Dublin, March 22, 2022 (GLOBE NEWSWIRE) -- The "Operational Risk Management Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment and Enterprise Size" report has been added to ResearchAndMarkets.com's offering.
The global operational risk management solution market size is expected to grow from US$ 1,656.4 million in 2021 to US$ 3,098.0 million by 2028; operational risk management solution market share is estimated to grow at a CAGR of 9.4% from 2021 to 2028.
After the COVID-19 pandemic, corporate players have introduced changes in their operations by enabling flexible work schedules, allowing remote working, and enhancing the employee experience. The hybrid work models are defined as a more flexible, digital, and rewarding future for their employees.
According to an article published by GENESIS INTEGRATION, 55% of the US workers want a work pattern that allows the mix of working from home and office. The article data also reveals that more than 2 in 5 working adults (42%) are willing to give up some percentage of their salary for higher flexibility at work. Further, 74% of newer generation would prefer either working from home or splitting work time between home and work, as per the article published by GENESIS INTEGRATION. The rising adoption of a potentially permanent hybrid workforce has led to an increase in operational risk management solutions due to the rise in cybersecurity attacks with remote working.
Further, businesses also need to address the increasing risk of internal fraud. According to the article by Risk Management Intelligence in October 2021, employee fraud cases in Asia Pacific region have increased over the past year in the COVID-19 pandemic. Some of the essential risks include procurement fraud, cash theft, and falsification of expense claims. Further, business processes will continue to transform in hybrid working environments, thereby increasing the demand for operational risk management solutions due to high risks. Internal controls and business continuity plans need to be reassessed and audited to ensure that operational and process risks are correctly mapped out and mitigated. Also, with increasing reliance on third-party service providers, including technology and business process outsourcing providers, organizations need to strengthen their third-party risk management strategy.
Hence, with the rising adoption of the hybrid workforce model in the current scenario, several risks are also increasing, such as cybersecurity, internal fraud, and business process risks. Therefore, the growing implementation of hybrid work culture is creating significant opportunities for the future growth of the operational risk management solution market industry players.
In 2020, the COVID-19 pandemic had contributed to the operational risk management solution market growth, as millions of employees worked remotely. Such standard protective measures have resulted in the increased usage of third-party networks, digital platforms, and personal computing devices. Further, such network connectivity solutions increase the risks of cyberattacks and other malware. Furthermore, the surge in digital traffic presented an opportunity to numerous online frauds, phishing attacks, denial of inventory, and ransomware attacks.
According to the Global DNS Threat report, in 2021, 79% of global organizations experienced domain name system (DNS) attacks in 2020. Furthermore, the top DNS attacks included DNS phishing (~39%), DNS malware (~34%), distributed denial of service (DDoS) attacks (~27%), DNS hijacking/credential attacks (~12%), DNS tunneling (~17%), zero-day vulnerabilities (~16%), and cloud instance misconfiguration abuse (~13%)., Enterprises are adopting advanced operational risk management solutions to detect and manage any abnormal behaviour in the networks due to the increased risks of cybercrimes.
In 2021 and 2022, the growth of operational risk management solution market increased due to the rising trend of hybrid working styles among enterprises. The post-COVID-19 pandemic has created the demand for these solutions to mitigate supply chain risks in the healthcare & pharmaceutical industries. Also, the digital transformation of businesses in several sectors such as banking, financial services and insurance (BFSI), and transportation & logistics support the growth of the global operational risk management solution market.
Adapt IT Holdings Ltd; MetricStream, Inc.; RSA Security LLC; TPSCO LLC; SAP SE; Shell International B.V.; Sphera Solutions, Inc.; TenForce; and Cura Global GRC Solutions PTE LTD are a few key companies operating in the operational risk management solution market. The report comprises secondary research work on other companies that hold a significant operational risk management solution market share.
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Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Operational Risk Management Solution Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Operational Risk Management Solution Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Operational Risk Management in Fintech Companies
5.1.2 Rising Instances of Cyber Attacks in Various Organizations
5.2 Market Restraints
5.2.1 Challenges Related to Operational Risk Management Solution
5.3 Market Opportunities
5.3.1 Ongoing Implementation of Hybrid Working Styles
5.4 Future Trends
5.4.1 Integration of Artificial Intelligence in Operational Risk Management
5.5 Impact Analysis of Drivers and Restraints
6. Operational Risk Management Solution Market - Global Market Analysis
6.1 Global Operational Risk Management Solution Market Overview
6.2 Global Operational Risk Management Solution Market Forecast and Analysis
6.3 Market Positioning - Top Five Players
7. Operational Risk Management Solution Market Revenue and Forecasts To 2028 - Deployment
7.1 Overview
7.2 Operational Risk Management Solution Market, By Deployment (2020 And 2028)
7.3 On-Premise
7.3.1 Overview
7.3.2 On-Premise: Operational Risk Management Solution Market Revenue and Forecast To 2028 (US$ Million)
7.4 Cloud
7.4.1 Overview
7.4.2 Cloud: Operational Risk Management Solution Market Revenue and Forecast To 2028 (US$ Million)
8. Operational Risk Management Solution Market Revenue and Forecasts To 2028 - Enterprise Size
8.1 Overview
8.2 Operational Risk Management Solution Market, By Enterprise Size (2020 And 2028)
8.3 SMEs
8.3.1 Overview
8.3.2 SMEs: Operational Risk Management Solution Market Revenue and Forecast To 2028 (US$ Million)
8.4 Large Enterprises
8.4.1 Overview
8.4.2 Large Enterprises: Operational Risk Management Solution Market Revenue and Forecast To 2028 (US$ Million)
9. Operational Risk Management Solution Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Operational Risk Management Solution Market
10.1 Overview
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 Europe: Impact Assessment of COVID-19 Pandemic
10.4 APAC: Impact Assessment of COVID-19 Pandemic
10.5 MEA: Impact Assessment of COVID-19 Pandemic
10.6 SAM: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 Adapt IT Holdings Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 MetricStream, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 RSA Security LLC
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 TPSCO LLC
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 SAP SE
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Shell International B.V.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Sphera Solutions, Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 TenForce
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Cura Global GRC Solutions PTE LTD
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/2cwpg2
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