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

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 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.  '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) '

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 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.  

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.