
- 5.2.1.2.2. Support and Maintenance
- 5.2.2. By By Risk Type Application (Value)
- 5.2.2.1. Financial Risk
- 5.2.2.2. Operational Risk
- 5.2.2.3. Compliance Risk
- 5.2.2.4. Strategic Risks
- 5.2.2.5. Others( Third Party Risk, Social and Economical Risks, Others)
- 5.2.3. By Deployment (Value)
- 5.2.3.1. Cloud
- 5.2.3.2. On-Premises
- 5.2.4. By Enterprise Size (Value)
- 5.2.4.1. Small and Medium-sized Enterprises (SMEs)
- 5.2.4.2. Large Enterprises
- 5.2.5. By Industry (Value)
- 5.2.5.1. Banking, Financial Services and Insurance (BFSI)
- 5.2.5.2. IT and Telecommunications
- 5.2.5.3. Healthcare
- 5.2.5.4. Retail and Consumer Goods
- 5.2.5.5. Energy and Utilities
- 5.2.5.6. Manufacturing
- 5.2.5.7. Others (Media and Entertainment, Construction)
- 5.2.6. By Region (Value)
- 5.2.6.1. North America
- 5.2.6.2. Europe
- 5.2.6.3. Asia Pacific
- 5.2.6.4. Middle East and Africa
- 5.2.6.5. Latin America
- 6. North America Risk Analytics Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecasts
- 6.2.1. By Component (Value)
- 6.2.1.1. Software
- 6.2.1.1.1. Extract, Transform & Load (ETL) Tools
- 6.2.1.1.2. GRC (Governance,Risk and Compliance) Software
- 6.2.1.1.3. Risk Calculation Engine
- 6.2.1.1.4. Scorecard and Visualization Tools
- 6.2.1.1.5. Risk Monitoring and Strategic Planning
- 6.2.1.1.6. Others (Portfolio Management, Operational Risk Management, Human Resource Risk Management)
- 6.2.1.2. Services
- 6.2.1.2.1. Consulting
- 6.2.1.2.2. Support and Maintenance
- 6.2.2. By By Risk Type Application (Value)
- 6.2.2.1. Financial Risk
- 6.2.2.2. Operational Risk
- 6.2.2.3. Compliance Risk
- 6.2.2.4. Strategic Risks
- 6.2.2.5. Others( Third Party Risk, Social and Economical Risks, Others)
- 6.2.3. By Deployment (Value)
- 6.2.3.1. Cloud
- 6.2.3.2. On-Premises
- 6.2.4. By Enterprise Size (Value)
- 6.2.4.1. Small and Medium-sized Enterprises (SMEs)
- 6.2.4.2. Large Enterprises
- 6.2.5. By Industry (Value)
- 6.2.5.1. Banking, Financial Services and Insurance (BFSI)
- 6.2.5.2. IT and Telecommunications
- 6.2.5.3. Healthcare
- 6.2.5.4. Retail and Consumer Goods
- 6.2.5.5. Energy and Utilities
- 6.2.5.6. Manufacturing
- 6.2.5.7. Others (Media and Entertainment, Construction)
- 6.2.6. By Country (Value)
- 6.2.6.1. US
- 6.2.6.2. Canada
- 7. Europe Risk Analytics Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecasts
- 7.2.1. By Component (Value)
- 7.2.1.1. Software
- 7.2.1.1.1. Extract, Transform & Load (ETL) Tools
- 7.2.1.1.2. GRC (Governance,Risk and Compliance) Software
- 7.2.1.1.3. Risk Calculation Engine
- 7.2.1.1.4. Scorecard and Visualization Tools
- 7.2.1.1.5. Risk Monitoring and Strategic Planning
- 7.2.1.1.6. Others (Portfolio Management, Operational Risk Management, Human Resource Risk Management)
- 7.2.1.2. Services
- 7.2.1.2.1. Consulting
- 7.2.1.2.2. Support and Maintenance
- 7.2.2. By By Risk Type Application (Value)
- 7.2.2.1. Financial Risk
- 7.2.2.2. Operational Risk
- 7.2.2.3. Compliance Risk
- 7.2.2.4. Strategic Risks
- 7.2.2.5. Others( Third Party Risk, Social and Economical Risks, Others)
- 7.2.3. By Deployment (Value)
- 7.2.3.1. Cloud
- 7.2.3.2. On-Premises
- 7.2.4. By Enterprise Size (Value)
- 7.2.4.1. Small and Medium-sized Enterprises (SMEs)
- 7.2.4.2. Large Enterprises
- 7.2.5. By Industry (Value)
- 7.2.5.1. Banking, Financial Services and Insurance (BFSI)
- 7.2.5.2. IT and Telecommunications
- 7.2.5.3. Healthcare
- 7.2.5.4. Retail and Consumer Goods
- 7.2.5.5. Energy and Utilities
- 7.2.5.6. Manufacturing
- 7.2.5.7. Others (Media and Entertainment, Construction)
- 7.2.6. By Country (Value)
- 7.2.6.1. Germany
- 7.2.6.2. UK
- 7.2.6.3. France
- 7.2.6.4. Russia
- 7.2.6.5. Rest of Europe
- 8. Asia Pacific Risk Analytics Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecasts
- 8.2.1. By Component (Value)
- 8.2.1.1. Software
- 8.2.1.1.1. Extract, Transform & Load (ETL) Tools
- 8.2.1.1.2. GRC (Governance,Risk and Compliance) Software
- 8.2.1.1.3. Risk Calculation Engine
- 8.2.1.1.4. Scorecard and Visualization Tools
- 8.2.1.1.5. Risk Monitoring and Strategic Planning
- 8.2.1.1.6. Others (Portfolio Management, Operational Risk Management, Human Resource Risk Management)
- 8.2.1.2. Services
- 8.2.1.2.1. Consulting
- 8.2.1.2.2. Support and Maintenance
- 8.2.2. By By Risk Type Application (Value)
- 8.2.2.1. Financial Risk
- 8.2.2.2. Operational Risk
- 8.2.2.3. Compliance Risk
- 8.2.2.4. Strategic Risks
- 8.2.2.5. Others( Third Party Risk, Social and Economical Risks, Others)
- 8.2.3. By Deployment (Value)
- 8.2.3.1. Cloud
- 8.2.3.2. On-Premises
- 8.2.4. By Enterprise Size (Value)
- 8.2.4.1. Small and Medium-sized Enterprises (SMEs)
- 8.2.4.2. Large Enterprises
- 8.2.5. By Industry (Value)
- 8.2.5.1. Banking, Financial Services and Insurance (BFSI)
- 8.2.5.2. IT and Telecommunications
- 8.2.5.3. Healthcare
- 8.2.5.4. Retail and Consumer Goods
- 8.2.5.5. Energy and Utilities
- 8.2.5.6. Manufacturing
- 8.2.5.7. Others (Media and Entertainment, Construction)
- 8.2.6. By Country (Value)
- 8.2.6.1. China
- 8.2.6.2. Japan
- 8.2.6.3. India
- 8.2.6.4. Southeast Asia
- 8.2.6.5. Rest of Asia Pacific
- 9. Middle East and Africa Risk Analytics Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecasts
- 9.2.1. By Component (Value)
- 9.2.1.1. Software
- 9.2.1.1.1. Extract, Transform & Load (ETL) Tools
- 9.2.1.1.2. GRC (Governance,Risk and Compliance) Software
- 9.2.1.1.3. Risk Calculation Engine
- 9.2.1.1.4. Scorecard and Visualization Tools
- 9.2.1.1.5. Risk Monitoring and Strategic Planning
- 9.2.1.1.6. Others (Portfolio Management, Operational Risk Management, Human Resource Risk Management)
- 9.2.1.2. Services
- 9.2.1.2.1. Consulting
- 9.2.1.2.2. Support and Maintenance
- 9.2.2. By By Risk Type Application (Value)
- 9.2.2.1. Financial Risk
- 9.2.2.2. Operational Risk
- 9.2.2.3. Compliance Risk
- 9.2.2.4. Strategic Risks
- 9.2.2.5. Others( Third Party Risk, Social and Economical Risks, Others)
- 9.2.3. By Deployment (Value)
- 9.2.3.1. Cloud
- 9.2.3.2. On-Premises
- 9.2.4. By Enterprise Size (Value)
- 9.2.4.1. Small and Medium-sized Enterprises (SMEs)
- 9.2.4.2. Large Enterprises
- 9.2.5. By Industry (Value)
- 9.2.5.1. Banking, Financial Services and Insurance (BFSI)
- 9.2.5.2. IT and Telecommunications
- 9.2.5.3. Healthcare
- 9.2.5.4. Retail and Consumer Goods
- 9.2.5.5. Energy and Utilities
- 9.2.5.6. Manufacturing
- 9.2.5.7. Others (Media and Entertainment, Construction)
- 9.2.6. By Country (Value)
- 9.2.6.1. GCC
- 9.2.6.2. South Africa
- 9.2.6.3. Rest of Middle East & Africa
- 10. Latin America Risk Analytics Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecasts
- 10.2.1. By Component (Value)
- 10.2.1.1. Software
- 10.2.1.1.1. Extract, Transform & Load (ETL) Tools
- 10.2.1.1.2. GRC (Governance,Risk and Compliance) Software
- 10.2.1.1.3. Risk Calculation Engine
- 10.2.1.1.4. Scorecard and Visualization Tools
- 10.2.1.1.5. Risk Monitoring and Strategic Planning
- 10.2.1.1.6. Others (Portfolio Management, Operational Risk Management, Human Resource Risk Management)
- 10.2.1.2. Services
- 10.2.1.2.1. Consulting
- 10.2.1.2.2. Support and Maintenance
- 10.2.2. By By Risk Type Application (Value)
- 10.2.2.1. Financial Risk
- 10.2.2.2. Operational Risk
- 10.2.2.3. Compliance Risk
- 10.2.2.4. Strategic Risks
- 10.2.2.5. Others (Third Party Risk, Social and Economical Risks, Others)
- 10.2.3. By Deployment (Value)
- 10.2.3.1. Cloud
- 10.2.3.2. On-Premises
- 10.2.4. By Enterprise Size (Value)
- 10.2.4.1. Small and Medium-sized Enterprises (SMEs)
- 10.2.4.2. Large Enterprises
- 10.2.5. By Industry (Value)
- 10.2.5.1. Banking, Financial Services and Insurance (BFSI)
- 10.2.5.2. IT and Telecommunications
- 10.2.5.3. Healthcare
- 10.2.5.4. Retail and Consumer Goods
- 10.2.5.5. Energy and Utilities
- 10.2.5.6. Manufacturing
- 10.2.5.7. Others (Media and Entertainment, Construction)
- 10.2.6. By Country (Value)
- 10.2.6.1. Mexico
- 10.2.6.2. Brazil
- 10.2.6.3. Rest of Latin America
- 11. Competition Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 12. Global Risk Analytics Market Share Analysis and Positioning Matrix, 2019
- 13. Company Profiles
- 13.1. SAP SE
- 13.1.1. Overview
- 13.1.2. Description
- 13.1.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.1.4. Recent Developments
- 13.2. Oracle Corporation
- 13.2.1. Overview
- 13.2.2. Description
- 13.2.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.2.4. Recent Developments
- 13.3. IBM Corporation
- 13.3.1. Overview
- 13.3.2. Description
- 13.3.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.3.4. Recent Developments
- 13.4. Moody's Analytics, Inc.
- 13.4.1. Overview
- 13.4.2. Description
- 13.4.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.4.4. Recent Developments
- 13.5. Verisk Analytics, Inc.
- 13.5.1. Overview
- 13.5.2. Description
- 13.5.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.5.4. Recent Developments
- 13.6. Provenir
- 13.6.1. Overview
- 13.6.2. Description
- 13.6.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.6.4. Recent Developments
- 13.7. AxiomSL, Inc.
- 13.7.1. Overview
- 13.7.2. Description
- 13.7.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.7.4. Recent Developments
- 13.8. Risk Edge Solutions
- 13.8.1. Overview
- 13.8.2. Description
- 13.8.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.8.4. Recent Developments
- 13.9. Gurucul
- 13.9.1. Overview
- 13.9.2. Description
- 13.9.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.9.4. Recent Developments
- 13.10. Recorded Future, Inc.
- 13.10.1. Overview
- 13.10.2. Description
- 13.10.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.10.4. Recent Developments
- 13.11. Fidelity National Information Services Inc (FIS)
- 13.11.1. Overview
- 13.11.2. Description
- 13.11.3. Product Portfolio (Data as available in public domain and/or on paid databases)
- 13.11.4. Recent Developments
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