NEW CASTLE, Delaware, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Risk Management Market by Component (Software and Services), Deployment Mode (Cloud and On-premise), Enterprise Size (Large Enterprises and SMEs), and Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, Government & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”.
According to the report, the risk management industry generated $12,627.60 million in 2022, and is anticipated to generate $51,954.40 million by 2032, witnessing a CAGR of 15.4 % from 2023 to 2032.
Prime Determinants of Growth
The notable factors positively affecting the risk management market include an increase in data and security breaches among enterprises and a rise in the adoption of risk management among financial institutions. However, the high cost and complexity in installation and configuration of the software hinder market growth. However, the integration of artificial intelligence in risk management software and rise in demand from developing economies offer lucrative market opportunities for market players.
Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/4441
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $12,627.60 million |
| Market Size in 2032 | $51,954.40 million |
| CAGR | 15.4 % |
| No. of Pages in Report | 260 |
| Segments covered | Component, Deployment Mode, Enterprise Size, Industry Vertical and Region. |
| Drivers | Increase in data and security breaches among enterprises Rise in the adoption of risk management among financial institutions |
| Opportunities | The integration of artificial intelligence in risk management software Rise in demand from developing economies |
| Restraint | High cost and complexity in installation and configuration of the software |
COVID-19 Scenario
- The risk management market witnessed stable growth during the COVID-19 pandemic, owing to the dramatically increased dependence on digital devices. The surge in the online presence of people during the period of COVID-19-induced lockdowns and social distancing policies fueled the need for risk management.
- In addition, with the majority of the population confined in homes during the early stages of the COVID-19 pandemic, businesses needed to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment post the outbreak of the COVID-19 pandemic.
Buy this Complete Report (260 Pages PDF with Insights, Charts, Tables, and Figures) at: https://www.alliedmarketresearch.com/risk-management-software-market/purchase-options
The software segment to maintain its leadership status throughout the forecast period
By component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the risk management market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization one of the primary reasons enterprises are increasing their investment in the risk management market. However, the services segment is expected to portray the largest CAGR of 17.0% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The increase in the adoption of digital technologies across various industries and the availability of effectiveness, functionality, and convenience in digital services are expected to drive the growth of the services segment in the global market.
The on-premise segment to maintain its lead position during the forecast period
By deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than half of the risk management market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based risk management. However, the cloud segment is expected to portray the largest CAGR of 16.5% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
The large enterprises segment is expected to maintain its lead position during the forecast period
By enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than three-fifths of the risk management market revenue, owing to the growing demand for risk management for cloud-based services is fueling the market growth for the global market in these enterprises. However, the SMEs segment is expected to portray the largest CAGR of 16.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to these organization.
The BFSI segment to maintain its lead position during the forecast period
By industry vertical, the BFSI segment accounted for the largest share in 2022, contributing to more than one-fifth of the risk management market revenue, owing to the increase in the adoption of digital solutions in the BFSI sector has led to the development of completely advanced programs that adhere to the maintenance of security systems, which further contribute the global market growth in this sector. However, the manufacturing segment is expected to portray the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to manufacturing industries.
North America region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the risk management market revenue. The increase in the usage of risk management in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 18.0% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4441
Leading Market Players: -
- IBM Corporation
- Lockpath, Inc.
- LogicManager, Inc.
- MetricStream Inc.
- Qualys, Inc.
- SAP SE
- SAS Institute Inc.
- ServiceNow
- RSA Security LLC
- Thomson Reuters
The report provides a detailed analysis of these key players in the risk management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
