How has the risk management software market evolved, and where is it heading next?
The risk management software market size has grown strongly in recent years. It will grow from $25.17 billion in 2024 to $26.73 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to regulatory compliance requirements, increasing cybersecurity threats, financial market volatility, globalization and supply chain risks, and high-profile risk incidents.
The risk management software market size is expected to see strong growth in the next few years. It will grow to $33.55 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increased focus on ESG (environmental, social, and governance) risks, emergence of new regulatory requirements, digital transformation initiatives, increased complexity of business operations, and heightened focus on resilience and business continuity. Major trends in the forecast period include adoption of artificial intelligence and machine learning, emphasis on real-time risk monitoring, expansion of risk quantification techniques, and focus on vendor and third-party risk management.
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What are the key drivers behind the rapid expansion of the risk management software market?
The rising instances of security and data breaches are expected to propel the growth of the risk management software market going forward. Security breaches refer to unauthorized access or actions that compromise the confidentiality, integrity, or availability of information or systems, while data breaches specifically involve the unauthorized access, disclosure, or acquisition of sensitive or confidential data. Rising instances of security breaches and data breaches are due to increasing reliance on digital systems, sophisticated cyberattacks, inadequate cybersecurity measures, and human error. Security and data breaches use risk management software to assess, prioritize, and mitigate potential risks, track vulnerabilities, and implement proactive security measures to safeguard against cyber threats. For instance, in November 2023, according to the Australian Signals Directorate, an Australia-based government agency, the number of C2 incidents increased from 2 in FY 2021–22 to 5 in FY 2022–23. This rise includes major data breaches where cybercriminals extracted data from critical infrastructure to achieve financial gain. Therefore, the rising instances of security breaches and data breaches drive the growth of the risk management software market.
What is the segmentation for the risk management software market?
The risk management software market covered in this report is segmented –
1) By Type: Web, Android native, iOS Native, Other Types
2) By Type of Software: Enterprise Risk Management Software, Financial Risk Management Software, Integrated Risk Management Software, Application Risk Management Software, Market Risk Management Software, Credit Risk Management Software, Information Technology Risk Management Software, Quantitative Risk Management Software, Project Risk Management Software
3) By Deployment: On-Premise, Cloud
4) By Service Type: Managed Service, Professional Services
5) By End User: Banking, Insurance, Asset Management, Energy And utilities, Educational institutions, Healthcare, Telecom, Information Technology, Oil And Gas, Retail And Life Sciences
Subsegments:
1) By Web: Cloud-based, On-premise
2) By Android Native: Mobile Applications, Enterprise Apps
3) By iOS Native: Mobile Applications, Enterprise Apps
4) By Other Types: Cross-platform, Hybrid Applications
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Who are the most influential companies in the risk management software market?
Major companies operating in the risk management software market are International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Inc., RSM International Ltd., Wolters Kluwer N.V., Intertek Group plc, Infor Inc., SAS Institute Inc., HubSpot Inc., Kroll LLC, Diligent Corporation, NAVEX Global Inc., Demandbase Inc., MetricStream Inc., Riskonnect Inc., Ideagen plc, Chetu Inc., LogicGate Inc., Fusion Risk Management Inc., Act-On Software Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Cura Technologies Ltd., Yesware Inc., SimplyCast Interactive Marketing Ltd., ThriveHive Inc.
What are the most influential trends expected to drive the risk management software market forward?
Major companies operating in the risk management software market are focusing on developing advanced security posture management (ASPM) solutions to enhance cyber resilience and mitigate security risks effectively. ASPM entails integrated platforms orchestrating security policies, streamlining application security testing, and managing vulnerabilities across various projects, teams, and security tools. For instance, in August 2023, Synopsys Inc., a US-based company that provides electronic products and software applications, launched Synopsys Software Risk Manager, a powerful application security posture management (ASPM) solution. It is designed to simplify, align, and streamline application security testing across projects, teams, and tools. This comprehensive solution combines policy-driven test orchestration and vulnerability management with market-leading application security testing (AST) engines to help teams maximize application security program ROI.
What are the major regional insights for the risk management software market, and which region holds the top position?
North America was the largest region in the risk management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Risk Management Software Market Report 2025 Offer?
The risk management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Risk management software refers to digital tools designed to help organizations identify, assess, and mitigate various risks they may face. These platforms typically provide features such as risk assessment, incident tracking, compliance monitoring, and reporting functionalities, aiding in proactive decision-making and minimizing potential threats to the business.
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