Overview and Scope
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.
Sizing and Forecast
The risk management software market size has grown strongly in recent years. It will grow from $23.79 billion in 2023 to $25.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. 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 $31.73 billion in 2028 at a compound annual growth rate (CAGR) of 6%. 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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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 December 2021, according to Surfshark, a Netherlands-based virtual private network service company, around 952.8 million accounts were breached in the first 11 months of 2021, compared to 921.8 million breaches in 2020. Therefore, the rising instances of security breaches and data breaches drive the growth of the risk management software market.
Key Industry Players
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.
The risk management software market report table of contents includes:
1. Executive Summary
2. Risk Management Software Market Characteristics
3. Risk Management Software Market Trends And Strategies
4. Risk Management Software Market – Macro Economic Scenario
5. Global Risk Management Software Market Size and Growth
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31. Risk Management Software Market Other Major And Innovative Companies
32. Global Risk Management Software Market Competitive Benchmarking
33. Global Risk Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Risk Management Software Market
35. Risk Management Software Market Future Outlook and Potential Analysis
36.Appendix
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