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:
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:
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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Global Risk Management Market – Industry Trends and Forecast to 2026