Recently, risk analytics has received significant attention from the BFSI, manufacturing, retail, and e-commerce sectors owing to their high performance, reliability, scalability, risk cost reduction, agility, and real-time applications. In its latest publication on the risk analytics market, Meticulous Research states that this market will grow at a CAGR of 13.4% from 2019 to 2027 to reach $68.8 billion by 2027.
The growth of this market is backed by the rising digitization & business process automation, growing data & security breaches, and increasing complexities across business processes. However, factors such as the intricate nature of regulatory compliance and degrading economic conditions due to the COVID-19 hinder the growth of the risk analytics market.
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To provide efficient analysis, Meticulous Research® has segmented this market based on component (software and services), deployment mode (on-premise and cloud-based), industry size (small & medium and large enterprises), risk type (strategic risk, operational risk, and financial risk), end user (BFSI, retail, telecom & IT, healthcare, government, manufacturing, transportation, and other), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Geographically, in 2020, North America commanded the largest share of the risk analytics market. The increasing use of big data, growing amount of data across verticals, and rising investments by companies in real-time analytics are some of the major drivers for the growth of this regional segment.
In terms of industry size, in 2020, the large enterprises segment commanded the largest share of the risk analytics market due to its strong infrastructure and skilled IT personnel who manage risk analytics platforms. Furthermore, large enterprises have a strong financial backup, and hence they can easily procure desired risk analytical solutions.
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Scope of the report:
- Risk Analytics Market, by Component
- Extract, Transform, & Load Tools
- Risk Calculation Engine
- Scorecard & Visualization Tools
- Dashboard Analytics & Risk Reporting Tools
- GRC Software
- Professional Services
- Managed Services
- Risk Analytics Market, by Risk Type
- Strategic Risk
- Financial Risk
- Operational Risk
- Risk Analytics Market, by Deployment Mode
- On Premise
- Risk Analytics Market, by Industry Size
- Small & Medium Enterprises
- Large Enterprises
- Risk Analytics Market, by End User
- IT & Telecom
- Risk Analytics Market, by Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
In terms of risk type, in 2020, the financial risk segment commanded the largest share of the risk analytics market. The large share of this segment is mainly attributed to the constantly evolving threats in the banking sector, increasing use of electronic transactions across all verticals, and growing need of optimized techniques to mitigate threats. In addition, the growing adoption of AI and machine learning for minimizing financial risks could spur the demand for risk analytics solutions.
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In terms of end user, in 2020, the BFSI segment commanded the largest share of the risk analytics market. The large share of this segment is attributed to the increasing transactional data, technological advancements, digitalization of the financial sector, and growing need to implement risk and fraud analytics solutions.
In the present global pandemic COVID-19, the healthcare analytics system is experiencing significant strain affecting critical life-saving operations and processes. Healthcare facilities are inclining more towards analytics to reduce strain on existing infrastructure and improve their work agility. However, the healthcare sector is expected to grow at the highest CAGR during the forecast period.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including Verisk Analytics, Inc. (U.S.), Moody’s Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Risk Edge Solutions (India), AxiomSL, Inc. (U.S.), Gurucul (U.S.), Provinir, Inc. (U.S.), SAS Institute (U.S.), Recorded Future, Inc. (U.S.), DataFactZ (U.S.), and SAP SE (Germany).
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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