New York , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global risk analytics market size is slated to expand at 16% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 238 billion by the end of 2036, up from a revenue of USD 53 billion in the year 2023. With the increasing complexity of business operations and the growing number of risks faced by organizations, the demand for risk management solutions has been steadily rising. Around 40% of companies stated that they encountered three or more risk incidents within the previous year. Looking ahead to 2022, 44% of organizations that faced attacks, in the past twelve months mentioned that their level of vulnerability has risen.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4844
Companies are looking for ways to proactively identify and mitigate potential risks, and risk analytics tools are becoming an essential part of their risk management strategy. Risk analytics solutions help companies to identify, assess, and prioritize risks, and to develop effective risk management strategies. These tools use advanced analytics techniques such as predictive modeling, machine learning, and data visualization to provide insights into potential risks and their impact on business operations.
Risk Analytics Market: Key Takeaways
- Market in North America to propel highest growth
- BFSI segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growing Need for Regulatory Compliance to Boost Market Growth
Regulatory compliance is an increasingly important factor in the risk analytics market. Companies are facing more stringent regulations and requirements from government agencies and industry bodies. This has led to a growing demand for risk management solutions that can help companies stay compliant and avoid costly penalties and fines. There are a number of key regulations and compliance requirements that companies in the risk analytics industry need to be aware of. These include; Sarbanes-Oxley Act (SOX), General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), and Health Insurance Portability and Accountability Act (HIPAA).
Risk Analytics Industry: Regional Overview
The global risk analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Emergence Of Big Data and Analytics Tools to Drive the Growth in the North America Region
The risk analytics market in the North America region is estimated to garner the largest revenue by the end of 2036 owing to the emergence of big data and analytics tools among regional organisations. The emergence of big data and analytics tools has revolutionized the market. The dominance of the United States in the field of Big Data and Analytics Solutions is evident, with a market share of 53%. When it comes to spending on Big Data American companies outshine all countries by a significant margin having invested a staggering USD 100 billion in 2021. This has enabled organizations to analyze vast amounts of data in real time and make more informed decisions. With predictive analytics and machine learning algorithms, risk managers can identify potential risks and take proactive measures to mitigate them.
Rapidly Growing Population and Demand for Better Risk Management in Healthcare to Drive the Growth in the Asia Pacific Region
The Asia Pacific risk analytics market is estimated to garner the largest revenue by the end of 2036. As the Asia Pacific region has a rapidly growing population, there is a greater need for better risk management and medication error prevention to reduce the risk of harm to patients. Pharmaceutical mistakes lead to 7,000 fatalities annually. In India improper medication usage is the cause of drug errors and drug related challenges. Additionally, the incidence of medication events reached as high as 82 per 1,000 prescriptions in the country while national data suggests that, up to 5 million medical errors occur each year. As there is a greater emphasis on risk management and medication error prevention, there is a growing demand for risk analytics which can help to identify risks, reduce errors, and improve patient safety.
Risk Analytics Segmentation by Risk Type
- Operational
- Financial
- Third Party
- Strategic
The operational risk segment is anticipated to hold the largest revenue by the end of 2036. Cyber-attacks and human errors have the potential to cause significant financial losses, while outsourcing can lead to a lack of control over the business. Under the new legislation it has been found that human error accounts for, over 51% of all data breaches reported to Australia's Information Commissioner. Cyber-attacks, human errors, outsourcing, talent retention, automation implementation, data analytics, and others are all possible sources of operational risk, and each of these sources can have serious financial and operational consequences. This is why it is important for companies to have a comprehensive risk management plan in place to identify and mitigate these risks.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4844
Risk Analytics Segmentation by End User
- BFSI
- Manufacturing
- Retail & Consumer Goods
- IT & Telecom
- Transport & Logistics
- Health & Life Sciences
- Government & Defense
- Energy & Utilities
The BFSI segment is anticipated to hold the largest revenue by the end of 2036. As more organizations move their operations to the cloud, they are increasingly exposed to cyber threats. The BFSI sector is particularly at risk due to its large customer base and sensitive data. According to CloudSEK, a cybersecurity platform there were 280 incidents recorded in the half of 2022 in India. This number is lower compared to the 460 incidents reported throughout the year of 2021. As a result, organizations in this sector are investing in Risk Analytics solutions to help protect their data. Risk analytics helps banks identify potential risks before they can cause harm, giving them the opportunity to take action and prevent data breaches. With the right data and analytics, banks can develop strategies to mitigate the chances of a data breach occurring, such as implementing stronger encryption and authentication measures.
Risk Analytics Segmentation by Component
- Software
- ETL Tools
- GRC Software
- Risk Calculation Engines
- Services
- Professional
- Managed
Risk Analytics Segmentation by Deployment
- Cloud
- On-Premises
A few of the well-known market leaders in the global risk analytics market that are profiled by Research Nester are Accenture PLC, Capgemini Services SAS, Fidelity National Information Services GmbH, IBM Corporation, Moody's Analytics Inc., Oracle Corporation, OneSpan Inc., CoreLogic, Inc., Provenir, Inc., Risk Edge Solutions, and other key market players.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4844
Recent Development in the Risk Analytics Market
- CoreLogic has recently unveiled Climate Risk Analytics, a platform aimed at aiding government agencies and corporations in assessing, simulating and mitigating the risks posed by climate change to the real estate sector. This initiative, initially planned until 2050 relies on Googles cloud infrastructure for long term support.
- Moodys Analytics has introduced Risk Compass, a risk analytics platform tailored specifically for the Chinese market. By analyzing market dynamics this tool helps identify opportunities, for effective risk management.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
