Risk Management Market to Garner $28.87 Bn, Globally, by 2027 at 18.7% CAGR: Allied Market Research
Rise in data & security breaches, surge in strict government regulatory compliances, and increase in adoption of risk management among financial institutions drive the global risk management market
PORTLAND, Ore., May 4, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Risk Management Market by Component (Software and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, Government & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global risk management industry was accounted for $7.39 billion in 2019, and is estimated to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in data & security breaches, surge in strict government regulatory compliances, and increase in adoption of risk management among financial institutions drive the global risk management market. Moreover, the growth of IoT landscape supplements the market growth. However, the complexity and high costs in installation and configuration of software hinder the market growth. On the contrary, surge in demand from the emerging economies and integration of AI in risk management software would open lucrative opportunities for the market players in the future.
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The software segment held the largest share
By component, the software segment accounted for the highest share in 2019, holding nearly three-fourths of the global risk management market, due to rie in need to monitor different types of risks or any facility from any kind of physical threats or suspicious activities. However, the service segment is estimated to register the highest CAGR of 20.7% during the forecast period, owing to increase in adoption of services among end users, as they ensure effective functioning of risk management software.
The manufacturing segment to manifest the highest CAGR through 2027
By industry vertical, the manufacturing segment is projected to portray the highest CAGR of 22.0% from 2020 to 2027, due to rise in the trend of IoT and automation in the manufacturing sector. However, the BFSI segment held the largest share in 2019, contributing to nearly one-fourth of the global risk management market, owing to rise in adoption of risk management software by various large banks and FinTech industries to mitigate different types of risk to grow and sustain in the market.
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North America dominated the market
By region, the market across North America held the lion's share in 2019, accounting for more than one-third of the market, as the number of market players indulged in developments such as partnership, product launch, and collaboration. However, the global risk management market across Asia-Pacific is estimated to manifest the highest CAGR of 20.4% during the forecast period, owing to growth in banking and financial industry in developing nations of China and India and surge in digitization across various developing nations.
Major market players
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