Risk management software market to grow at a CAGR of 15.32% from 2022 to 2027|An increase in data and security breaches among enterprises to boost the market growth- Technavio
NEW YORK, Aug. 3, 2023 /PRNewswire/ -- The risk management software market size is forecast to increase by USD 7,372.29 million from 2022 to 2027, at a CAGR of 15.32%, according to the recent market study by Technavio. The growth of the market will be driven by the increase in data and security breaches among enterprises, the Increase in stringent government regulatory compliances, and the rise in the adoption of risk management among financial institutions. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report
Risk Management Software Market - Companies' Scope
Technavio has extensively analyzed 15 major companies, including 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.
Key Benefits for Industry Players & Stakeholders –
The report offers information on the criticality of company inputs, including R&D, CAPEX, and technology.
It also provides detailed analyses of the market's competitive landscape and companies product offerings.
The report also provides a qualitative and quantitative analysis of companies 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.
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Expense Management Software Market - Segmentation Assessment
The risk management software market report extensively covers market segmentation by component (software and services), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The market share growth by the software segment will be significant during the forecast period. The growing demand for software that is capable of reducing risk and improving the overall performance of an organization is one of the key drivers of the risk management software market. Factors such as advances in technology, rising volumes of data, and the need for effective risk management and analysis are driving the growth of the segment. Some of the broad applications of this software are in industries such as finance, healthcare, and insurance, where risk analysis is an essential aspect of their operations. The main advantage of using risk management software is the automation of complex and time-consuming processes. These factors are expected to boost the growth of this segment of the risk management market during the forecast period.
North America is estimated to contribute 31% to the growth of the global market Factors such as the presence of multiple institutions from banking, financial services, and insurance (BFSI), IT, healthcare, and other industries are contributing significantly to the growth of risk management software market in the region. Furthermore, to easily process such a large number of transactions and optimize the back-office to front-office process, banks need advanced solutions that can automate payments and provide a centralized view. So banking companies are adopting risk management software. Therefore, the increasing adoption of risk management software by various industries such as banking, finance, and others is expected to drive the growth of the regional risk management software market during the forecast period.
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Risk Management Software Market - Market Dynamics
Key Driver -
One of the key factors driving the risk management software market growth is an increase in data and security breaches among enterprises. There has been an increase in cyberattacks as more businesses depend on big data analytics and cloud computing to gain a competitive advantage. As a result, many organizations are investing in risk management tools designed to recognize and mitigate potential vulnerabilities in their IT infrastructure. Some of these companies are now using advanced threat intelligence platforms to monitor their networks and detect potential threats in real-time. Thus, these factors are expected to fuel the growth of the risk management software market during the forecast period.
Leading Trend -
A key factor shaping the risk management software market growth is the rising adoption of cloud-based risk management solutions. The main advantage of cloud-based risk management solutions is that employees can access risk management tools and information from anywhere, anytime, if they have an internet connection. In addition, cloud-based solutions enable better collaboration across teams and departments. Therefore, these benefits are expected to drive the growth of the risk management software market during the forecast period.
Significant challenge -
High cost and complexity in the installation and configuration of the software are one of the key challenges that affect the risk management software market growth. One of the main challenges is that the process of installing and configuring risk software often comes with a high cost and complexity. The need to customize this software for every business increases the cost and complexity of this software. Hence, these factors can create a significant threat and impede the risk management software market growth during the forecast period.
What are the key data covered in this Risk Management Software Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the risk management software market between 2023 and 2027
Precise estimation of the risk management software market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the risk management software market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of risk management software market companies.
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Risk Management Software Market Scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 15.32% |
Market growth 2023-2027 | USD 7,372.29 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 15.0 |
Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution | North America at 31% |
Key countries | US, Canada, Japan, UK, and Germany |
Competitive landscape | Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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 |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global risk management software market 2017 - 2021
4.2 Component Segment Analysis 2017 - 2021
4.3 Deployment Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Component
6.1 Market segments
6.2 Comparison by Component
6.3 Software - Market size and forecast 2022-2027
6.4 Services - Market size and forecast 2022-2027
6.5 Market opportunity by Component
7 Market Segmentation by Deployment
7.1 Market segments
7.2 Comparison by Deployment
7.3 On-premises - Market size and forecast 2022-2027
7.4 Cloud - Market size and forecast 2022-2027
7.5 Market opportunity by Deployment
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 APAC - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 UK - Market size and forecast 2022-2027
9.10 Japan - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 Canada - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 company Landscape
11.1 Overview
11.2 Company landscape
11.3 Landscape disruption
11.4 Industry risks
12 Company Analysis
12.1 companies covered
12.2 Market positioning of companies
12.3 Dell Technologies Inc.
12.4 Diligent Corp.
12.5 Fusion Risk Management Inc.
12.6 International Business Machines Corp.
12.7 Intertek Group Plc
12.8 Kroll LLC
12.9 LogicManager Inc.
12.10 MetricStream Inc.
12.11 NAVEX Global Inc.
12.12 ProcessUnity Inc.
12.13 Riskonnect Inc.
12.14 RSM International Ltd.
12.15 SAP SE
12.16 Thomson Reuters Corp.
12.17 Wolters Kluwer NV
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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