Risk Management Market Growing at a CAGR of 14.6% from 2019 to 2026
According to a recent report published by Allied Market Research, titled, "Risk Management Market by Component, Deployment Mode, Organization Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global market was valued at $6,258.4 million in 2018, and the risk management market forecast is projected to reach $18.5 billion by 2026, growing at a CAGR of 14.6% from 2019 to 2026.
Request for Sample: https://www.kdmarketinsights.com/sample/5662
Risk management is the type of software used by organization to efficiently and effectively manage different types of risk. It measures risk processes and helps in providing perceptive action plans for the current industry assessments. Increase in data security breaches in enterprises and surge in stringent government regulatory compliances are some of the major factors which will drives the growth of the risk management market. In addition, growth in IoT landscape and rise in adoption of risk management in financial institution fuel the growth of the market. However, high cost and complexity in installation, configuration of the software, and less security provided by the risk management hamper the growth of the market. Furthermore, rise in demand form developing economies and integration of artificial intelligence in risk management are expected to provide major opportunities for the growth of the market during the forecast period. Thus, driving the growth of the risk management market.
The large enterprises segment dominated the risk management industry in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in different factors such as assets protection, reputation management, supply chain risks, IP protection, and competitor analysis. Furthermore, the small & medium enterprises are expected to grow at a significant CAGR during the forecast period, owing to surge in the adoption of risk management among SMEs is expected in the upcoming years for identifying, managing, and controlling different types of risks.
The global risk management market size was led by the BFSI segment in 2018 and is projected to maintain its dominance during the forecast period. The major factors driving the adoption of risk management in this sector include the adoption of this software by various banking and insurance industry to prevent from different types of threats which include, cyber security threats, data privacy & compliance, changes in customer expectations, and third-party risks.
Based on region, the global risk management market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region includes the rise in different types of cyber-attacks, financial theft and data theft which creates a lucrative opportunity for the market. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, due to increase the banking and insurance industry owing to which there is rise in the mobile and credit card transactions.
Key Findings of the Risk Management Market :
- Based on component, the solution segment led the risk management market size in terms of revenue in 2018.
- By organization size, the large enterprises accounted for the highest risk management market share in 2018.
- Based on region, North America generated the highest revenue in 2018.
- Depending on industry vertical, the healthcare segment is anticipated to exhibit substantial growth during the forecast period.
Browse Full Report & TOC: https://www.kdmarketinsights.com/product/5662/risk-management-market-amr
The key players profiled in the risk management market analysis are IBM Corporation, Lockpath, Inc., LogicManager, Inc., MetricStream Inc., Qualys, Inc., SAP SE, SAS Institute Inc., ServiceNow, RSA Security LLC, and Thomson Reuters.