Growing Awareness Regarding the Importance of Risk Management is Driving the Growth of the Market

In recent years, businesses across industries have recognized that effective risk management is not merely a compliance necessity but a strategic imperative for long-term success. High-profile incidents, including financial crises, cybersecurity breaches, and natural disasters, have underscored the devastating consequences of inadequate risk management. This heightened awareness has prompted organizations to prioritize risk management as a core component of their operations, spurring the demand for comprehensive solutions and services, which is expected to drive market growth.

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Data Bridge Market Research analyses that the Global Risk Management Market is expected to grow at a CAGR of 16.8% in the forecast period of 2023 to 2030 and is expected to reach USD 23,441.00 million by 2030 and it is USD  6,864.95 million in 2022. Growing focus on Environmental, Social, and Governance (ESG) issues is expected to create opportunities for market growth.

Key Findings of the Study

Increasing Complexity of the Business Environment

The growing complexity of the contemporary business landscape is a compelling driver for market growth. In the recent interconnected and rapidly evolving business environment, organizations face an intricate web of risks that encompass financial, operational, regulatory, technological, and reputational challenges. Businesses encounter an ever-expanding array of potential threats and uncertainties as globalization and digitalization advance. This heightened complexity necessitates sophisticated risk management strategies and tools to help companies effectively identify, assess, and mitigate these risks.

Report Scope and Market Segmentation

Segment Analysis

The global risk management market is segmented into four notable segments, which are based on risk type, firm type, enterprise size, and vertical.

• On the basis of risk type, the market is segmented into compliance risk, financial and credit risk, security risk, operational risk, strategic risk, and legal risk.

 In 2023, the compliance risk segment is expected to dominate the market.

 In 2023, the compliance risk segment is expected to dominate the market with a market share of 33.09% due to the increasing complexity of regulations, hefty financial penalties for non-compliance, and the critical importance of preserving reputation and trust in today's business environment.

• On the basis of firm type, the market is segmented into independent insurable property and casualty risk management/risk engineering consulting firm, Enterprise Risk Management (ERM) consulting firm, and logistic & transport risk management consulting firm.

In 2023, the Enterprise Risk Management (ERM) consulting firm segment is expected to dominate the market.

In 2023, the Enterprise Risk Management (ERM) consulting firm segment is expected to dominate the market with a market share of 43.41% as businesses seek their expertise to comprehensively assess, strategize, and mitigate risks, especially in an increasingly interconnected and uncertain world where a holistic approach to risk is crucial for long-term success.

• On the basis of enterprise size, the market is segmented into large enterprises and small & medium enterprises. In 2023, the large enterprises segment is expected to dominate the market with a 67.84% share
•  On the basis of vertical, the market is segmented into BFSI, IT & telecom, healthcare, retail, manufacturing, government & defence, transport & logistic, energy & utilities, and others. In 2023, the BFSI segment is expected to dominate market with a 31.06% share

Major Players

Data Bridge Market Research analyzes RISKPARTNER (U.S.), LEA (Argentina), RiskVersity (U.S.), ERM EXCHANGE (U.S.), CEERISK (U.K.) as the major players of the market.   

Recent Development

• In January 2023, LEA successfully relocated its Downtown Toronto office to 40 University Avenue, a modern and renovated space on the 5th floor. This move provided LEA with an improved work environment, fostering collaboration among staff and accommodating hybrid work arrangements, ultimately enhancing operational efficiency and accessibility for employees
•  In August 2023, Risk Solutions International, in collaboration with Ankura Consulting Group, successfully executed a tabletop exercise at the King Abdullah Financial District (KAFD), involving more than 75 participants from various departments and leadership positions. This exercise significantly bolstered RSI's operational preparedness and teamwork, enhancing their ability to handle critical scenarios effectively
• In September 2023, CEERISK sponsored Istanbul Arbitration Week. CEERISK's sponsorship of Istanbul Arbitration Week demonstrates its commitment to arbitration and its engagement in essential discussions about arbitration's global impact. This participation enhanced CEERISK's reputation and visibility within the legal and arbitration community, potentially leading to new business opportunities, partnerships, and growth
• In September 2022, Riskpro India Ventures Private Limited achieved ISO 27001 certification, demonstrating its commitment to adhering to rigorous security standards throughout the certification process. This certification reflects the organization's dedication to ensuring the security and confidentiality of information, which can enhance its credibility, trustworthiness, and competitiveness in the business landscape
• In March 2021, CEERISK expanded its presence by opening an office in Leeds, responding to the need for rapid response to losses in remote locations and offering local services. This move enabled CEERISK to better serve clients across the U.K., particularly in the North, contributing to its growth by enhancing accessibility and proximity to clients during travel restrictions

Regional Analysis

Geographically, the countries covered in the global risk management market report are U.S., Canada, Mexico, Germany, U.K, France, Italy, Spain, Netherlands, Belgium, Russia, Switzerland, Denmark, Sweden, Finland, Turkey, Poland, Norway, rest of Europe, China, Japan, South Korea, India, Taiwan, Australia, Indonesia, Thailand, Malaysia, Singapore, New Zealand, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, rest of South America, Saudi Arabia, U.A.E., Iran, South Africa, Egypt, Iraq, Israel, Qatar, Kuwait, Jordan, and rest of Middle East and Africa. 

As per Data Bridge Market Research analysis:

North America is estimated to be the dominant region in the forecast period 2023 - 2030  

North America region is expected to dominate the market due to its extensive financial services industry, stringent regulatory environment, and high awareness of risk management practices, making it a significant hub for risk management services and solutions.

Europe is estimated to be the fastest-growing region in the global risk management market in the forecast period 2023 - 2030

Europe is expected to grow during the forecast period due to its strict regulatory systems in various industries. These requirements frequently demand organizations to have comprehensive risk management processes and technologies to ensure compliance. As a result, there is an increasing demand for risk management solutions and services.

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