Surge in demand from the emerging economies and integration of AI in risk management software would open lucrative opportunities for the market players in the future. Rise in data & security breaches, surge in strict government regulatory compliances, and increase in adoption of risk management among financial institutions drive the global risk management market. Moreover, the growth of IoT landscape supplements the market growth.
Key industry players – IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Qualys, Inc., SAP SE, SAS Institute Inc., ServiceNow, RSA Security LLC, and Thomson Reuters.
The global risk management market was accounted for $7.39 billion in 2019, and is estimated to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2020 to 2027.
By region, the market across North America held the lion’s share in 2019, accounting for more than one-third of the market, as the number of market players indulged in developments such as partnership, product launch, and collaboration. However, the global risk management market across Asia-Pacific is estimated to manifest the highest CAGR of 20.4% during the forecast period, owing to growth in banking and financial industry in developing nations of China and India and surge in digitization across various developing nations.
By industry vertical, the manufacturing segment is projected to portray the highest CAGR of 22.0% from 2020 to 2027, due to rise in the trend of IoT and automation in the manufacturing sector. However, the BFSI segment held the largest share in 2019, contributing to nearly one-fourth of the global risk management market, owing to rise in adoption of risk management software by various large banks and FinTech industries to mitigate different types of risk to grow and sustain in the market.
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By component, the software segment accounted for the highest share in 2019, holding nearly three-fourths of the global risk management market, due to rise in need to monitor different types of risks or any facility from any kind of physical threats or suspicious activities. However, the service segment is estimated to register the highest CAGR of 20.7% during the forecast period, owing to increase in adoption of services among end users, as they ensure effective functioning of risk management software.
Covid-19 scenario:
- The Covid-19 outbreak and followed lockdown had a positive impact on the market owing to largescale adoption of work from home culture among industries and surge in the risk of cyber-attacks and other security concerns.
- The pandemic brought radical changes in daily lives, especially in work. The strict compliance of social distancing and digital transformation of business increased the demand for risk management services.
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