Risk Analytics Market by Component (Software, Services), Risk Type (Strategic, Operational, Financial), Deployment Mode, Industry Size, and End User (BFSI, Manufacturing, IT & Telecom, Retail, Transportation, Government, Healthcare) – Global Forecast to 2028
Redding, California, Sept. 15, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “Risk Analytics Market by Component (Software, Services), Risk Type (Strategic, Operational, Financial), Deployment Mode, Organization Size, End User (BFSI, IT & Telecom, Retail, Transportation, Government, Healthcare) -Global Forecast to 2028”, published by Meticulous Research®, the risk analytics market is expected to grow at a CAGR of 13.4% from 2021 to 2028 to reach $68.8 billion by 2028.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5188
Risk analytics is an emerging form of data analytics that focuses on forecasting future risks for organizations. It helps take the guesswork out of managing risk-related issues by using various techniques and technologies to extrapolate insights, calculate likely scenarios, and predict future events. Risk analytics and associated technologies provide superior risk evaluation and risk migration capabilities compared to traditional analytics methodologies. These analytics is packed with several benefits, such as high performance, scalability, reliability, reduced cost of risk, agility, and real-time applications. Several industries and organizations, including retail & e-commerce, government, and professional service providers, deploy this technology on a considerable scale.
The growing cyber risks, rising demand for real-time fraud management platforms in the banking sector, increasing business complexities, and rising digitization and business process automation are the key factors driving the growth of the risk analytics market. Moreover, the rising adoption of AI in risk analytics and the growing need for automated disaster recovery and advanced security analytics provide significant opportunities in this market. However, factors such as the intricacy of regulatory compliance, misconceptions, and lack of awareness regarding risk analytics solutions pose serious challenges to the adoption of risk analytics solutions, thereby hampering the market’s growth.
The Impact of COVID-19 on the Risk Analytics Market
The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. The uncertainty regarding the possible length of lockdowns and supply chain disruptions has made it an arduous task for industry players to anticipate the resurgence in the risk analytics industry. Thus, the crisis is expected to cause structural shifts that would have significant implications for this industry.
The lockdown has negatively impacted the manufacturing, transportation, retail, IT & telecom, and energy & utility industries. However, the adoption of risk analytics is on the rise in the healthcare sector. The rapid spread of the COVID-19 pandemic has strained the global healthcare networks and systems, affecting critical, life-saving operations and processes. Therefore, healthcare facilities are increasingly adopting risk analytics technology to reduce stress on existing infrastructure, improve work agility and predict and track the virus spread in real-time. Also, risk analytics technology plays a significant role in handling uncertainties in the banking and financial services sector. The technology facilitates fraud detection, credit risk analytics, and forensic analytics. Such applications have helped the risk analytics market sustain during the COVID-19 crisis.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5188
In the COVID-19 scenario, risk management optimization through GRC solutions has emerged as one of the best ways an enterprise can ensure business continuity. Various enterprises are leveraging the capabilities of their risk administration teams via smart investments in risk analytics technologies.
The rapid spread of the COVID-19 pandemic has compelled various governments to implement social distancing measures. In large organizations, compliance officers and risk managers are struggling to tackle the pandemic. For instance, in April 2020, Wolters Kluwer’s CPM business launched its COVID-19 related regulatory compliance resource COVID-19 Noteworthy Developments Bulletin to provide COVID-19 related regulatory updates such as global regulatory orders, notices, changes, and other updates for the financial services industry.
However, most governments from affected regions have turned to infrastructure rehabilitation for stimulating economic recovery. Moreover, local governments are also undertaking several relief steps to mitigate the negative impact of COVID-19. As a result, the risk analytics market is expected to regain its original track beyond 2024.
Rising demand for real-time fraud management platforms in the banking sector to drive the demand for risk analytics
In today’s digital age, fraud risks are growing at an unprecedented rate, particularly for banks and other financial services institutions. Fraud risks have become a major challenge for the banking sector. Banks and financial institutions are investing heavily in enabling digital services through multiple channels with the consistently rising and changing demand. However, this has created new vulnerabilities. According to a leading consulting firm, in 2017, cyberattacks reached a record 1579% in the U.S., an increase of 48% over 2016, of which banking institutions faced 8.5%. Therefore, organizations operating in the banking sector are incorporating risk analytics tools and services on a considerable scale to protect digital assets against manipulation and fraud. For instance, in 2018, a regional bank deployed the OneSpan risk analytics solution to curb fraud. This solution uses adaptive machine learning and analyzes big datasets across banking channels, and identifies fraud patterns. Thus, the increasing demand for risk analytics solutions and services in the banking sector to improve performance, scalability, security, and agility and deliver faster services is a key factor driving the growth of the risk analytics market.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (software, services), risk type (strategic risks, operational risks, financial risks, third-party risks), deployment mode (on-premise and cloud-based), organization size (small & medium enterprises and large enterprises), end user (BFSI, manufacturing, transportation, retail, IT & telecom, government, healthcare, energy & utility, and other), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on component, the risk analytics market is segmented into software and services. The services segment is expected to grow at a higher CAGR over the forecast period due to the growing demand for risk analytics services among small and medium-sized enterprises and the rising need to improve business processes and optimize business infrastructure.
Based on risk type, in 2021, the financial risks segment is expected to account for the largest share of the overall risk analytics market. The large share of this segment is mainly attributed to the constantly evolving threats in the financial sector, rising instances of frauds in banks, the increasing use of electronic transactions across all verticals, and the growing sophistication of cyberattacks. However, the operational risks segment is expected to grow at the highest CAGR over the forecast period. The segment’s rapid growth is attributed to the growing need for operational refinement among organizations and growing pressure of resource and time optimization.
Quick Buy – Risk Analytics Market Research Report: https://www.meticulousresearch.com/Checkout/64698133
Based on deployment mode, the cloud-based segment is expected to grow at the highest CAGR during the forecast period. The adoption of cloud computing and storage systems is gaining popularity among small and medium-scale enterprises. Several organizations are gradually moving towards cloud infrastructure, and this trend is expected to grow in the coming years. The benefits of cloud infrastructure in the form of ease of adoption, minimal requirement of in-house infrastructure, scalability, and easy installation of security solutions support the faster growth of this segment.
Based on organization size, the risk analytics market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. In 2021, the large enterprises segment is expected to account for the larger share of the overall risk analytics market due to its strong infrastructure and availability of skilled IT personnel to manage risk analytics platforms.
Based on end user, the risk analytics market is segmented into BFSI, retail, IT & telecom, healthcare, government, manufacturing, energy & utilities, transportation, and other end users. In 2021, the BFSI segment is expected to account for the largest share of the overall risk analytics market. The growth of this segment is mainly attributed to rising transactional data and growing demand for risk & fraud analytics solutions. Furthermore, increasing incidences of money laundering and fraud have encouraged market players in the BFSI sector to adopt risk analytics solutions. However, the healthcare segment is projected to grow at the highest CAGR during the forecast period.
Geographically, the global risk analytics market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American region is expected to account for the largest share of the global risk analytics market in 2021. The large share of this region is primarily attributed to the presence of prominent players offering advanced risk analytics solutions and services across different industry verticals and the increasing use of AI and blockchain technologies in the region. However, Asia-Pacific region is expected to record the highest CAGR during the forecast period. The high growth rate is mainly attributed to advancements in AI, machine learning, and IoT technologies and the rapid development of the FinTech industry in the region.
The key players operating in the global risk analytics market are Verisk Analytics, Inc. (U.S.), Moody’s Analytics, Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), AxiomSL, Inc. (U.S.), Gurucul (U.S.), Provenir (U.S.), SAS Institute, Inc. (U.S.), Recorded Future, Inc. (U.S.), Fidelity National Information Services, Inc. (U.S.), OneSpan, Inc. (U.S.), Numerix (U.S.), DataFactZ (U.S.), and SAP SE (Germany) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/irrigation-controllers-market-5188
Scope of the Report
Risk Analytics Market, by Component
- Risk Calculation Engine
- Risk Reporting Tools
- GRC Software
- Credit Risk Analytics
- Professional Services
- Managed Services
- Risk as a Services
- Risk Advisory Services
Risk Analytics Market, by Risk Type
- Strategic Risks
- Financial Risks
- Operational Risks
- Third-party Risks
Risk Analytics Market, by Deployment Mode
Risk Analytics Market, by Organization Sizes
- Small & Medium Enterprises
- Large Enterprises
Risk Analytics Market, by End User
- IT & Telecom
- Energy & Utility
Risk Analytics Market, by Region
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- The Middle East and Africa
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5188
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
Cybersecurity Market by Type (Network Security, Endpoint Security, Application Security, Cloud Security), Solution (Unified Threat Management, Antimalware, Firewall, Disaster Recovery, Web Filtering, DDS Management, Encryption) – Global Forecast to 2027
Endpoint Security Market by Component, Enforcement Point (Workstation, Mobile Devices, Server, Point of Sale Terminal), Deployment, Industry Size, End User (Aerospace and Defense, Government, BFSI, Healthcare, Manufacturing) – Global Forecast to 2027
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- [email protected]
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/407/risk-analytics-market-2028
CONTACT: Mr. Khushal Bombe Meticulous Research® Direct Lines: +1-646-781-8004 (North America) +44-203-868-8738 (Europe) Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/ Meticulous Research® Blog: https://meticulousblog.org/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Powered by WPeMatico