Overview and Scope
The enterprise risk management refers to processes that strategically examines risk management from the viewpoint of the entire company or organization. It is a top-down strategy that tries to recognize, evaluate, and get ready for prospective losses, dangers, hazards, and other potential for harm that may obstruct an organization’s operations and goals and/or result in losses.
Sizing and Forecast
The enterprise risk management market size has grown steadily in recent years. It will grow from $4.89 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to regulatory compliance requirements, cybersecurity threats, business continuity planning, data analytics and insights, supply chain disruptions.
The enterprise risk management market size is expected to see strong growth in the next few years. It will grow to $6.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to emergence of new risks, pandemic preparedness, regulatory changes and complexity, crisis management and response. Major trends in the forecast period include integration with emerging technologies, cybersecurity risk management, integration of artificial intelligence (AI) and machine learning (ML), climate change and ESG (environmental, social, governance) risks, third-party risk management.
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Segmentation & Regional Insights
The enterprise risk management market covered in this report is segmented –
1) By Deployment: Cloud, On-Premises
2) By Component: Hardware, Software, Services
3) By Industry Vertical: BFSI, IT and Telecom, Retail, Healthcare, Energy and Utilities, Manufacturing, Government and Defense
North America was the largest region in the enterprise risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise risk management 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
The surge in data security breaches in enterprises is driving the enterprise risk management market. A data breach is a situation in which information is taken from a system without the owner’s knowledge or consent. Data security breaches are increasing due to weak and stolen credentials, application vulnerabilities, malware, malicious insiders, insider error and others. Enterprise risk management helps to recognize, evaluate, and get ready for prospective losses that may arise due to data security breaches. For instance, in 2021 according to the Identity Theft Resource Center (ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, data breaches in 2021 surpassed the total number in 2020 by 17%. Therefore, a rise in data security breaches will propel the enterprise risk management market growth.
Key Industry Players
Major companies operating in the enterprise risk management market report are Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Capgemini SE, Infosys Limited, Fidelity National Information Services Inc., Thomson Reuters Corporation, Wolters Kluwer N.V., ACL Services Ltd., RSA Security LLC, OneTrust LLC, MetricStream Inc., NAVEX Global Inc., Cority Inc., Riskonnect Inc., Enablon Inc., GRC Solutions Inc., Galvanize Inc., Resolver Inc., ProcessUnity Inc., LockPath Inc., Aravo Solutions Inc., BWise Inc., LogicManager Inc., LogicGate Inc., Quantivate Inc., SAI Global Pty. Ltd., Optial Inc., Rsam LLC, Ideagen Ltd.
The enterprise risk management market report table of contents includes:
1. Executive Summary
2. Enterprise Risk Management Market Characteristics
3. Enterprise Risk Management Market Trends And Strategies
4. Enterprise Risk Management Market – Macro Economic Scenario
5. Global Enterprise Risk Management Market Size and Growth
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31. Enterprise Risk Management Market Other Major And Innovative Companies
32. Global Enterprise Risk Management Market Competitive Benchmarking
33. Global Enterprise Risk Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Enterprise Risk Management Market
35. Enterprise Risk Management Market Future Outlook and Potential Analysis
36.Appendix
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