According to the latest report by IMARC Group “Risk Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global risk management market size reached US$ 10.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 14.13% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Risk management represents the process of assessing, recognizing, and controlling the financial, strategic, legal, and security risks of any organization. It manages and mitigates risks from various sources, such as legal liabilities, strategic management errors, accidents, financial uncertainty, and natural disasters. Risk management examines the relationship between hazards and the cascading impact they could have on the strategic goals of an organization. It also emphasizes the importance of handling positive chances that could increase the business values of enterprises by making smart decisions. RISK management assists in guaranteeing the integrity and confidentiality of personal and corporate data. As a result, this process finds widespread applications across several sectors, including information and technology (IT), telecom, retail, banking, financial services and insurance (BFSI), healthcare, energy and utilities, manufacturing, and defense.
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Risk Management Market Trends:
The rising utilization of electronic payments that increases the intricacy and volume of data on financial transactions and the high number of digital monetary crimes are primarily driving the risk management market. Besides this, the incorporation of advanced technologies, such as artificial intelligence (AI), machine learning (ML), and automation, is further augmenting the market growth. Moreover, the growing popularity of on-premises-based risk management solutions among organizations to increase security and reduce data theft issues is also catalyzing the global market. Apart from this, the escalating demand for administration software to lessen compliance costs and enhance work efficiency is acting as another significant growth-inducing factor. Additionally, the launch of several policies by the government bodies to promote the usage of these solutions through a flexible and convenient information system and to prevent money laundering activities is also stimulating the market growth. Furthermore, the increasing awareness among small and medium-sized enterprises (SMEs) toward the benefits of using this technique is anticipated to propel the risk management market over the forecasted period.
Report Segmentation:
The report has segmented the market into the following categories:
Component Insights:
- Software
- Service
- On-premises
- Cloud-based
- Large Enterprises
- Small and Medium-sized Enterprises
- BFSI
- IT and Telecom
- Retail
- Healthcare
- Energy and Utilities
- Manufacturing
- Government and Defense
- Others
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
- ACTICO GmbH
- Broadridge Financial Solutions Inc.
- Fidelity National Information Services Inc.
- International Business Machines Corporation
- LogicManager Inc.
- MetricStream Inc.
- NAVEX Global Inc.
- Oracle Corporation
- Qualys Inc.
- Risk Edge Solutions
- SAP SE, SAS Institute Inc.
- ServiceNow
- Thomson Reuters Corporation
