Risk Analytics Market Size to Grow USD 36670 Million by 2028 at a CAGR of 8.4% | Valuates Reports
BANGALORE, India, Aug. 8, 2022 /PRNewswire/ -- The Global Risk Analytics Market is Segmented by Type (Strategic Risk, Operational Risk, Financial Risk, Reputational Risk, Environmental Risk, Third-Party Risk and Economic Risk), by Application (Small and Medium-sized Enterprises, Large Enterprises): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4% during 2022-2028.
Major Factors Driving the Growth of the Risk Analytics Market
The rise in digitization, business process automation, and the growing number of data and security breaches will drive the growth of the market.
The integration of AI, blockchain and innovations in the fintech industry will fuel market growth during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL RISK ANALYTICS MARKET
The unprecedented pace of technological development and rising competitive pressure are forcing businesses to go digital. Many firms have started replacing their traditional business systems with automated digitized systems. Automating risk management helps with constant monitoring in real-time. There are a huge number of events taking place in the organization which is generating a humongous amount of data. Process automation eliminates manual tasks. This will fuel the growth of the risk analytics market. Risk managers are able to focus more on risk prevention and mitigation. The ability to report incidents becomes faster as data is updated instantly.
AI and blockchain are being actively integrated with risk analytics software to facilitate faster transactions and settlements. As enterprises accumulate data from various sources securing information is of utmost importance. Blockchain solutions assist security analysts. This will surge the growth of the risk analytics market during the forecast period. They scan the abnormal behavior of the system and classify abnormalities as potential threats.
The number of online threats and cases of data breaches is rising. The increasingly complex business practices are driving business owners to use risk management solutions. This will foster the expansion of the risk analytics market. It saves money by minimizing the impact and preventing fraud. Machine learning algorithms can identify suspicious activities by tracking anomalies and malicious processes.
Banks and other financial institutions are getting challenged with sophisticated forms of fraud and the need for maintaining strict regulatory compliance without affecting the user experience. Through risk analytics, mobile applications and transaction data are analyzed in real-time for emerging threats. This will bolster the growth prospects of the global risk analytics market. It generates a transaction risk score which drives intelligent workflows to trigger immediate action based on predefined or customer-identified security policies or rules. Hence financial institutions are able to provide the effectiveness of their monitoring systems to auditors and regulators thereby ensuring industry compliance.
The fintech industry is going through a transformative phase with technology-driven financial services coming to the forefront. New financial products and distribution methods are bringing newer risks associated with customer service, delivery, and manual data entry which increases the chances of human errors. It is crucial for fintech to stay on top of regulatory compliance and updates with a suitable risk management system. This will spur the demand for the risk analytics market. Fintechs that operate internationally have an even greater need for a centralized system to navigate rules in multiple countries.
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RISK ANALYTICS MARKET SHARE ANALYSIS
Based on type, the financial risk segment will be the most lucrative in the risk analytics market share due to the emergence of evolving threats in the BFSI industry.
Based on application, SMEs will witness considerable growth as they are largely adopting risk analytic solutions for audit requirements, reporting, and maintaining the business sustainability model.
Based on region, North America will grow the highest due to rising investments, a growing number of risks emerging from the present business scenario, technologica innovations, and stringent industry regulations.
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- The global Third-Party Risk Management market size is projected to reach USD 14330 Million by 2027, from US$ 4341.7 million in 2020, at a CAGR of 18.6% during 2021-2027.
- The global Financial Risk Management Software market size is projected to reach USD 2621.9 Million by 2027, from USD 1643.6 Million in 2020, at a CAGR of 6.9% during 2021-2027.
- The global Patient Safety and Risk Management Software market size is projected to reach USD 2752.6 Million by 2028, from USD 1549.7 Million in 2021, at a CAGR of 8.4% during 2022-2028.
- The global Supply Chain Risk Management market size is projected to reach USD 251580 Million by 2028, from USD 162730 Million in 2021, at a CAGR of 6.0% during 2022-2028.
- The global Vendor Risk Management market size is projected to reach USD 10560 Million by 2028, from USD 4822.2 Million in 2021, at a CAGR of 11.6% during 2022-2028.
- The global Regulatory Technology (RegTech) market size is projected to reach USD 10950 Million by 2027, from USD 2236 Million in 2020, at a CAGR of 24.7% during the forecast period 2021-2027.
- The global AI Governance market size is projected to reach USD 116.3 Million by 2028, from USD 23 Million in 2021, at a CAGR of 25.1% during 2022-2028.
- The global Transaction Monitoring market size is projected to reach USD 14820 Million by 2027, from USD 8086 Million in 2020, at a CAGR of 8.6% during the forecast period 2021-2027.
- The global fintech market size is projected to reach USD 16652680 Million by 2028 from USD 6588780 Million in 2021 at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period 2022-2028.
- The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027.
- The global Legal Services market size is projected to reach USD 823940 Million by 2027, from USD 680630 Million in 2020, at a CAGR of 2.3% during 2021-2027.
- The global Legal Practice Management Software market size is projected to reach USD 4019.3 Million by 2028, from USD 1724 Million in 2021, at a CAGR of 12.7% during 2022-2028.
- The global Legal Analytics market size is projected to reach USD 1701 Million by 2028, from USD 534.6 Million in 2021, at a CAGR of 17.5% during 2022-2028.
- The global Enterprise Resource Planning (ERP) Software market size is projected to reach USD 60110 Million by 2027, from USD 40830 Million in 2020, at a CAGR of 5.7% during 2021-2027.
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