USD 34.5 billion
Risk Analytics Market Size, Share, Growth Analysis, By Offering(Software, Services), By Risk Type(Financial Risk, Operational Risk), By Risk Stages(Risk Identification, Risk Assessment and Prioritization, Risk Response and Mitigation, Risk Monitoring), By Vertical(BFSI, Retail and Ecommerce, Healthcare and Life sciences, Telecommunications), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2129 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
60
|Figures:
77
Risk Analytics Market Insights
Global Risk Analytics Market size was valued at USD 27 Billion in 2022 and is poised to grow from USD 32.91 Billion in 2023 to USD 160.47 Billion by 2031, at a CAGR of 21.90% over the forecast period (2024–2031).
The risk analytics market is progressing at a remarkable rate due to factors like explosion of data and advanced technologies. The growing amount of data from different sectors like social media and IoT devices is significantly demanding mature analytics technologies to interpret and manage this data effectively. Moreover, the incorporation of modernized or improved technologies like machine learning, artificial intelligence, and big data is enhancing the efficiency and accuracy of risk examination and mitigation. Nonetheless, the market is negatively impacted by high implementation costs and integration complexity. Implementing improved risk analytics requires high upfront costs in software, technology, and infrastructure. Also, integrating these tools with out-of-date legacy systems may be difficult and need several alterations, thus impeding the adoption of risk analytics solutions. Yet, the market is opportune for factors like integration with progressing technologies like IoT and Blockchain.
US Risk Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
On- Premise
Fastest Growth
On- Premise
Growth Rate
22.2% CAGR
Country Share for North America Region (%)
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Risk Analytics Market Segmental Analysis
The Global Risk Analytics Market is segmented by Offering, Risk Type, Risk Stages, Vertical, and Region. Based on Offering, the market is segmented into Software and Services. Based on Risk Type, the market is segmented into Financial Risk and Operational Risk. Based on Risk Stage, the market is segmented into Risk Identification, Risk Assessment and Prioritization, Risk Response and Mitigation, Risk Monitoring, and Risk Reporting. Based on Vertical, the market is segmented into BFSI, Retail and Ecommerce, Healthcare and Life Sciences, Telecommunications, Energy and Utilities, Manufacturing, Transportation and Logistics, Government and Defence, Mining, Construction, and Others. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Offering
Based on offering, the risk analytics market is categorized into software and services. The software segment held a considerable market share in the previous years and is projected to lead over the forecast period owing to the advanced analytical capabilities offered. Risk analytics software delivers attractive features like scenario analysis, predictive modeling, and risk assessment technologies. They offer comprehensive and in-depth insights and aid in difficult decision-making practices. Software systems can be customized to cater to unique business requirements, regulatory standards, and industry needs, increasing their demand as the most versatile option, thus the segment growth.
On the other hand, the services segment is projected to grow substantially in the coming years due to customization and expertise offered. Services like implementation, consulting, and support provide tailored solutions for certain needs and challenges of businesses. Risk management services are offered by specialized teams with extensive industry proficiency and expert skills, aiding businesses to address their complicated and changing risk scenarios effectively. These factors are propelling the growth of the services segment in the coming years.
Analysis by Risk Type
Based on risk type, the risk analytics market is categorized as financial risk and operational risk. The financial risk segment held a significant share of the market and will continue to lead over the forecast period due to regulatory pressure and the greater impact of financial risks. Strict regulations need financial institutions to deploy advanced risk analytics to obey reporting standards and risk management. Also, risk like credit risk, market volatility, and liquid risk may notably affect business profitability and stability, powering major demand for effective solutions. Hence, businesses are increasingly adopting these solutions to avoid these challenges.
Conversely, the operational risk segment is anticipated to grow considerably over the forecast period owing to the complexity of advanced business operations, comprising internal processes and supply chain management. This ultimately increased the demand for strong analytics to effectively handle operational risks. Analytics also help businesses in detecting inefficiencies and possible disturbances, resulting in enhanced operational efficiency and cost savings.
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Risk Analytics Market Regional Insights
Geographically, North America dominated the risk analytics market in the past years and is expected to continue dominance in future as well owing to key innovation center and early adopter of improved technologies. The developed nations of North America like the United States and Canada are leading in technological development and innovations with the presence of several startups and well-established players including SAS Institute, Oracle Corporation, IBM Corporation, Forter, Moody's Analytics, SAP SE, and more. These companies are experts in AI, ML, and advanced analytics. In addition, North America is an early adopter of advanced technologies like advanced risk analytics, impacted by the growing emphasis on managing complex risks and optimizing operations, thus, driving the market.
Asia-Pacific is observed to be the fastest-growing region owing to increased digitalization and speedy economic growth. The region is witnessing notable digital transformation in different industries like healthcare, manufacturing, and finance. This inclination increased the significance of advanced risk analytics to efficiently leverage big data and manage digital risks. Also, most nations like India, and China, are experiencing economic progress, which increased the scale and complexity of risks that need to be managed by businesses. Furthermore, growth of smart cities and adoption of IoT is also fueling the market growth in the region.
Global Risk Analytics Market Size By Region
- Largest
- Fastest
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Risk Analytics Market Dynamics
Drivers
Regulatory Compliance to Fuel Market Growth
- Regulations like GDPR, Solvency II and Basel III need businesses to keep up and maintain strong risk management practices. With risk analysis, businesses can seamlessly ensure better compliance with complex regulatory needs. Also, periodic and comprehensive risk reporting is delegated by regulatory agencies. These solutions automate and simplify the reporting process, which makes compliance manageable.
Growing Volume and Variety is Demanding Risk Analytics Solutions
- Mounting the quantity and variety of data from different sources like IoT devices, healthcare, social media, and transaction logs is creating the need for improved analytics to detect huge quantities of information. The capability of studying and detecting such data in real-time allows businesses to immediately respond and identify the growing number of risks.
Restraints
Initial Investments and Ongoing Costs
- Implementing advanced risk analytics mostly requires major upfront investment in software, technology and infrastructure. This could impede businesses from adopting these solutions, thereby restraining market growth. Also, additional costs concerning updating, maintaining, and integrating risk analytics systems in current workflows are challenging, thus impacting the market growth.
Lack of Trained Workforce to Hamper Market
- There is a lack of skilled workforce with proficiency in advanced analytics, machine learning, and artificial intelligence, which could hamper effective use and deployment of risk analytics technologies. Also, the current personnel may need rigorous training for efficient use and understanding complex solutions, thus creating hindrances among businesses for adoption.
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Risk Analytics Market Competitive Landscape
The global Risk Analytics market is a highly competitive global market driven by a large number of international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Risk Analytics Market Top Player’s Company Profiles
- IBM (United States)
- Oracle (United States)
- FIS (United States)
- Moody’s Analytics (United States)
- AON (United Kingdom)
- ServiceNow (United States)
- SAP (Germany)
- Marsh McLennan (United States)
- SAS Institute (United States)
- ProcessUnity (United States)
- MetricStream (United States)
- Resolver (Canada)
- Milliman (United States)
- LogicManager (United States)
- Provenir (United States)
- SAI360 (United States)
- Deloitte (United Kingdom)
- Diligent (United States)
- Alteryx (United States)
- Crisil (India)
- OneTrust (United States)
- Archer (United States)
- Zesty.ai (United States)
- Fusion Risk Management (United States)
- RiskVille (Denmark)
- Spin Analytics (United Kingdom)
- Kyvos Insights (United States)
- Imperva (United States)
- Cirium (United Kingdom)
- Quantexa (United Kingdom)
- ClickUp (United States)
- Sprinto (India)
- Ventiv (United States)
- Adenza (United States)
- CENTRL (United States)
- SafetyCulture (Australia)
- Quantifi (United States)
- CubeLogic Limited (United Kingdom)
- Onspring (United States)
- RiskOptics (United States)
Risk Analytics Market Recent Developments
- In April 2024, Oracle Financial Services Launched Oracle Financial Services Compliance Agent to address the huge challenges of struggling to stay updated with the complexity and cost of compliance. The AI-enabled cloud service allows banks to function economically, hypothetical scenario testing to regulate controls and thresholds to sort transactions and meet compliance needs effectively.
- In October 2023, SAP SE launched a novel user experience and business AI innovations in its exhaustive business network and spend management solutions to aid clients mitigate risks, control costs, and enhance productivity.
- In November 2023, Accenture declared its collaboration with SAP SE to aid businesses re-invent supply chains using exhaustive supply chain nerve hub that can efficiently decrease risk, improve visibility, and aid sustainability objectives.
Risk Analytics Key Market Trends
- Growing Integration of ML and AI: Machine learning and artificial intelligence are currently being deployed to create algorithms that project possible risks depending on emerging patterns and historical information. This comprises forecasting industry trends, detecting operational issues, and detecting credit risk. AI models hold expertise in identifying such variations in data, assisting in detecting irregular patterns that may signal operational failures or fraud activities.
- Mounting Use of Big Data: Businesses are actively using big data technologies to incorporate huge data volumes (structured and unstructured) from multiple sources, comprising social media, internal systems, and industry data. Big data allows better insights into risk factors by studying huge datasets to detect correlations and trends that may not be obvious from the small datasets.
Risk Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing use of advanced technologies like ML and AI and the increasing risk of cyber threats are propelling the growth of the risk analytics market. Nonetheless, high implementation costs and issues with data quality are hindering market growth. North America is projected to dominate the market due to a strong financial sector, greater level of data generation, and heavy investments and funding. Moreover, dynamic and real-time risk management and improved data visualization are a few opportunities for risk analytics market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27 Billion |
| Market size value in 2031 | USD 160.47 Billion |
| Growth Rate | 21.90% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Risk Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Risk Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Risk Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Risk Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Risk Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Risk Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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