Global Risk Analytics Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Risk Analytics Market Outlook

The global risk analytics market size reached approximately USD 40.31 billion in 2023. The market is estimated to grow at a CAGR of 11.3% in the forecast period of 2024-2032, reaching a value of around USD 107.44 billion by 2032.

Key Trends in the Global Risk Analytics Market

Risk analytics is the process of identifying, measuring, and assessing potential issues or risks that can negatively affect the business decisions of an organisation. It aids businesses in developing strategies that can effectively manage and reduce the impact of risks.

• Increased incorporation of big data technologies such as data storage, data mining, and data visualisation, among others, among businesses to enhance comparative risk analytics is one of the crucial risk analytics market trends.

• Growing implementation of predictive risk management methodology to analyse the current and historical data for identifying potential cyber threats and mitigating the associated risks is another prominent trend aiding the market expansion.

• Several businesses and enterprises are relying on behavioural analytics to understand factors that can promote risky behaviour and lead to incorrect risk assessment and further utilising it to improve their risk management strategies.

• The advent of advanced technologies such as automation, AI, and IoT, among others, for real-time monitoring, gaining critical insights, assessing risks more accurately, and faster response time also contributes to the risk analytics market growth.

Global Risk Analytics Market Analysis

Based on component, the market is bifurcated into solution and services. On the basis of enterprise size, the market is categorised into large enterprises and small and medium enterprises. On the basis of mode of deployment, the market is classified into cloud and on-premises.

Based on application, the market is segmented into strategic risks, financial risks, and operational risks, among others. The risk analytics market segmentation, on the basis of end use, includes BFSI, IT and telecom, retail, healthcare, energy and utilities, manufacturing, government and defence, among others. The major regional markets of risk analytics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the risk analytics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• SAP SE  

• Oracle Corporation  

• IBM Corporation  

• SAS Institute Inc.  

• Provenir Group  

• Risk Edge Solutions  

• OneSpan Inc.  

• Fidelity National Information Services, Inc.  

• AcadiaSoft, Inc.  

• Verisk Analytics, Inc. 

• Others

Global Risk Analytics Market Share by End Use

The BFSI sector occupies a sizeable portion of the risk analytics market share, due to the increased amount of financial data that requires efficient risk management strategies. Banks and other financial institutes are prone to financial fraud and cyber threats, which leads to the implementation of sophisticated risk analysis techniques that can mitigate the risks.

Risk analytics can also be utilised for credit risk assessment to assess the creditworthiness of the customers for financial proceedings such as loans and other types of capital allocation.

Global Risk Analytics Market Share by Region

As per the risk analytics market analysis, North America accounts for a substantial share of the global market, owing to the widespread adoption of risk management solutions and technologies by enterprises. The growing presence of financial service providers that rely on risk analytics for effective risk management is aiding the market growth.

Additionally, the incorporation of advanced risk analytics tools by organisations for taking appropriate preventive measures against different kinds of risks provides a positive market outlook.

Competitive Landscape

SAP SE, established in 1972, is a multinational software corporation, with its headquarters in Walldorf, Germany. Some of its common services include enterprise resource planning, financial management, spend management, and supply chain management, among others.

Oracle Corporation, incorporated in 1977, is a computer technology company, headquartered in Austin, the United States. The company offers its services in the sectors of automotive, communication, consumer packaged goods, food and beverages, and healthcare, among others.

IBM Corporation is a multinational technology conglomerate, founded in 1911 and based in New York, the United States. Some of its major specialities include analytics, cloud, cognitive, experience design, financing, and IT infrastructure, among others.

Other risk analytics market players include SAS Institute Inc., Provenir Group, Risk Edge Solutions, OneSpan Inc., Fidelity National Information Services, Inc., AcadiaSoft, Inc., and Verisk Analytics, Inc., among others.

Key Highlights of the Report