CHICAGO, April 19,
2024 /PRNewswire/ -- The growing use of real-time
monitoring and advanced analytics, integration with cutting-edge
technologies like blockchain and IoT, and an emphasis on
cybersecurity, cross-industry applications, and regulatory
compliance are the key factors that will shape the risk analytics
market in the future. The market's development will also be
influenced by collaborative risk management, improved user
experience, and an increasing focus on ESG factors and risk
culture.
The Risk Analytics Market is estimated to grow from
USD 59.7 billion in 2024 to
USD 180.9 billion in 2029, at a CAGR
of 24.8% during the forecast period, according to a new report by
MarketsandMarkets™. Several trends fuel the global
spread of Risk Analytics. Increasingly Increasing Data Complexity,
Rising Cybersecurity Threats and Rising Adoption of Cloud-Based
Solutions A growing talent pool of data scientists and engineers is
building the necessary tools and infrastructure. Governments are
recognizing the potential of risk analytics for economic growth and
are investing in research and development. These trends make DI
more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on "Risk Analytics Market"
260 – Tables
60 - Figures
350 – Pages
Download PDF Brochure
@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210662258
Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2023
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
USD Billion
|
Segments
Covered
|
Offering,Risk Type,
Risk stages, Vertical, and Region.
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
IBM (US), SAS Institute
(US), Oracle (US), FIS(US), Moody's Analytics (US),
ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK),
MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US),
LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK),
OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US),
ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN
Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK),
Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US),
Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US),
CubeLogic(UK), Onspring(US), Riskoptics(US)
|
By offering the services segment to account for higher CAGR
during the forecast period
In the Risk Analytics Market, the highest CAGR of services is
fueled by Increasing Complexity of Risks, AI and machine learning
advancements, big data analytics integration, business process
optimization, cloud-based solutions adoption, data-driven culture,
and diverse industry adoption. These trends reflect a global shift
towards leveraging data for competitive advantage, driving a
continuous need for sophisticated risk analytics services across
sectors. As businesses prioritize agility, the growth of services
in the Risk Analytics Market is driven by the need for effective
risk management strategies in an increasingly complex and uncertain
business environment.
Request Sample
Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=210662258
By Type, GRC software is expected to hold the largest market
size for the year 2024
GRC software typically offers comprehensive solutions that cover
a wide range of risk management needs, including compliance
management, policy management, audit management, and risk
assessment. They also provide organizations with enhanced
visibility into their risk landscape. Through features such as risk
assessment, risk monitoring, and reporting, organizations can
identify and prioritize risks more effectively, enabling proactive
risk management strategies. GRC software streamlines risk
management processes through automation, reducing manual effort and
increasing efficiency. Tasks such as risk assessments, control
testing, and incident management can be automated, freeing up
resources to focus on strategic risk mitigation efforts. the
combination of comprehensive functionality, regulatory compliance
support, efficiency gains, scalability, integration capabilities,
and culture enhancement makes GRC software a preferred choice for
many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to
grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the
adoption of risk analytics due to a confluence of factors.
Healthcare providers and life sciences companies wants to ensure
the safety and well-being of patients. Risk analytics helps in
identifying potential risks to patient safety, such as medication
errors, adverse events, and medical device failures. The healthcare
and life sciences industries are heavily regulated, with strict
guidelines for patient care, data privacy, drug development, and
clinical trials. Risk analytics helps organizations ensure
compliance with these regulations by identifying and mitigating
risks of non-compliance. Healthcare organizations and life
sciences companies also face financial risks associated with
fraud, billing errors, revenue cycle management, and
reimbursement challenges. Risk analytics helps in detecting
anomalies and optimizing financial processes to mitigate these
risks.
Asia Pacific is expected to
grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region
is experiencing rapid growth in the Risk Analytics Market,
boasting the highest Compound Annual Growth Rate (CAGR). This surge
is primarily attributed to rising demand for data-driven
decision-making solutions, expanding digital transformation
initiatives across industries.. Moreover, the region's favorable
regulatory environment, growing investments in big data analytics,
and the integration of advanced technologies like the Internet of
Things (IoT) further propel APAC's dominance in Risk Analytics
Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody's
Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon
(UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US),
Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US),
Alteryx(US), CRISIL(India),
Archer(US), ZestyAI(US), Fusion Risk Management(US),
RiskVille(Ireland), SPIN
Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK),
Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US),
Centrl.AI(Canada),
SafetyCulture(Australia),
Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These
companies have used both organic and inorganic growth strategies
such as product launches, acquisitions, and partnerships to
strengthen their position in the Risk Analytics Market.
Recent Developments:
- In March 2024, Orcale announced
Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to
help organizations identify, assess, and mitigate risks across
their business operations. It offers advanced analytics,
automation, and collaboration tools to streamline risk
management.
- In March 2024, FIS Global
announces card fraud detection capabilities leveraging
artificial intelligence (AI) with aim to bolster FIS's ability to
identify and prevent fraudulent transactions, providing greater
security for cardholders and financial institutions alike.
- In March 2024, Aon acquired an
AI-powered platform to assist fleet and mobility clients in making
data-driven decisions, enhancing operational efficiency and risk
management. The platform utilizes artificial intelligence to
analyze data and provide insights, enabling clients to optimize
their fleet operations and improve decision-making processes.
- In March 2024, Crisp joined
Resolver, with the aim to enhance Resolver's risk intelligence
capabilities by integrating Crisp's expertise and technology into
its platform, offering clients improved risk assessment and
mitigation tools.
- In February 2024, SAS partnered
with Carahsoft to bring analytics, AI, and data management
solutions to the public sector. The aim is to leverage SAS's
expertise in advanced analytics and Carahsoft's extensive
government market reach to offer tailored solutions that enable
public sector organizations to harness the power of data for
informed decision-making and improved outcomes.
Inquire Before Buying@
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
- By offering insights into potential risks, opportunities, and
trends, risk analytics helps organisations make data-driven
decisions that improve strategic planning and resource
allocation.
- In order to improve risk management procedures and lessen
exposure to possible threats, risk analytics solutions assist
businesses in identifying, evaluating, and mitigating risks across
a range of business activities, including finance, operations, and
compliance.
- Through real-time monitoring and anomaly detection made
possible by risk analytics, organisations may proactively address
shifting market situations, legal requirements, and cybersecurity
threats.
- Risk analytics solutions assist organisations lower operating
costs, increase productivity, and streamline compliance activities,
which results in cost savings and resource optimisation. They do
this by streamlining risk management procedures and automating
routine work.
- Accurate risk assessments, audit trails, and reporting
capabilities are just a few of the ways that risk analytics
solutions help organisations comply with regulations and stay out
of trouble.
- Organisations can enhance their resilience and competitiveness
by anticipating and mitigating potential hazards before they
materialise through the use of predictive modelling and advanced
analytics approaches in risk analytics.
Report Objectives
- To define, describe, and predict the Risk Analytics Market by
offering, risk type, risk stages, vertical, and region
- To provide detailed information about the major factors
(drivers, restraints, opportunities, and challenges) influencing
the market growth
- To analyze the opportunities in the market and provide details
of the competitive landscape for stakeholders and market
leaders
- To forecast the market size of segments with respect to five
main regions: North America,
Europe, Asia Pacific, Middle
East & Africa, and
Latin America
- To profile the key players and comprehensively analyze their
market rankings and core competencies
- To analyze the competitive developments, such as partnerships,
product launches, and mergers & acquisitions, in the Risk
Analytics Market
Browse Adjacent Markets: Analytics Market
Research Reports & Consulting
Related Reports:
Customer Data Platform Market - Global Forecast
to 2028
Speech Analytics Market- Global Forecast to
2029
Text to Video AI Market - Global Forecast to
2027
Contact Center Analytics Market- Global Forecast to
2027
Procurement Analytics Market- Global Forecast to
2026
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of
America's best management consulting firms by Forbes, as per
their recent report.
MarketsandMarkets™ is a blue ocean alternative in
growth consulting and program management, leveraging a man-machine
offering to drive supernormal growth for progressive organizations
in the B2B space. We have the widest lens on emerging technologies,
making us proficient in co-creating supernormal growth for
clients.
Earlier this year, we made a formal transformation into one of
America's best management consulting firms as per a survey
conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are
substituting existing revenue streams in this decade alone. We work
with clients on growth programs, helping them monetize this
$25 trillion opportunity through our
service lines - TAM Expansion, Go-to-Market (GTM) Strategy to
Execution, Market Share Gain, Account Enablement, and Thought
Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several
Forbes Global 2000 B2B companies - helping them stay relevant in a
disruptive ecosystem. Our insights and strategies are molded by our
industry experts, cutting-edge AI-powered Market Intelligence
Cloud, and years of research. The KnowledgeStore™ (our
Market Intelligence Cloud) integrates our research, facilitates an
analysis of interconnections through a set of applications, helping
clients look at the entire ecosystem and understand the revenue
shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us
on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish
Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research
Insight: https://www.marketsandmarkets.com/ResearchInsight/risk-analytics-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source:
https://www.marketsandmarkets.com/PressReleases/risk-analytics.asp
Logo:
https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original
content:https://www.prnewswire.com/news-releases/risk-analytics-market-worth-180-9-billion-by-2029---exclusive-report-by-marketsandmarkets-302121072.html
SOURCE MarketsandMarkets