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The global risk management software market size is forecast to increase by USD 11.05 billion at a CAGR of 18.69% between 2023 and 2028. The growth of the market is driven by several key factors. Increasing demand for the sports technology in sport industry and the implementation of stringent safety regulations across various sectors are significant drivers. The market is also evolving with the development of new product formats and the provision of specialty first aid kits tailored to specific needs, such as sports injuries or specific sports medical emergencies. Innovations in first aid components, such as advanced bandages, enhance the effectiveness and usability of these kits. Additionally, there is a growing emphasis on training users to properly utilize first aid kits, ensuring quick and effective responses in emergencies. Despite challenges such as size and weight limitations, the market benefits from easy-to-make kits and the need for updated components to keep pace with medical advancements. These factors collectively highlight the importance and dynamic nature of the market in promoting health and safety.
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The market is witnessing exponential growth driven by factors such as rapid digitalization, security risks, and financial uncertainty. As businesses, especially Small and Medium-Sized Enterprises (SMEs), embrace digitization, the need for efficient risk assessment and mitigation becomes paramount. Cloud-based applications offer real-time solutions for document storage and administrative tasks, catering to organizations across various industries, including the banking and financial services sector. These platforms enable proactive pre-loss prevention strategies and streamline post-loss management activities. With the proliferation of smartphones and increasing online transactions, robust risk decision-making tools are essential to navigate the complexities of modern business landscapes.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the software segment will be significant during the forecast period. There is an increasing demand for software that can mitigate risks and improve overall organizational performance, which is one of the key significant drivers of the market.
The software segment was valued at USD 2.67 billion in 2018. Factors such as advancements in technology, increasing data volumes, and the need for effective risk analysis and management. For instance, one of the most popular examples is quantitative risk assessment software, which leverages statistical tools and algorithms to quantify risks and establish effective mitigation strategies. Some of the wide applications of this software are across industries such as finance, healthcare, and insurance, where risk analysis is a critical aspect of their operations. The main advantage of advantages is the automation of complex and time-consuming processes. Hence, such factors are expected to drive the growth of this segment, which in turn will drive the growth market during the forecast period.
The increasing adoption of on-premise segments across organizations due to its benefits is expected to drive market growth during the forecast period. One of the key advantages of this on-premise segment is that it offers the organization complete control over data, ensuring that it adheres to organizational policies and security standards. Another main advantage of the on-premises segment is the ability to customize the system according to the organization's specific needs, making it a more tailored solution. Hence, such benefits are expected to drive the growth of this segment which in turn will drive the growth of the market during the forecast period.
The market is witnessing substantial growth, driven by factors like rapid digitalization and increasing adoption of cloud-based applications. Organizations across various sectors, including banking and financial services, are deploying these solutions to address legal liabilities, financial uncertainties, and security risks. With the rise in data security concerns, risk management software plays a crucial role in mitigating risks and facilitating effective decision-making. It caters to end-users ranging from small and medium-sized businesses to large enterprises, offering pre-loss prevention and post-loss management activities. As the demand for real-time risk assessment grows, the market is poised for further expansion, particularly amidst the evolving landscape of risks and uncertainties. Effective risk decision making is crucial in the implementation of Cloud-based application and the governance of risk the board.
One of the key factors driving the market growth is an increase in data and security breaches among enterprises. There has been an increase in cyber attacks as more companies rely on big data analytics and cloud computing to gain a competitive edge. As a result, many organizations invest in tools designed to recognize and mitigate potential vulnerabilities in their IT infrastructure.
Hence, in order to address these issues, many companies are focusing on tools that provide compliance automation features, enabling them to monitor and enforce compliance more efficiently. For example, insurance companies are particularly prone to security breaches because of their reliance on sensitive personal and financial data. Thus, most of these companies are currently using advanced threat intelligence platforms to monitor their networks and detect potential threats in real time. Hence such factors are expected to drive the market growth during the forecast period.
A key factor shaping the market growth is the rising adoption of cloud-based risk management software. There has been a rise in the adoption of cloud-based management solutions as several organizations are aware of the numerous benefits they offer over traditional on-premises solutions.
Moreover, the main benefit of cloud-based solutions is that employees can access management tools and information from anywhere, at any time, if they have an internet connection. Furthermore, cloud-based solutions enable greater collaboration between teams and departments. Hence, such benefits are expected to drive market growth and trends during the forecast period.
High cost and complexity in the installation and configuration of the software are one of the key challenges hindering market growth. There is a growing popularity of High cost and complexity in the installation and configuration of management software among enterprises as it helps to identify and mitigate potential risks and threats.
However, one of the main challenges is that such installation and configuration process of software often comes at a high cost and complexity. The need for customization of this software for each business is increasing the cost and complexity of this software. Hence, such factors can pose a significant threat to the market growth during the forecast period.
North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as the presence of many organizations from the banking, financial services and insurance (BFSI), IT, healthcare, and other industries are significantly contributing to the growth of the market in the region. In the US, most organizations have significant challenges while procuring software from third-party vendors.
Moreover, this region has prominent banking and financial institutions such as Wells Fargo & Co. (Wells Fargo), The PNC Financial Services Group Inc. (The PNC Financial), Bank of America, JPMorgan Chase & Co. (JPMorgan), and Citigroup Inc. (Citi), which process multiple transactions yearly. To carry out such a huge number of transactions easily and optimize the process from the back office to the front office, the bank needs advanced solutions that can automate their payment operations and give a centralized view. Thus, banking firms are adopting the software. Therefore, the increase in the adoption by various industries, such as banks, finance, and other industries, is expected to propel the growth of the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dell Technologies Inc.: The company offers risk management software called Archer Environmental, Social and Governance ESG Value Stack under its subsidiary called RSA Security LLC.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In today's rapidly evolving IT industry, businesses face multifaceted challenges ranging from cyber-attacks and identity theft to data breaches and cybercrimes. With the rise of work-from-home culture due to factors like the Coronavirus outbreak, organizations increasingly rely on secure technology and cloud-based security solutions to safeguard financial tasks and organizational data. The Texas Hospital Association and Verge Health exemplify entities leveraging cloud-based applications and integrated banking for financial reporting and risk management in healthcare settings.
Moreover, financial constraints in developing economies underscore the importance of technological expertise in deploying innovative solutions for financial reporting and production analysis. Risk management and Treasury and Risk providers play a pivotal role in addressing economic uncertainties and trade regulations, utilizing predictive analytics, machine learning, and natural language processing to anticipate risk decision-making. Amidst digital media and communication networks, the insurance sector confronts cybersecurity solutions against phishing attacks and extortion, necessitating cloud-based security and mobile solutions for secure technology deployment. Strategic decisions hinge on visualization and summarization of data-related risks and natural disasters, influencing growth segments and application niches across high-risk sectors.
Furtheremore, in navigating these complexities, risk mitigation activities and deployment types like segmented and integrated banking are pivotal in mitigating financial reporting challenges and optimizing growth prospects. The bargaining power of buyers and threat posed by substitutes underscore the need for secure technology and data breach prevention in an era marked by economic uncertainties and IT industry evolution.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.69% |
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Market growth 2024-2028 |
USD 11.05 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
16.01 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 31% |
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Key countries |
US, UK, Japan, Germany, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aravo Solutions Inc., Cura Global GRC Solutions PTE LTD., Dell Technologies Inc., Diligent Corp., Fusion Risk Management Inc., Ideagen, International Business Machines Corp., Intertek Group Plc, Kroll LLC, LogicGate Inc., LogicManager Inc., MetricStream Inc., NAVEX Global Inc., ProcessUnity Inc., Riskonnect Inc., RSM International Ltd., SAP SE, Stiftelsen Det Norske Veritas, Thomson Reuters Corp., and Wolters Kluwer NV |
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Market dynamics |
Parent market analysis, Market Forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
View Risk Management Software Market Forecast Report PDF Sample
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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