Overview and Scope
Risk management is the process of identifying, assessing, and prioritizing risks followed by coordinated and economical application of resources to minimize, control, and monitor the probability or impact of unfortunate events or to maximize the realization of opportunities.
Sizing and Forecast
The risk management market size has grown rapidly in recent years. It will grow from $10.5 billion in 2023 to $12.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increased regulatory requirements, increased insurance development, increased financial crises, and globalization.
The risk management market size is expected to see rapid growth in the next few years. It will grow to $19.39 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increasing cybersecurity threats, increasing economic volatility, and increasing health and safety concerns. Major trends in the forecast period include integration of ai and machine learning, cybersecurity risks, climate change and environmental risks, supply chain resilience, regulatory compliance, and operational resilience.
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Segmentation & Regional Insights
The risk management market covered in this report is segmented –
1) By Component: Solution, Services, Professional, Managed
2) By Deployment Mode: Cloud-based, On-premises
3) By Vertical: Banking, Financial Services and Insurance (BFSI), Information Technology and Telecom, Healthcare, Retail, Manufacturing, Government and Defense, Transport and Logistics, Energy and Utilities, Other Verticals
North America was the largest region in the risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising cyber threats are expected to propel the growth of the risk management market growth going forward. Cyber threats refer to malicious activities or risks that exploit vulnerabilities in computer systems, networks, or digital devices for various purposes, including financial gain, espionage, disruption of operations, or damage to reputation. Cyber threats are on the rise due to the increasing digitization of society has expanded the attack surface, providing cybercriminals with more targets to exploit. Risk management processes enable organizations to identify and understand the various cyber threats they face, including malware, phishing attacks, data breaches, and insider threats. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the number of cybercrime reports received in 2022 was 76,000, representing an increase of 13% from the year before. Therefore, the rising cyber threats are driving the growth of the risk management market.
Key Industry Players
Major companies operating in the risk management market are Berkshire Healthway Inc., Allianz SE, AXA SA, Accenture plc, Tokio Marine Holdings, Deloitte Touche Tohmatsu Limited, PwC (PricewaterhouseCoopers), Liberty Mutual Insurance, Ernst & Young (EY), Chubb Limited, Zurich Insurance Group, Travelers Companies Inc., KPMG, Capgemini SE, Catlin Group Limited, Marsh & McLennan Companies, Aon plc, Willis Towers Watson, Gallagher, FM Global, Genpact, Munich Re Group, Hiscox Ltd., RSA Insurance Group, Lockton Companies, Verisk Analytics Inc., Protiviti Pvt. Ltd., SAI Global, Swiss Re Ltd., Risk Management Solutions (RMS)
The risk management market report table of contents includes:
1. Executive Summary
- Risk Management Market Characteristics
- Risk Management Market Trends And Strategies
- Risk Management Market – Macro Economic Scenario
- Global Risk Management Market Size and Growth
.
- Global Risk Management Market Competitive Benchmarking
- Global Risk Management Market Competitive Dashboard
- Key Mergers And Acquisitions In The Risk Management Market
- Risk Management Market Future Outlook and Potential Analysis
- Appendix
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