The operational risk management solution market size is expected to see strong growth in the next few years. It will grow to $2.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to rising instances of cyber attacks in various organizations, rising government compliance with stringent industry regulations, growing incidences creating the need for risk analytics, rise in impact of poor risk management. Major trends in the forecast period include developing technologies driving, new product launches, product upgradations, implementation of hybrid working styles, integration of artificial intelligence in operational risk management.
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Scope Of Operational Risk Management Solution Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Operational Risk Management Solution Market Overview
Market Drivers –
Rising instances of cyber attacks are expected to propel the growth of the operational risk management solution market going forward. A cyber attack is a malicious and deliberate attempt to exploit vulnerabilities in computer systems, networks, or digital infrastructure with the intent to compromise, damage, or gain unauthorized access to data or disrupt normal operations. Cyber attacks use operational risk management solutions to proactively identify, assess, and mitigate potential vulnerabilities within an organization’s digital infrastructure, aiming to enhance resilience, protect sensitive data, and minimize the impact of cyber threats on operational continuity. For instance, in July 2023, according to the International Business Machines Corporation, a US-based technology company, the total number of cybersecurity vulnerabilities tracked increased from 21,518 in 2021 to 23,964 in 2022, indicating a considerable increase of 11%. Therefore, the rising instances of cyber attacks are driving the operational risk management solution market.
Market Trends –
Major companies operating in the operational risk management solution market are focusing on product innovation, such as risk-based monitoring solutions, to enable intelligent decision-making, increase compliance, and enhance study efficacy. The risk-based monitoring solution is a data-driven approach that uses machine learning and AI to remotely monitor study and site risks in clinical trials. For instance, in April 2022, Tata Consultancy Services (TCS), an India-based information technology company, launched TCS ADD suite, a risk-based monitoring solution for clinical trials that enables to transform clinical operational analytics and enhance study quality. The solution uses machine learning and AI to remotely monitor study and site risks and improve study efficacy. It enables biopharmaceutical and contract research organizations (CROs) to identify study and site risks through advanced statistical algorithms and drive intelligent data-driven decisions. The data science-led risk-based monitoring solution precisely predicts outcomes pertaining to site workload and risks, thereby enabling stakeholders to lay out proactive monitoring strategies.
The operational risk management solution market covered in this report is segmented –
1) By Type: Risk Assessment And Mitigation Tools, Compliance Risk Management Software, Operational Risk Management Software, Risk Management Frameworks, Other Types
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Small And Medium-Sized Enterprise (SME), Large Enterprise
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Regional Insights –
North America was the largest region in the operational risk management solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the operational risk management solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, SAP SE, Fidelity National Information Services Inc., Wolters Kluwer N.V., Genpact Limited, SAS Institute Inc., Verint Systems Inc., Diligent Corporation, NAVEX Global Inc., Sphera Solutions Inc., MetricStream Inc., ACL Services Ltd., Ideagen Plc, Riskonnect inc., MEGA International Srl, Ncontracts LLC, Archer Technologies LLC, Resolver Inc., Origami Risk LLC, LogicManager Inc., Cura Global GRC Solutions Pte Ltd., TENFORCE, Quantivate LLC, SAI Global Pty Limited, ProcessUnity Inc., RiskWatch International LLC
Table of Contents
1. Executive Summary
2. Operational Risk Management Solution Market Report Structure
3. Operational Risk Management Solution Market Trends And Strategies
4. Operational Risk Management Solution Market – Macro Economic Scenario
5. Operational Risk Management Solution Market Size And Growth
…..
27. Operational Risk Management Solution Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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