Portland, OR, March 11, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global risk management market was pegged at $6.25 billion in 2018 and is anticipated to reach $18.50 billion by 2026, growing at a CAGR of 14.6% during the estimated period.
Increased in data & security breaches in enterprises, stringent government regulatory compliances, rapid development in IoT landscape, and adoption of risk management among financial institutions drive the growth of the global risk management market. However, high cost and complexity in installation and configurations hamper the market growth. On the contrary, a rise in demand from developing countries and the integration of artificial intelligence in risk management software are expected to create lucrative opportunities in the near future.
The global risk management market is divided on the basis of component, deployment model, organization size, industry vertical, and geography. Based on the component, the market is categorized into solution and services. The service segment is expected to manifest the fastest CAGR of 17.0% during the forecast period. However, the software segment dominated the market by three-fourths of the market.
On the basis of the deployment model, the global risk management market is categorized into on-premise and cloud and based on organization size, it is divided into large enterprises and small & medium enterprises.
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By industry vertical, the market is bifurcated into BFSI, IT& telecom, retail, healthcare, energy & utilities, manufacturing, government & defense and others. The BFSI segment held the lion’s share in 2018, accounting for one-fourth of the market. However, the manufacturing segment is projected to register the highest CAGR of 17.7% during the forecast period.
The global risk management market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to manifest the fastest CAGR of 16.1% during the forecast period. However, the market across North America held the largest share in one-third of the market.
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The global risk management market report includes an in-depth analysis of the major market players such as Lockpath, Inc., IBM Corporation, SAP SE, ServiceNow, SAS Institute Inc., Qualys, Inc., Thomson Reuters, RSA Security LLC, MetricStream Inc., and LogicManager, Inc.
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