Market Highlights:
Uncertainty in the cyberspace and the growing need to protect data, has led to the full-fledged expansion of the risk analytics market recently. Market reports linked to the information and communications technology sector along with published reports on other sectors have been lately made available by Market Research Future, which has also published a report on this sector. The industry is estimated to be worth USD 42 billion by the year 2023 while growing at a 14 percent CAGR in the forecast period.
Growing need for risk management has prompted improved investment inflows into the risk analytics sector. Business risk assessment has been a crucial driver for the expansion of the market as companies have become increasingly reliant on data for business strategy planning and execution. New developments in the technological aspects of business data and analytics have elevated the growth trajectory of the market and will continue to do so in the forecast period. BFSI and insurance sectors are the two main sectors which are intensively using risk analytics to carry out their functions.
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Major Key Players
The prominent players in risk analytics market are – SAP SE (Germany), IBM Corporation (U.S.), Moody’s Analytics, Inc. (U.S.), SAS Institute Inc. (U.S.), Oracle Corporation (U.S.), Verisk Analytics, Inc. (U.S.), Risk Edge Solutions (India), Misys (U.K.), AxiomSL (U.S.), Gurucul (U.S.) and Provenir, Inc. (U.S.) among others.
According to MRFR, The global Risk Analytics Market is expected to grow at approx. USD 42 Billion by 2023, at 14% of CAGR between 2017 and 2023.
Global Competitive Analysis
The products that are being focused on to capitalize the vigorous pace of technological discoveries have led to extensive changes. This particular trend has amplified the affinity for diversification in the sector, which has indirectly enabled the players to use the beneficial state of dealings obtainable in this market. The utilization of these opportunities by contenders, who are trying to nurture their industry share by intensive development can inspire the growth of this business sector. The companies are also additionally trying to capture and create economic worth together in a proper manner. This has raised the potential for the approaching growth period considerably. This state has also been known to be productive for companies so they can fix goals that can keep up their enterprise’s liquidity viable enough to take effective choices in terms of strategy designing and implementation.
Industry Updates:
September 11, 2018 – MSCI Inc. (US), a leading provider of research-based indexes, ratings, and analytics, announced the next step toward advancing ESG integration into the investment management process by delivering ESG solutions across its suite of risk and portfolio analytics systems.
August 24, 2018 – EY (India), a global professional services organization, announced its plans to roll out SPECTRA – a bespoke Risk Analytics platform to three high-priority sectors namely, Retail and Consumer Products, Financial Services, and Life Sciences.
Segmentation:
The risk analytics market has been segmented into segments such as deployment, component, vertical and region.
By Deployment: On-Premise and On-Demand
By Component: Software and Service
By Vertical: Healthcare, BFSI, Government, Transportation, Manufacturing, Retail, IT & Telecommunication
By Region: Latin America, Europe, Asia Pacific, North America and Middle East & Africa.
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Regional Analysis:
The regional study of the risk analytics sector includes regions such as North America, Asia Pacific, Europe and Rest of the World. It has been noted that the North American market is expected to be credited for the leading share of the industry, whereas the Asia-Pacific segment is anticipated to develop at a swift rate during in the period up to 2023. The main development of the risk analytics industry in the North American region can be attributed to the technical innovations and rising use of mobiles and tablets in the region.
Intended Audience
- Technology investors
- Integrated device manufacturers (IDMs)
- Original equipment manufacturers (OEMs)
- Research/Consultancy firms
- Risk engine solution providers
- Government agencies
- Risk assessment service providers
- Venture capitalists
- Value-added resellers
- Small, medium-sized, and large enterprises
- Third-party providers
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