Global Risk Management Market: Growing demand for risk management software will affect the growth of this market in the forecast period in the forecast period of 2019-2026

Risk Management Market

Risk management is a practice which is done to identify the risks and threats which usually occur during any investment processes and taking necessary actions so that these threats can be avoided. These risks can be strategic management errors, financial uncertainties, natural disaster, and other. It is important to integrate risk management in a business as it helps them to protect their data & information from unauthorized access and also saves their money as comprehensive risk management plan will help the organization build strategies to avoid potential risks, mitigate their effect when they happen and resolve the outcomes. These risk management are widely used in industries such as banking, oil & gas, insurance, utilities, and other.

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Some of the factors responsible for the growth of the risk management market in the forecast period of 2019- 2026:

  • Increasing demand for risk management software: Risk management software is one of the most important components of the businesses. They are kind of business software whose main function is to helps the companies to protect from any risk by identifying them and taking important steps so they can be avoided. They offer various advantages such as improved data mining, better decision making ability, various risk analysis options, good audit performance, improved productivity, and protect the data & information from any unauthorized access
  • Rising demand for risk management from various industries like banking, insurance, oil and gas etc: There is increase in the adoption of the risk management services in banking, insurance, and other sectors because of the increasing risks which can adversely affect the growth of these businesses. Some of the common risks include market risk, credit risks, liquidity risk, dilution risk, interest rate risk, legal risk, operational risk, and other. In banking, risk management helps in understand the new regulatory framework, manage the risk associated with the digital disruption & transformation, and also helps in enhancing the knowledge of the wider context behind banking theoretical models and risk approaches

The Global Risk Management Market is segmented on the basis of discipline as financial risk, & operational risk; technology coverage as integrated risk management, advanced analytics and reporting; industry into banking, capital markets, insurance, oil and gas, utilities, & others; deployment type as cloud, & on- premise and software and service as consulting, software, & service.

Some of the recent developments in the risk management market by some of the prominent players are:

  • In August 2019, WaveFire, LLC announced the launch of their new risk management platform which is specially designed for cyber security, enforcement and review, various regulatory mechanisms help. This allows consumers to quickly propagate important questions to the right control holders, who can extend the answer to various locations, companies and frameworks as necessary and users can test various structures at all levels of the company.
  • In March 2019, Zurich Insurance Company announced that they have collaborated with riskmethods which will help them to launch their new portfolio of supply chain risk management services. This will help the consumers to define, analyze, reduce and eventually pass risks in their supply chain networks. The software tracks and analyzes global data sources, databases, online media, and risk data from third parties via artificial intelligence to provide insight in real time.

Risk Management Market is expected to rise from its initial estimated value of USD 13.12 billion in 2018 to an estimated value of USD 26.62 billion by 2026, registering a CAGR of 9.25% in the forecast period of 2019-2026

Few of the major competitors currently working in the risk management market are Accenture, Allgress, Inc., BWise., Check Point Software Technologies Ltd., ControlCase LLC,  Covalent Softwares, Ultimaker BV, Deloitte, Dell Inc, Enablon, FireEye, Inc., Fiserv, Inc., IBM CORPORATION, Lockpath, Inc., Oracle, PwC., Protiviti Inc., Riskonnect Inc., RSA Security LLC, SAP SE, Tata Consultancy Services Limited.

Increasing data security concerns in organizations and growth of IoT will affect the growth of the risk management market positively. Growing digitization and increasing complexities in the business processes will also drive the market growth. Increase in strict regulatory compliance by the government is also driving the market growth. Increasing prevalence of the risk management solutions in financial institution will further create new opportunities for the risk management market in the forecast period of 2019-2026.

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