Meticulous Research® – a leading global market research company published a research report titled “Risk Analytics Market by Component (Software, Services), Risk Type (Strategic, Operational, Financial), Deployment Mode, Organization Size, and End User (BFSI, IT & Telecom, Retail, Transportation, Government, Healthcare) - Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the global Risk Analytics Market is expected to grow at a CAGR of 13.4% from 2021 to 2028 to reach $68.8 billion by 2028. This market is majorly driven by the factors such as rising digitization & business process automation, growing cyber risk, and increasing complexities across business processes. In addition, emerging economies such as Asia-Pacific and Latin America are incorporating digital transformation at a considerable pace, offering significant growth opportunities for players operating in the risk analytics market. However, the intricate nature of regulatory compliance and the negative impact of COVID-19 on the global economy have emerged as notable restraints for market growth.
The global risk analytics market study presents historical market data in terms of value and volume (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on component (software and services), risk type (strategic, operational, financial, third-party risk), deployment mode (on-premise and cloud), organization size (small & medium and large enterprises), end user (BFSI, manufacturing, transportation, retail, IT & telecom, government, healthcare, energy & utility, and others). The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the risk analytics market is segmented into software and services. In 2020, the software segment accounted for the largest share of the risk analytics market. The large share of this segment is mainly attributed to the rising data & security breaches, growing adoption of AI, and rising digitization and business process automation. Also, the benefits of risk analytics technology, such as accuracy, reliability, agility, automated risk report, and real-time recording, further augment the growth of this segment. However, the services segment is expected to record the highest growth rate over the forecast period.
Based on risk type, the risk analytics market is segmented into strategic, financial, operational, and third-party risks. In 2020, the financial risk segment accounted for the largest share of the risk analytics market. The large share of this segment is mainly attributed to the constantly evolving threats in the BFSI sector, rising number of fraudulent risks, increasing use of electronic transactions across all verticals, and growing sophistication of cyber risks. In addition, the growing adoption of technologies, such as AI and machine learning for financial risk analytics, is also spurring the demand for financial risk analytics solutions.
Based on deployment mode, the risk analytics market is segmented into on-premise and cloud-based. In 2020, the on-premise segment accounted for the largest share of the market due to greater control over risk analytics infrastructure offered by on-premise solutions. On the other hand, the cloud-based segment is expected to grow at the highest CAGR during the forecast period. The growing sophistication in cloud deployments, increasing use of cloud networks for different analytics, including predictive analytics, and superior flexibility offered by cloud deployments are the factors driving the growth of this segment.
Based on organization size, the risk analytics market is segmented into small & medium and large enterprises. In 2020, the large enterprises segment accounted for the largest share of the risk analytics market due to its strong infrastructure and skilled IT personnel capable of managing intricate risk analytics platforms. Besides, large enterprises focus on predictive analytics to retain their customers, boost their sales, and validate necessary steps to overcome market interruptions, such as COVID-19. However, the SMEs segment is expected to grow at the highest CAGR during the forecast period.
Geographically, the North American region commanded the largest share of the risk analytics market in 2020. This region focuses on adopting risk analytics solutions to enhance its IT infrastructure and leverage the benefits of new technologies, such as AI, blockchain, and IoT. This regional segment also boosts the presence of a majority of established risk analytics players and start-ups.
The key players operating in the global risk analytics market are Verisk Analytics, Inc. (U.S.), Moody’s Analytics, Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), AxiomSL, Inc. (U.S.), Gurucul (U.S.), Provenir (U.S.), SAS Institute, Inc. (U.S.), Recorded Future, Inc. (U.S.), Fidelity National Information Services, Inc. (U.S.), OneSpan, Inc. (U.S.), Numerix (U.S.), DataFactZ (U.S.), and SAP SE (Germany).
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