Product Launch (Blog)

Feb, 28 2023

Growing Usage in Fintech Sector Drives the Market Growth during the Forecast Period

 

In past few years, risk management is gaining significant growth in the fintech sector owing to the growth of digital transfer platforms and surge in cross-border transactions. Risk management will aid in understanding the potential risk in the organization. The analysis done by this risk management will support the company in following some rules to avoid in coming conflicts. Risk management will also help project managers to assign tasks while maintaining the complete control. Also, risk-based auditing is important for organization to easily identifying unanticipated risks. This will also help in the making clear strategy for risk-based auditing in more organized and systematic way.

 According to Data Bridge Market Research the Risk Management Market accounted for USD 8290.20 million in 2022, and expected to reach USD 16,640.37 million by 2030. The market is expected to grow with a CAGR of 9.10% in the forecast period of 2023 to 2030.

“Increasing integration of advanced technology is expected to drive the market growth”

The increasing integration of advanced technologies such as machine learning (ML), automation and artificial intelligence (AI) technologies which are important for risk management solutions is expected to drive the growth of the market. Artificial intelligence is one of the advantageous technologies which is highly influencing the growth of the market. It has allowed various developments in the risk management solutions for better identification of money laundering and frauds. It can be used for many data sets in various data sources for instance, social media because its offers rapid consequences for easily detecting fraudulent activities. Innovations that comprise the deployment of the artificial intelligence (AI) are anticipated to continue decreasing the compliance expenses. Moreover, artificial intelligence is anticipated to support risk management companies to improve compliance and increase transparency in financial institutions and also provide security against the fraudulent activities.

What restraints the growth of risk management market?

“Multiple issues associated with risk management”

Lack of data standardization coupled with increasing concern regarding cybersecurity and data privacy are projected to hamper the growth of the market during the forecast period. Moreover, adversity in configuration and complicated nature of the software are predicted to pose a biggest and foremost challenge to the risk management market in the forecast period of 2023 to 2030.

Segmentation: Risk Management Market

The risk management market is segmented on the basis of component, enterprise size, deployment, application and industry. 

  • On the basis of component, the risk management market is segmented solution, services, professional, managed.
  • Based on organization size, the risk management market is segmented into large enterprises and small and medium enterprises.
  • On the basis of deployment, the risk management market is segmented into on-premise and cloud.
  • On the basis of industry, the risk management market is segmented into BFSI, IT and telecom, retail, healthcare, energy and utilities, manufacturing, government and defense and others.

Regional Insights: North America is expected to dominate the Risk Management Market

North America expected to dominate the market because of existence of well-established IT companies in this region. Additionally, the growing investments by major market players and rising research and development activities for attracting new consumers are some of the other major factors which will further boost the growth of the market in the region.

In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2023 to 2030 owing to the increasing digitalization in the evolving countries of this region. Furthermore, significant presence of large enterprises will further boost the growth of the market in the region.

Recent Development: Risk Management Market

  • In 2020, Compliance Management (FCCM) and Oracle Corporation Financial Crime suite of products launched new updates that comprises a 300-plus customer risk indicators, integrated analytics workbench and embedded graph analytics visualizations. These updates can support financial institutions to fight with money laundering issues and achieve compliance.

To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-risk-management-market

The Prominent Key Players Operating in the Risk Management Market Include:

  • SAP (Germany)
  • SAS Institute Inc. (U.S.)
  • Oracle (U.S.)
  • Dell Inc., (U.S.)
  • LSEG. (U.K.)
  • SAI Global Compliance, Inc. (Netherlands)
  • Deloitte Touche Tohmatsu Limited (U.K.)
  • NetGuardians Inc. (Switzerland)
  • IBM (U.S.)
  • Infrasoft Technologies Ltd. (India)
  • Alto Advisory (Luxembourg)
  • NICE (Israel)
  • Thomson Reuters (U.K.)
  • Fintellix Solutions (India)
  • PWC (U.K.)
  • Compliance Solutions Strategies (U.S.)
  • LexisNexis Risk Solutions Group (U.S.)
  • ACTICO GmbH (Germany)
  • Broadridge Financial Solutions, Inc. (U.S.)

 Above are the key players covered in the report, to know about more and exhaustive risk management market companies contact, https://www.databridgemarketresearch.com/contact

Research Methodology: Global Risk Management Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.


Client Testimonials