Risk Analytics Market size is expected to grow from USD 39.3 billion in 2022 to USD 70.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.4% during the forecast period.
Various factors such as rising government compliance with stringent industry regulation, growing incidences of data thefts and security breaches and increasing complexities across business processes, are expected to drive the adoption of risk analytics solutions and services.
Browse in-depth TOC on "Risk Analytics Market by Component (Software (ETL Tools, Risk Calculation Engines, GRC Software) and Services), Risk Type (Strategic Risk, Operational Risk, Financial Risk), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027”
333 Tables
47 Figures
279 Pages
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Major vendors in the global risk analytics market include IBM (US), SAP (Germany), SAS (US), Oracle (US), FIS (US), Moody’s Analytics (US), Verisk Analytics (US), Alteryx (US), AxiomSL (US), Gurucul (US), Provenir (US), BRIDGEi2i (India), Recorded Future (US), AcadiaSoft (US), Qlik (US), DataFactZ (US), CubeLogic Limited (UK), Risk Edge Solutions (India), Equarius Risk Analytics (US), Quantifi (US), Actify Data Labs (India), Amlgo Labs (India), Zesty.ai (US), Artivatic (India), Artivatic (US), RiskVille (Ireland), Quantexa (UK), Spin Analytics (UK), Kyvos Insights (US), Imply (US).
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The software segment to account for largest market size during the forecast period
Based on components, the risk analytics market is segmented into software and services. The software segment has been further segmented into ETL tools, risk calculation engines, scorecard and visualization tools, dashboard analytics and risk reporting tools, and GRC software, and others (operational risk management, human resource risk management, and project risk management). The software segment is expected to hold the maximum market share in the global risk analytics market. Among all software offered in the market, GRC software has shown the highest adoption across the globe. The services segment has been divided into professional and managed services. With the rising adoption of risk analytics software is expected to boost the adoption of professional and managed services.
Strategic risk segment to to hold higher CAGR during the forecast period
Based on risk type the risk analytics market has been segmented into strategic risk, operational risk, financial risk, and others (reputational risk, environmental risk, third-party risk, and economic risk). Strategic risk segment to to hold higher CAGR during the forecast period. Strategic risks can significantly impact a company’s ability to achieve its strategies and business objectives. The financial risk segment is expected to have the largest market size of during the forecast period, due to the increasing need to analyze various growth factors that may affect the growth of the organizations.
The SMEs segment to hold higher CAGR during the forecast period
The Risk analytics market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. To deal with challenges, such as business model sustainability, process efficiency data, reporting, and audit requirement, SMEs are increasingly adopting risk analytics solutions.
Healthcare and Life Sciences segment to hold higher CAGR during the forecast period
Based on vertical risk analytics market has been categorized into different verticals, such as banking and financial services, insurance, manufacturing, transportation and logistics, retail and consumer goods, IT and telecom, government and defense, healthcare and life sciences, energy and utilities, and other verticals The healthcare and life sciences vertical is expected to have the highest CAGR during the forecast period, as the sector is deploying risk analytics solution to streamline six sigma operations, generate quality analysis, and effectively manage complex supply chain operations. Risk analytics can help detect early signs of patient deterioration in the ICU and general ward, identify at-risk patients in their homes to prevent hospital readmissions, and prevent avoidable downtime of medical equipment leading to its adoption in the healthcare and life sciences vertical.
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APAC to hold higher CAGR during the forecast period
The Risk analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2022, Asia Pacific is expected to provide significant growth opportunities over the next five years. The rising demand for an analytics solution, which is cloud-driven and cloud-supported, has resulted in the increasing demand for risk analytics solutions in Asia Pacific, thereby resulting in increasing investments and technological advancements across industries.
According to a new market research report "Risk Analytics Market With COVID-19 Impact Analysis by Software Type(ETL, Risk Calculation Engines), Service, Risk Type(Strategic Risk, Operational Risk, Financial Risk), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the market size to grow from USD 32.6 billion in 2021 to USD 64.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.
Various factors such as compliance with stringent industry regulations, increasing complexities across business processes, rising digitalization and BPA, and growing data and security breaches are expected to drive the adoption of risk analytics solutions and services.Browse in-depth TOC on "Risk Analytics Market with COVID-19 Impact Analysis”255- Tables59- Figures261- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210662258COVID-19 pandemic has made an adverse impact on credit portfolios.
To prepare for such extreme shocks and uncertainty, large US banks increased their loss provisions by ~3–4 times for Q1 2020 compared to Q4 2019, based on their expectations of impending defaults and charge-offs.
Increased volatility in the market has caused high trading losses, affected earnings, and capital preservations, and have led to breaches of limit/thresholds.
The software segment of the report is subsegmented into ETL tools, risk calculation engines, scorecard and visualization tools, dashboard analytics and risk reporting tools, and GRC software, and others (operational risk management, human resource risk management, and project risk management, whereas the services segment has been further divided into professional and managed services.
Organizations are investing heavily in new markets or regions to establish themselves leading to the higher adoption of risk analytics solutions for financial risk management.The SMEs segment to hold higher CAGR during the forecast periodThe Risk analytics market has been segmented by organization size into large enterprises and SMEs.
