New York, March 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Operational Risk Management Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment (On-Premise and Cloud) and Enterprise Size (SMEs and Large Enterprise)”, the global operational risk management solution market growth is driven by the increasing adoption of operational risk management in fintech companies and rising instances of cyber attacks in various organizations to create growth opportunities for market players. The cloud-based segment led the global market with a share of 63.5% in 2020.
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| Report Coverage | Details |
| Market Size Value in | US$ 1.65 billion in 2021 |
| Market Size Value by | US$ 3.09 billion by 2028 |
| Growth rate | CAGR of 9.4% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 136 |
| No. Tables | 61 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Deployment and Enterprise Size |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Operational Risk Management Solution Market: Competitive Landscape and Key Developments
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 among the key players profiled during this operational risk management solution market study. In addition, several other essential operational risk management solution market players were studied and analyzed to get a holistic view of the global operational risk management solution operational risk management solution market and its ecosystem.
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In 2022, RiskPoynt, a provider of risk management software, has been acquired by Prometheus Group, a prominent global provider of asset management operations and optimization software.
In 2022, IBM announced it is teaming with SAP to provide technology and consulting expertise to make it easier for clients to embrace a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
Integration of Artificial Intelligence in Operational Risk Management:
Artificial Intelligence (AI) is a powerful technology used across the industrial, business, consumer, and public sectors. AI technologies are increasingly used in businesses to mitigate operational risk more effectively. The application of AI holds great potential to enable intelligent risk management. Many industrial businesses have implemented programs to reduce severe injuries and fatalities as part of targeted efforts to focus on risks with the highest potential consequences. Commercially available AI and machine learning (ML) advanced analytics solutions have been successfully applied to such programs. For instance, Benchmark Digital Partners LLC offers an AI-based pSIF analysis and advisory tool that analyses large data sets related to injuries, accidents, and behavior-based safety observations to identify events and scenarios that have the potential to lead to severe injury and fatality prevention. Further, work-related musculoskeletal disorders are a leading cause of injury and disability in the industrial workforce. Therefore, Kinetica Labs is offering an innovative software solution to improve the time-consuming process of performing ergonomic risk assessments to prevent musculoskeletal disorders with the help of computer vision and an AI engine in motion capturing. Safety control professionals record a video of a work task and upload it to the app. The software analyses the video, calculates biomechanical parameters and assesses risk. Further, identifying specific compliance requirements from environmental permits and other complex regulatory documents has been necessary in the undertaking of labor-intensive and error-prone. ehsAI provides a compliance automation solution, that uses AI technology to help solve this problem. The cloud-based platform implements Natural Language Processing (NLP) algorithms to interpret and extract Environmental, Health, and Safety (EHS) requirements. The requirements dramatically speed up and improve the accuracy of converting unstructured data contained in voluminous regulatory documents to a set of actionable compliance obligations. Therefore, the rising trend for implementing AI in operational risk management solutions is supporting the operational risk management solution market growth.
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The US has the world's largest and most liquid financial operational risk management solution market. Finance and insurance accounted for 7.4% (or U$1.5 trillion) of the US gross domestic product in 2018. Financial services and products aid in the facilitation and financing of the export of manufactured and agricultural goods from the US. In 2017, the US exported U$114.5 billion in financial services and insurance, with a U$40.8 billion surplus in the financial services and insurance trade (excluding reinsurance, the financial services, and insurance sectors had a U$69.6 billion surplus). At the end of 2018, the financial services and insurance industries employed over 6.3 million people. Despite the region's substantial and well-organized BSFI sector, most US firms are having difficulty managing new and unanticipated risks as part of their financial structuring.
Further, companies are having trouble aligning their objectives with anticipated treasury risk concerns in crucial business areas. Therefore, there has been an increase in the demand for the operational risk management solution as it aids in assessing the financial institution's position in the operational risk management solution market by providing a single, comprehensive picture of company activities such as cash flow analysis and loan lending, resulting in operational risk management solution market expansion. Further, the operational risk management solution market is driven by the increasing cyber-attacks on financial businesses' business models and crucial data. Therefore, the factors mentioned above are driving the growth of the operational risk management solution market.
Operational Risk Management Solution Market: Enterprise Size Overview
The operational risk management solution operational risk management solution market, based on enterprise size, is bifurcated into SMEs and large enterprises. The International Risk Management Institute defines risk management as the activity of identifying and assessing loss exposures and taking efforts to reduce the financial effect of the risks they impose. Developing a risk-mitigation strategy assists firms in preparing for the unexpected and minimizing additional expenditures.
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According to the Small Business Administration (SBA), not all risks are unfavorable. Further, expansion and growth are huge opportunities, but they can pose a substantial risk if mishandled. The Zurich Index revealed that weather, technological vulnerabilities, and workforce challenges are currently affecting SMEs. SMEs must have access to full-service, cost-effective solutions to keep ahead of risk. For instance, Achilles offers supply base and supply chain risk management solutions, which enables SMEs to benefit from supplier data consolidation and systematic risk management and compliance on a single platform, resulting in the growth of the operational risk management solution operational risk management solution market.
Browse Adjoining Reports:
Risk Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings (Solution, Service); Application (Financial, Compliance, Operational, Others); Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Building and Construction, Others) and Geography
Treasury and Risk Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment Type (On-premise, Cloud); Type (Treasury, Investment Management , Risk and Compliance); Application (Corporates, Banks) and Geography
Third-Party Risk Management Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Solution, Services); Deployment Type (Cloud, On-Premise); Organization Size (Small and Medium-Sized Enterprises, Large Enterprises); Industry (BFSI, IT and Telecom, Government, Healthcare, Retail, Others) and Geography
Risk and Security Assessment Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Assessment Type (Risk Assessment, Security Program Assessment); Organization Size (SMEs, Large Enterprises); End User (BFSI, IT and Telecommunications, Retail, Energy and Utilities, Healthcare, Others) and Geography
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