Risk Analytics Market Size to Reach USD 127.7 Billion by 2032 growing at 13.9% CAGR

Risk Analytics Market, valued at USD 40.3 Billion in 2023, is projected to surpass USD 127.7 Billion by 2032, indicating a robust CAGR of 13.9%

Risk analytics is the process of identifying, assessing, and mitigating potential business risks utilizing data, statistical models, and modern technology. It enables organizations to make educated decisions by forecasting and controlling risks across a variety of industries, including banking, healthcare, and manufacturing. Businesses can use risk analytics to proactively handle possible disruptions, boosting overall resilience and performance.

In the future, risk analytics will become increasingly crucial as sectors face greater complexity, volatility, and cyber threats. The advent of big data, artificial intelligence, and real-time analytics will improve the accuracy and efficiency of risk management. The integration of risk analytics into business strategies will be crucial for long-term success and competitive advantage.

Risk Analytics Market Statistics

• The global risk analytics market reached USD 40.3 billion in 2023 and is projected to grow at a strong CAGR of over 13.9% from 2024 to 2032
• North America led the market with significant revenue of USD 15.72 billion in 2023
• The Asia-Pacific region is expected to witness notable growth, with a projected CAGR of 14.6%
• The software component sub-segment accounted for 66% of the market share in 2023
• The BFSI end-user vertical sub-segment secured a 23% share of the market in 2023
• A prominent trend in the risk analytics market is the increasing demand for real-time risk analytics to enhance decision-making and responsiveness

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Risk Analytics Market Dynamics

Growing Need for Effective Risk Management across Industries Fuels the Risk Analytics Market Value

The growing demand for effective risk management across sectors is a key driver of the risk analytics market's rise. As firms face a broader range of risks, including financial insecurity, cyber attacks, regulatory changes, and operational interruptions, the demand for risk analytics solutions has grown. These tools enable businesses to proactively identify, assess, and mitigate risks, thereby reducing potential negative consequences. With industries like banking, healthcare, manufacturing, and retail relying heavily on data, incorporating advanced risk analytics techniques has become critical. As organizations strive for sustainability and competitiveness, investing in risk management solutions is becoming a priority, thereby boosting market growth.

Rising Adoption of Cloud-Based Risk Analytics Solutions Offer Significant Risk Analytics Market Opportunity

The increasing adoption of cloud-based risk analytics solutions is creating significant opportunities in the risk analytics market. Cloud platforms provide enterprises with scalable, cost-effective, and adaptable risk management and analysis solutions that do not require costly on-premises infrastructure. These solutions allow organizations to access real-time data, improve collaboration, and enhance decision-making across various departments. The cloud-based solution also assures easier upgrades and maintenance, lowering operational burdens. As more businesses move to the cloud, the demand for enhanced risk analytics solutions that connect easily with cloud systems grows. Additionally, cloud technologies facilitate the storing and processing of massive volumes of data, enabling more accurate risk projections and mitigation techniques.

Risk Analytics Market Segmentation

The global market for risk analytics has been segmented into risk type, deployment, component, end-user vertical, and region.

• Risk type is classified into compliance risk, operational risk, strategic risk, financial risk, and others
• Deployment are divided into on-premises, and cloud-based
• Component segment is sub segmented into software (extract, transform and load tools, risk calculation engines, scorecard and visualization tools, dashboard analytics and risk reporting tools, GRC software, others) and services (system integration service, support and maintenance service, risk assessment and analysis service)
• End-user vertical is categorized into BFSI, retail, healthcare, manufacturing, IT and telecom, government and defense, energy and utilities, and others
• The risk analytics market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Risk Analytics Market Regional Outlook

In terms of risk analytics market analysis, North America leads the risk analytics market. The presence of large financial institutions, a strict regulatory framework, and a high need for cybersecurity all contribute to the region's market dominance. For example, in October 2022, Goldman Sachs Group, Inc., a well-known worldwide investment banking, securities, and investment management firm, and Qontigo, a prominent provider of innovative risk, analytics, and index solutions, announced an expanded collaboration. Qontigo will now provide the Axioma Portfolio Optimize and Axioma Equity Factor Risk Models via Goldman Sachs Financial Cloud for Data, a collection of modular data management and analytics solutions, as well as Goldman Sachs Marquee, the company's digital platform that provides institutional investors with market-leading data, analytics, market insights, and trading solutions. Furthermore, organizations in North America are shifting their focus to real-time data processing and predictive analytics, which is propelling market growth.

In contrast, the Asia-Pacific region is experiencing rapid growth in the risk analytics market. The rising usage of technology, notably in banking, finance, and insurance industries, has fueled demand for enhanced risk management solutions. Emerging economies in this region are increasingly focusing on improving financial infrastructure and regulatory compliance, which is hastening the adoption of risk analytics solutions.

Risk Analytics Market Players

Risk analytics companies profiled in the report include SAS Institute, OneSpan, Moody's Analytics, Fidelity National Information Services, Oracle Corporation, AxiomSL, IBM, Verisk Analytics, Eurorisk Systems Ltd, ACL Services Ltd, Risk Edge Solutions, dba Galvanize, Gurucul, and Accenture.

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Risk Analytics Market Key Insights

Mr. Richard Johnson

Acumen Research and Consulting

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