The Risk analytics market is expected to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period. The global risk analytics market is witnessing substantial growth driven by factors such as increasing regulatory compliance requirements, rising need for risk management in businesses, advancements in technology, and emergence of big data and analytics. Businesses across sectors leverage risk analytics tools to extract actionable insights from vast datasets. The adoption of risk analytics solutions is widespread across various industry verticals, including banking and financial services, healthcare, insurance, retail, manufacturing, and others. Each industry has unique risk management requirements, driving the customization and adoption of risk analytics solutions tailored to specific industry needs.
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By offering the services segment to account for higher CAGR during the forecast period
In the risk analytics market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the risk analytics market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
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Unique Features in the Risk Analytics Market
Advanced statistical and machine learning methods are used by risk analytics systems to model intricate data linkages, allowing for precise risk assessment and prediction in a variety of areas.
By making scenario analysis and stress testing easier, these tools help businesses model and assess the possible effects of different risk scenarios on their day-to-day operations, bottom line, and long-term goals.
Platforms for risk analytics provide real-time monitoring, giving businesses early warnings about new threats and weaknesses and facilitating proactive risk management and decision-making.
Organisations can customise risk measurements, visualisations, and reporting formats to suit their unique requirements and preferences by utilising the customisable risk dashboards and reporting capabilities offered by these platforms.
By integrating with other data sources including financial markets, regulatory databases, and geopolitical events, risk analytics tools can increase the accuracy of risk assessment and enrich risk analysis with external insights.
Major Highlights of the Risk Analytics Market
The market is seeing an increase in demand for integrated risk management platforms that incorporate business continuity planning, compliance and audit management, and risk analytics capabilities.
Cloud-based risk management platforms are becoming more and more popular as a result of cloud-based risk analytics solutions’ increasing popularity. These solutions provide businesses with more flexibility, scalability, and affordability when compared to traditional on-premises systems.
In the risk analytics space, operational risk management is becoming more and more popular as businesses invest in tools to detect, evaluate, and reduce risks related to internal systems, processes, and human factors.
The market for risk analytics is changing as a result of the convergence of artificial intelligence (AI) and machine learning (ML) technologies. This allows for more precise risk assessment, predictive modelling, and real-time risk monitoring across multiple domains.
The need for risk analytics solutions is still being driven by regulatory compliance requirements, as businesses look for tools and technology to help them comply with laws like Basel III, GDPR, HIPAA, and SOX.
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Top Companies in the Risk Analytics Market
Key players operating in the Risk analytics market across the globe are IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies employ various approaches, both organic and inorganic, including introducing new products, forming strategic partnerships and collaborations, and engaging in mergers and acquisitions to expand their presence and offerings within the Risk analytics market.
Aon plc is a renowned global professional services firm specializing in risk, retirement, and health solutions. With a robust presence across various industries worldwide, Aon operates through multiple segments, including Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions, and Data & Analytic Services. The company provides tailored services such as risk management, insurance and reinsurance brokerage, human capital consulting, retirement solutions, and healthcare consulting. Aon’s business model is anchored in delivering customized solutions to address clients’ specific needs and challenges in risk, retirement, and health management. Leveraging its expertise, expansive global presence, and advanced analytics capabilities, Aon endeavors to assist clients in navigating complex challenges and attaining their business objectives. Its global footprint spans the North America, Europe and Asia Pacific catering to customers in over 145 countries.
Aon’s presence in the risk analytics market is characterized by its comprehensive suite of services, global expertise, and emphasis on innovation to help clients effectively manage and mitigate risks in an increasingly complex business environment. Aon offers sophisticated risk assessment tools and methodologies to help businesses identify, quantify, and prioritize risks. Its services include predictive analytics, scenario modeling, and risk mapping to anticipate and prepare for potential threats. Aon also provides insurance and reinsurance solutions, using advanced analytics to optimize coverage levels, pricing structures, and risk transfer mechanisms. Further Aon also assists organizations in supply chain risk analysis, helping them analyze the impact of disruptions and implement strategies to enhance resilience.
ProcessUnity is a provider of cloud-based solutions for risk management and regulatory compliance. With a comprehensive suite of applications, ProcessUnity empowers organizations to streamline their risk and compliance processes, enhance transparency, and mitigate potential threats effectively. Through innovative technology and expert guidance, ProcessUnity helps businesses across various industries optimize their risk management strategies and achieve sustainable growth. ProcessUnity is headquartered in Concord, Massachusetts, USA. From this strategic location, the company serves a global clientele, delivering cutting-edge risk management solutions to organizations of all sizes.
The company’s technology delivers faster, better results, and the ability to scale governance, risk, and compliance programs over time. ProcessUnity’s suite of applications includes Third-Party Risk Management, Cybersecurity Program Management, Policy and Procedure Management, Enterprise Risk Management, Regulatory Compliance Management, Product and Service Offer Management, and more.
ServiceNow is a provider of cloud-based software solutions that streamline and automate enterprise workflows, enabling organizations to enhance productivity and drive innovation. With a comprehensive suite of products spanning IT, HR, customer service, and more, ServiceNow empowers businesses to digitize their operations and deliver exceptional experiences to employees and customers alike. Using the power of the Now Platform, organizations can optimize processes, improve collaboration, and achieve greater agility in today’s dynamic business landscape.
In addition to its core offerings, ServiceNow also offers advanced risk analytics products designed to help businesses proactively identify, assess, and mitigate risks across their operations. Leveraging cutting-edge technologies such as artificial intelligence and machine learning, ServiceNow’s risk analytics solutions provide real-time insights into potential threats and vulnerabilities, allowing organizations to make informed decisions and take proactive measures to protect their assets and reputation. Whether it’s managing cybersecurity risks, ensuring regulatory compliance, or optimizing business continuity planning, ServiceNow’s risk analytics products empower organizations to stay ahead of emerging threats and safeguard their long-term success.
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The post Risk Analytics Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2029 first appeared on PressRelease.cc.
Risk Analytics Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2029 first appeared on Web and IT News.