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Risk Analytics Market Size to Surpass USD 79.24 Billion by 2032

The global risk analytics market size was valued at USD 38.32 billion in 2022 and is projected to surpass around USD 79.24 billion by 2032, expanding at a CAGR of 7.54% from 2023 to 2032.

/EIN News/ -- Ottawa, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global risk analytics market size is anticipated to reach around USD 63.66 billion by 2029, According to Precedence Research. North America led the market with a major market share of 36% in 2022.

Risk analytics generally refers to the risk assessment tool that is used by the organization to predict or overcome the upcoming or existing risks that are associated with the productivity of the organization. Risk analytics software is mostly used by industries such as the banking and financial sector, manufacturing, and healthcare. Managing and integrating data from various sources is a crucial part of risk analytics. This involves data collection, cleaning, transformation, and storage to provide a comprehensive view of risks. The development of risk models and simulations help organizations understand how different factors and variables can impact their risk profile. This can involve financial models, credit scoring models, and scenario analysis.

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Key Insights:

  • Asia Pacific is expected to witness the fastest growth during the forecast period.
  • By Component, the software segment dominated the market in 2022.
  • By Deployment, the on-premise segment dominated the market in 2022.
  • By Deployment, the cloud-based segment is expected to grow at a notable rate during the forecast period.
  • By End-user, the banking, financial, service, and insurance (BFSI) segment contributed the largest market share in 2022.
  • By Enterprise Size, the large enterprise segment dominated the market in 2022.
  • By Risk Type Application, the financial risk segment led the market in 2022.
  • By Risk Type Application, the operational risk segment is expected to grow at a significant rate during the forecast period.

Report Highlights:

  • By Component, the software segment dominated the risk analytics market in 2022. Risk analytics software offers comprehensive solutions for identifying, assessing, monitoring, and managing various types of risks, including financial, operational, compliance, cybersecurity, and more. This software provides a unified platform for organizations to address a wide range of risk-related challenges.
  • By Deployment, the cloud-based deployment segment is observed to witness the fastest rate of growth during the forecast period. Cloud-based risk analytics solutions offer scalability, allowing organizations to adapt to changing data volumes and processing needs. This scalability is crucial as data sizes and complexity continue to grow, making it easier for companies to handle the increased workload.
  • By Enterprise, the large enterprise segment held the dominating position of the risk analytics market in 2022; the segment is likely to sustain the trend throughout the forecast period. Large enterprises typically operate in complex and multifaceted environments, including global markets, extensive supply chains, and diverse regulatory landscapes. They face a wide range of risks, such as financial, operational, geopolitical, and cybersecurity risks, which necessitate advanced risk analytics to comprehensively assess and manage.
  • By risk type application, the financial risk segment accounted for the largest share in 2022. Financial risk encompasses various types of risks, including credit risk, market risk, liquidity risk, and operational risk. Each of these risks has its own complexity and requires specialized risk analytics solutions for measurement and mitigation.
  • By end-user, the BFSI segment is expected to continue its dominance throughout the forecast period in the risk analytics market. The BFSI industry is subject to stringent regulatory requirements and reporting standards. Government authorities and regulatory bodies mandate risk assessment and management practices. Risk analytics solutions help BFSI organizations ensure compliance and avoid regulatory penalties.

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Regional Snapshot

North America held the dominating position of the risk analytics market in 2022; the region is observed to sustain the trend during the forecast period. North America, particularly the United States, is home to some of the world's largest and most influential financial institutions, corporations, and technology companies. The region's economic strength and wealth concentration make it a hub for risk management and analytics activities. The United States has a stringent regulatory environment, with agencies such as the Securities and Exchange Commission (SEC) and the Federal Reserve overseeing various aspects of financial markets. These regulations require financial institutions to implement robust risk analytics and reporting, further boosting the demand for risk analytics solutions.

Asia Pacific is expected to witness the fastest rate of growth in the forecast period. Governments in the region have been strengthening financial regulations and risk management requirements, especially in the aftermath of global financial crises. Compliance with these regulations has driven the adoption of risk analytics tools. With the proliferation of digital technology, there has been a heightened focus on cybersecurity. Asia Pacific countries have been experiencing a growing number of cyber threats and attacks, leading to a need for more robust risk analytics solutions in the cybersecurity domain.

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Risk Analytics Market Scope

Report Coverage Details
Market Size in 2023 USD 41.19 Billion
Market Size in 2032 USD 79.24 Billion
Growth Rate from 2023 to 2032 CAGR 7.54%
North America Share 36%
Fastest Growing Region Asia Pacific

Market Dynamics


Expansion of businesses in global markets

Global expansion exposes businesses to a wider array of risks, including currency fluctuations, political instability, cultural differences, and supply chain vulnerabilities. Risk analytics tools provide the means to identify, measure, and manage these diversified risks comprehensively. Expanding globally generates vast amounts of data from various sources and regions.

Effective data management and analysis are essential for understanding and mitigating risks. Risk analytics tools assist in processing, analyzing, and deriving insights from this data. Expanding globally means a wider customer base and greater exposure to public scrutiny. Managing reputation risks becomes critical, and risk analytics can monitor and assess potential reputation risks, helping organizations respond proactively to protect their brand.


Incomplete data resource

Organizations with more complete and accurate data for risk analytics may have a competitive advantage over those with incomplete data. They can make more informed decisions, optimize their risk management strategies, and potentially outperform their competitors. Inaccurate or incomplete risk analytics can damage an organization's reputation and erode stakeholder confidence.

Stakeholders, including investors and customers, rely on accurate risk assessments to make decisions and may lose trust if they perceive that risk analytics are flawed. Incomplete data can lead to inefficiencies in risk management processes. For example, it may necessitate manual data imputation or additional data collection efforts, which can be time-consuming and resource intensive. Additionally, it may cause organizations to miss out on valuable opportunities to capitalize on favorable risk situations.


Emergence of artificial intelligence

The emergence of artificial intelligence presents significant opportunities for the risk analytics market in various ways. AI technologies, such as machine learning and natural language processing, can enhance the capabilities of risk analytics by improving data analysis, predictive modeling, and decision-making. AI can quickly process vast amounts of data from various sources, including structured and unstructured data. This capability is especially valuable in risk analytics, where large datasets need to be analyzed for identifying and assessing risks. Machine learning algorithms can create more accurate and sophisticated predictive models. These models can help organizations identify potential risks and anticipate future trends, enabling more proactive risk management.


Difficulties in future risk prediction

Risk prediction models often require complex algorithms and methodologies. Managing and explaining these complex models to stakeholders can be challenging, especially in regulatory or compliance contexts. Risks are increasingly interconnected, and the impact of one risk can trigger or amplify others. Assessing these complex interrelationships can be a daunting task. Human behavior and decision-making play a significant role in risk dynamics. Predicting how individuals, organizations, or markets will react to specific risks is challenging due to the unpredictability of human behavior.

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  • Analytics as a Service (AaaS) Market: The global analytics as a service (AaaS) market size was valued at USD 7.43 billion in 2022, and it is expected to hit at around USD 74.5 billion by 2032 with a registered compound annual growth rate (CAGR) of 25.9% during the forecast period 2023 to 2032.

Recent Development

  • In October 2023, a global leader in technology provider and data analytics “Verisk” launched the latest climate risk dataset to boost resilience and sustainability analytics. The company's risk intelligence business provides powerful geospatial insights into the challenging global climate risk business.
  • In October 2023, Prevalent Inc. the risk management organization launched a third-party virtual risk adviser “Alfred”. The launch will be offering risk response, rapid risk analysis, and audit reporting.
  • In October 2023, DAT Freight & Analytics launched a risk assessment engine that uses AI (Artificial Intelligence) to give insights to consumers into the predictable risk profile and overall performance.

Market Key Players:

  • Capgemini
  • BRIDGEi2i Analytics
  • Accenture plc
  • SAP SE
  • Moody’s Analytics, Inc.
  • International Business Machines Corporation
  • Risk Edge Solutions
  • Oracle Corporation
  • Fidelity National Information Services
  • Inc. (FIS)
  • SAS Institute Inc.

Market Segmentation:

By Component

  • Solution

    • Software

      • Extract, Transform, and Load (ETL) tools
      • Risk calculation engines
      • Scorecard and visualization tools
      • Dashboard analytics and risk reporting tools
      • GRC software
      • Others (operational risk management, human resource risk management, and project risk management)
    • Services

      • Professional Services
      • Managed Services

By Deployment

  • On-premises
  • Cloud

By Enterprise

  • Large enterprises
  • Small and medium-sized enterprises (SMEs)

By Risk Type Application

  • Financial Risk
  • Strategic Risk
  • Operational Risk
  • Others (Reputational Risk, Environmental Risk, Third-Party Risk, And Economic Risk)

By End-User

  • Banking and Financial Services
  • Insurance
  • Manufacturing
  • Transportation and Logistics
  • Retail and Consumer Goods
  • IT and Telecom
  • Government and Defense
  • Healthcare and Life Sciences
  • Energy and Utilities

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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