The integrated risk management software market size is expected to see strong growth in the next few years. It will grow to $17.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the 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 the adoption of artificial intelligence and machine learning, emphasis on real-time risk monitoring, expansion of risk quantification techniques, focus on vendor and third-party risk management, and integration of sustainability and ESG (environmental, social, and governance) factors.
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Segmentation & Regional Insights
The integrated risk management software market covered in this report is segmented –
1) 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
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services, And Insurance (BFSI), Government, Information Technology And Telecom, Healthcare, Manufacturing, Other Industries
North America was the largest region in the integrated 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 integrated 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
Rising cybersecurity threats are expected to propel the growth of the integrated risk management software market going forward. Cybersecurity threats refer to malicious activities, events, or vulnerabilities that pose risks to the confidentiality, integrity, and availability of digital information and technology systems. Cybersecurity threats are rising due to increased digitalization, the interconnectedness of systems, the proliferation of sophisticated attack techniques, and the growing incentives for cybercriminals to exploit vulnerabilities for financial gain or geopolitical motives. Integrated risk management software is used for cybersecurity threats by providing organizations with a holistic approach to identifying, assessing, prioritizing, and mitigating cyber risks across all business functions, systems, and processes, ultimately enhancing resilience and reducing the likelihood and impact of cyberattacks. For instance, in November 2022, according to the Annual Cyber Threat Report by the Australian Signals Directorate’s Australian Cyber Security Centre (ASD’s ACSC), an Australia-based body that is in charge of the Australian government’s initiatives to improve cyber security, more than 76,000 reports of cybercrime were received, which represents an increase of around 13% from the previous fiscal year. This equates to one complaint every seven minutes, as opposed to eight minutes during the preceding fiscal year. Therefore, rising cybersecurity threats are driving the growth of the integrated risk management software market.
Key Industry Players
Major companies operating in the integrated risk management software market are RSA Security LLC, NAVEX Global, Sphera Global, Riskonnect Inc., MetricStream, Galvanize, Intelex Technologies, LogicGate Inc., United Safety Ltd., Wolf & Company, Resolver Inc., ProcessUnity Inc., LogicManager Inc., Granite Partners, CyberSaint Security, Quantivate, Ostendio, BlackSwan Technologies, Acuity Risk Management, Standard Fusion, Phinity Risk Solutions, Risk Warden, Reciprocity Inc.
The integrated risk management software market report table of contents includes:
1. Executive Summary
2. Integrated Risk Management Software Market Characteristics
3. Integrated Risk Management Software Market Trends And Strategies
4. Integrated Risk Management Software Market – Macro Economic Scenario
5. Global Integrated Risk Management Software Market Size and Growth
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32. Global Integrated Risk Management Software Market Competitive Benchmarking
33. Global Integrated Risk Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Integrated Risk Management Software Market
35. Integrated Risk Management Software Market Future Outlook and Potential Analysis
36. Appendix
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