The Risk Analytics Market is set to experience remarkable expansion, with an estimated market value of USD 85.10 billion by 2029, exhibiting a robust Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. This insightful analysis is presented in a comprehensive market report by Maximize Market Research, a leading name in the realm of market research.
Market Overview:
Risk analytics, a sophisticated software solution, has become integral for organizations to proficiently manage a spectrum of risks. Renowned for its diverse capabilities, including identifying, managing, and preventing various risks, the software plays a crucial role in averting potential crises. The surge in cyber-attacks, fraudulent incidents, and data breaches due to ongoing digitalization trends acts as a key driver propelling the global market’s growth. Risk analytics involves the identification, detection, and analysis of critical issues that could adversely impact major business initiatives, offering a systematic approach to risk avoidance or mitigation.
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Covid-19 Impact on Risk Analytics Market:
The COVID-19 pandemic has left a detrimental impact on credit portfolios, witnessing a surge in unemployment and disruptions in economic activities. This led to an unprecedented rise in mortgage forbearance, reaching approximately 3,000% between March 2021 and May 2021. To prepare for extreme shocks and uncertainties, large US banks significantly increased their loss provisions in Q1 2021 compared to Q4 2021. Regulators are implementing measures to aid financial institutions in recovery, including delaying the implementation of margin requirements. The heightened market volatility resulted in substantial trading losses, affecting profitability, capital preservation, and leading to restriction breaches.
Risk Analytics Market Dynamics:
The escalating use of both structured and unstructured data across various industries has driven the demand for risk analytics to efficiently manage and secure data. The global data volume is anticipated to grow from 12 zettabytes in 2015 to 47 and 163 zettabytes in 2021 and 2025, respectively. Organizations, grappling with increasing complexity, innovations, and evolving regulations, are investing heavily in advanced strategies post the 2008 financial crisis. The advent of new technologies such as AI, ML, IoT, and edge computing has generated vast amounts of data, contributing to heightened business complexity. Analytical tools facilitate data processing and insights extraction, simplifying decision-making.
Key Growth Factors:
- Innovative Tech Solutions in FinTech: The FinTech industry, being data-sensitive, faces threats like market compliance risks, cyber-attacks, and fraud. Companies, especially in FinTech, are investing in technologies like RPA and digitalization to manage risks efficiently, leading to the digitization and innovation of the risk analytics market.
- Regulatory Compliance Challenges: Regulatory compliance, varying globally, poses challenges for enterprises in managing compliance risks. Lack of clear standards complicates risk analytics market growth, making it challenging for solution providers to meet diverse end-user needs.
- Data Value Extraction: Companies need to extract value from data to reduce risks, target valuable consumers, and evaluate business performance. Data consolidation poses challenges, especially for centralized firms. Risk analytics companies offer unified data aggregation and analytics systems to help users combine and analyze data from multiple sources.
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Market Segment Analysis:
- Component:
- Software
- Services
The risk analytics software, including risk calculation engines, ETL tools, scorecard and visualization tools, propels market growth by identifying and analyzing market risks and investment analysis. Risk calculation engines offer advanced risk analytics tools crucial for financial institutions.
- Industry:
- Banking & Financial Services
- Insurance
- Manufacturing
- Transportation & Logistics
- Retail & Consumer Goods
- IT & Telecom
- Government & Defense
- Healthcare & Life Sciences
- Energy & Utilities
Banks globally, recognizing the need for a rational approach to risk management, are adopting risk analytics to transition from a silo approach to a holistic view of all hazards across the organization. The growth in transaction volumes in operational risk management (ORM) is driving the adoption of risk analytics in banking.
Regional Insights:
North America dominated the market in 2022 and is expected to continue its dominance at a CAGR of 14.7% over the forecast period. The region’s growth is attributed to the widespread presence of risk analytics software providers like IBM and Oracle. The adoption of AI, IoT, and machine learning technologies further propels market growth in the region.
Key Players:
- IBM
- Oracle
- SAP
- SAS Institute
- FIS
- Moody’s Corporation
- Verisk Analytics, Inc.
- AxiomSL, Inc.
- Gurucul
- Provenir
- Risk Edge Solutions
- BRIDGEi2i Analytics Solutions
- Recorded Future, Inc
- DataFactZ
- Digital Fineprint
- Eurorisk Systems Ltd
- Open Access Technology International, Inc
- Capgemini
- Finastra
- Accenture
- Tata Consultancy Services Limited
- Genpact
- ACL Services Ltd.
- dba Galvanize
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Key questions answered in Risk Analytics Market are:
- What is Risk Analytics?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Risk Analytics Market?
- Which factors are the lucrative opportunities for the Risk Analytics market growth?
- Which factors are limiting the scope of Risk Analytics market?
- How is the intervention from regulatory authority is shaping the Risk Analytics Market?
- What growth strategies are the key players considering to increase their presence in Risk Analytics Market?
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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