Global Risk Analytics Market

Risk Analytics Market Size, Share, Growth Analysis, By Deployment Outlook(On-Premise and Cloud), By Enterprise Size(Large Enterprise, Small & Medium Enterprise) - Industry Forecast 2024-2031


Report ID: SQMIG45E2129 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 60 | Figures: 77

Risk Analytics Market Insights

Global Risk Analytics Market size was valued at USD 43.45 billion in 2022 and is poised to grow from USD 53.10 billion in 2023 to USD 264.02 billion by 2031, at a CAGR of 22.2% during the forecast period (2024-2031).

A unified platform that makes it easier for risk managers and businesses to analyse, compute, forecast, and mitigate risk is the main factor driving the global market. Additionally, it is anticipated that there will be a lot of chances for software developers due to the rising demand from emerging economies and the integration of artificial intelligence (AI) into these analytics. Several vendors in the market are concentrating on offering AI-integrated solutions that aid organisations in addressing new dangers. Large volumes of structured and unstructured data are now being used more frequently across a range of end-user sectors, which increases the need for risk analytics to manage and protect data from threats. For instance, Seagate Technology PLC estimates that by 2020 and 2025, respectively, the total amount of data in the world would reach 47 and 163 zettabytes. The capital markets, banking, and insurance sectors are anticipated to spend USD 96 billion on risk information technologies and services, according to the Global Association of Risk Professionals. The demand for risk mitigation to manage and protect data from threats is rising as enormous volumes of organised and unstructured data are quickly adopted by many industries. The firms are moving towards a comprehensive approach to risk governance and the deployment of integrated strategies that enable improved regulatory reporting and keep them ahead of the competition.

US Risk Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 43.45 billion

Largest Segment

On- Premise

Fastest Growth

On- Premise

Growth Rate

22.2% CAGR

Global Risk Analytics Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Risk Analytics Market Size By Deployment Outlook 2022-2030 ($ Bn)
Global Risk Analytics Market Size By Deployment Outlook 2022-2030 (%)

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Risk Analytics Market Segmental Analysis

Global Risk Analytics Market is segmented on the basis of type, end user, deployment outlook, enterprise size and region. By type, the market is segmented into big data analytics, business analytics, customer analytics, risk analytics, statistical analytics, others. By end user, market is segmented into BFSI, government, healthcare, IT & telecom, military & defense, others. by deployment outlook, the market is segmented into on-premise and cloud. by enterprise size, the market is segmented into the large enterprise, small & medium enterprise. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Risk Analytics Market Analysis by Type

Compared to prior years, the regulatory and corporate climate has become more complicated and unclear. Recently, a number of new regulatory rules have been applied to financial organizations. Risks associated with money might result in harm if financial objectives are not achieved. Businesses are threatened by a lack of certainty regarding factors such as foreign exchange rates, interest rates, asset prices, stock prices, credit quality, liquidity, and the company's access to finance. In order to better evaluate risks, banks and financial institutions are using advanced risk analytics systems to forecast customer preferences and behavior. Analytics is a crucial component of building loyalty and maximizing revenue in banking, which is becoming more and more customer-centric.

Throughout the projection period, the category for operational risks is anticipated to increase at the greatest CAGR. Operational risk management is a strategy for businesses that want to include realistic risk control rules and regulations. Every business encounters a situation or significant changes in its state that might be perceived as posing varying degrees of risk to the business, from minor annoyances to risking its existence. By bolstering the decision-making process, which is where the majority of risks are related, these analytics solutions give firms the capacity to increase the dependability of corporate operations.

Risk Analytics Market Analysis by Deployment Outlook

The largest portion is held by the on-premises segment. The risk supervision department can closely monitor the configuration, upkeep, and protection of the computer network and data by utilizing risk assessment instruments that are located inside the company's premises. With this access, the risk supervision department can assess risks to the system.

Data mining frameworks, effective data storage platforms, and risk assessment tools are just a few of the advantages that cloud-based solutions offer, helping businesses run more efficiently. For businesses wishing to modernize their current solutions, a cloud-based solution is a popular choice today. These solutions have several advantages over on-premises systems, including better user interfaces, regular product upgrades, improved monitoring and analysis, among others.

Global Risk Analytics Market Size By Deployment Outlook 2022(%), 2022 (%)

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Risk Analytics Market Regional Insights

The greatest proportion of the market is anticipated to reside in North America. The expanding industry acceptance of risk governing technology is credited with the region's dominance. Businesses in the area are leaning more towards reworking their current risk management plans to get rid of hazards and duplications. As an illustration, in the wake of multiple cyberattacks, banks and financial institutions in the area are putting more of a focus on controlling cybersecurity risks. Vendors of analytics solutions are embracing cutting-edge technology including robotic process automation (RPA), machine learning, and cognitive analysis. Businesses are emphasizing the redesign of risk assessment frameworks with these technological linkages. Utilizing such technology can assist SMEs and major businesses in the area in increasing business efficiency by automatically testing a tremendous number of unstructured data, which can be used to spot problems and enable preventive measures.

Because of the region's widespread internet access, lax enterprise cybersecurity policies, growing cross-border data flows, and effective law enforcement, Asia Pacific (APAC) is a haven for cybercriminals. Companies in the region are adopting analytics solutions as a result of networking growth and the acceleration of digital transformation. In spite of their cybersecurity endeavors, businesses operating in all sectors of the nation are subject to information threats because of cyber susceptibility and data protection violations that are ingrained in their operations. These attacks frequently result in significant losses, like losses from unhappy customers, business interruptions, or damage to reputation.

Global Risk Analytics Market Size By Geography, 2022-2030, 2024-2031
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  • Fastest

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Risk Analytics Market Dynamics

Risk Analytics Market Drivers

Expanding Complexity of Business Processes demand Risk Analytics

  • Organizations struggle to handle a huge amount of data and detect potential dangers in the face of growing business complexity. The main causes of increasing company complexity are expanding inventions, shifting types of complexity, a lack of information management, complex legislation, and governmental scrutiny. After the financial crisis of 2008, businesses started to take risk management more seriously and began spending a lot of money adopting innovative methods that can assist control risk throughout the business. Data has been generated in enormous amounts as a result of growing technical innovation and the spread of new technologies, including edge computing, AI, ML, and IoT.
  • The adoption of cloud-based risk analytics solutions is growing due to their scalability, flexibility, and cost-effectiveness. Cloud-based platforms offer organizations the ability to access and analyse risk data from anywhere, enhancing collaboration and streamlining risk management processes.

Risk Analytics Market Restraints

Regulations to Hinder Market Growth

  • Around the world, regulatory compliance takes many different forms. As a result, it becomes challenging for organisations to reduce compliance risk and adhere to diverse regulatory standards that vary from country to country and business to business. Given that there is no established standard to be followed, this is one of the factors limiting the market for risk analytics from expanding. These variables are also making it challenging for companies that offer risk analytics solutions to meet the needs of varied end users. Organisations concentrate on implementing internal regulatory rules and policies in some places where there is no regulatory structure and standard set by governing agencies.

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Risk Analytics Market Competitive Landscape

A select few major businesses control the majority of the market. The dynamics of the market, however, have evolved recently as a result of the growth of niche firms offering solutions tailored to specific industries. Mergers, acquisitions, and partnerships are common strategies used by businesses to improve their goods and acquire a competitive edge.

Risk Analytics Market Top Player’s Company Profiles

  • SAS Institute Inc. (United States)
  • FIS Global (United States)
  • Fiserv, Inc. (United States)
  • AxiomSL (United States)
  • Wolters Kluwer N.V. (Netherlands)
  • Numerix LLC (United States)
  • RiskEdge Solutions (India)
  • Gurucul (United States)
  • Experian plc (Ireland)
  • BlackRock, Inc. (United States)
  • Resolver Inc. (Canada)
  • Axtria Inc. (United States)
  • Quantzig (United States)
  • Provenir, Inc. (United States)
  • Sybase (United States)

Risk Analytics Market Recent Developments

  • November 2023: Axioma, a global provider of factor risk models, portfolio construction tools, and multi-asset class enterprise risk solutions, and SimCorp, a software business located in Denmark, announced that they would merge. Because of Axioma and SimCorp's combined power, this dynamic, front-to-back platform is still essential. SimCorp's acquisition with Axioma enhances its presence in important markets like North America, which is its main growth market. 
  • SafeView was introduced in October 2023 by "Idelic," a significant supplier of sophisticated driver performance management systems. Safeview is a cutting-edge corporate intelligence and analytics tool. The most recent was introduced to give fleets transformative vows into possible hazards. 
  • Axioma, a top supplier of risk models, established a partnership with Jacobi Inc. in September 2023. Investment managers are to benefit from improved risk analytics and workflow tools because of this relationship.

Risk Analytics Key Market Trends

  • The adoption of cloud computing is driving the shift towards cloud-based risk analytics solutions. Cloud-based platforms offer scalability, flexibility, and cost-effectiveness, allowing organizations to access risk data from anywhere, collaborate effectively, and scale their risk analytics capabilities as per their requirements. Cloud-based solutions also enable seamless integration with other enterprise systems and provide enhanced data security measures.

Risk Analytics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global risk analytics market is experiencing significant growth and is expected to continue expanding in the coming years. The market is driven by the increasing complexity of risks faced by organizations across industries and the need for effective risk management strategies. Factors such as regulatory compliance requirements, cybersecurity threats, and the demand for data-driven decision-making are propelling the adoption of risk analytics solutions. The global risk analytics market is growing rapidly as organizations recognize the need for advanced risk management solutions. Technological advancements, industry-specific approaches, regulatory compliance, cybersecurity risks, cloud-based solutions, data privacy, and integration with ERM are key factors driving market growth. As risks continue to evolve, organizations will increasingly rely on innovative risk analytics solutions to mitigate threats and enhance their overall risk management capabilities.

Report Metric Details
Market size value in 2022 USD 43.45 billion
Market size value in 2031 USD 264.02 billion
Growth Rate 22.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Deployment Outlook
    • On-Premise and Cloud
  • Enterprise Size
    • Large Enterprise, Small & Medium Enterprise
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • SAS Institute Inc. (United States)
  • FIS Global (United States)
  • Fiserv, Inc. (United States)
  • AxiomSL (United States)
  • Wolters Kluwer N.V. (Netherlands)
  • Numerix LLC (United States)
  • RiskEdge Solutions (India)
  • Gurucul (United States)
  • Experian plc (Ireland)
  • BlackRock, Inc. (United States)
  • Resolver Inc. (Canada)
  • Axtria Inc. (United States)
  • Quantzig (United States)
  • Provenir, Inc. (United States)
  • Sybase (United States)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Risk Analytics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Risk Analytics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Risk Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Risk Analytics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Risk Analytics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Risk Analytics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Risk Analytics Market size was valued at USD 43.45 billion in 2022 and is poised to grow from USD 53.10 billion in 2023 to USD 264.02 billion by 2031, at a CAGR of 22.2% during the forecast period (2024-2031).

A select few major businesses control the majority of the market. The dynamics of the market, however, have evolved recently as a result of the growth of niche firms offering solutions tailored to specific industries. Mergers, acquisitions, and partnerships are common strategies used by businesses to improve their goods and acquire a competitive edge. 'IBM Corporation (United States)', 'Oracle Corporation (United States)', 'SAP SE (Germany)', 'SAS Institute Inc. (United States)', 'FIS Global (United States)', 'Moody's Analytics, Inc. (United States)', 'Fiserv, Inc. (United States)', 'Verisk Analytics, Inc. (United States)', 'AxiomSL (United States)', 'Wolters Kluwer N.V. (Netherlands)', 'FICO (United States)', 'Numerix LLC (United States)', 'RiskEdge Solutions (India)', 'Gurucul (United States)', 'Experian plc (Ireland)', 'NICE Actimize (United States)', 'BlackRock, Inc. (United States)', 'Resolver Inc. (Canada)', 'Axtria Inc. (United States)', 'Quantzig (United States)', 'Provenir, Inc. (United States)', 'Sybase (United States)'

Organizations struggle to handle a huge amount of data and detect potential dangers in the face of growing business complexity. The main causes of increasing company complexity are expanding inventions, shifting types of complexity, a lack of information management, complex legislation, and governmental scrutiny. After the financial crisis of 2008, businesses started to take risk management more seriously and began spending a lot of money adopting innovative methods that can assist control risk throughout the business. Data has been generated in enormous amounts as a result of growing technical innovation and the spread of new technologies, including edge computing, AI, ML, and IoT.

The adoption of cloud computing is driving the shift towards cloud-based risk analytics solutions. Cloud-based platforms offer scalability, flexibility, and cost-effectiveness, allowing organizations to access risk data from anywhere, collaborate effectively, and scale their risk analytics capabilities as per their requirements. Cloud-based solutions also enable seamless integration with other enterprise systems and provide enhanced data security measures.

The greatest proportion of the market is anticipated to reside in North America. The expanding industry acceptance of risk governing technology is credited with the region's dominance. Businesses in the area are leaning more towards reworking their current risk management plans to get rid of hazards and duplications. As an illustration, in the wake of multiple cyberattacks, banks and financial institutions in the area are putting more of a focus on controlling cybersecurity risks. Vendors of analytics solutions are embracing cutting-edge technology including robotic process automation (RPA), machine learning, and cognitive analysis. Businesses are emphasizing the redesign of risk assessment frameworks with these technological linkages. Utilizing such technology can assist SMEs and major businesses in the area in increasing business efficiency by automatically testing a tremendous number of unstructured data, which can be used to spot problems and enable preventive measures.

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