The risk management software market is expected to register a CAGR of around 9% over the period of 2021-2027. The risk management software helps organizations measure levels of risk in ongoing projects and processes and generate meaningful insights and action plans for mitigating risk
According to UnivDatos Market Insights (UMI)’ research report “Risk Management Software Market”, the market is expected to witness robust growth of 9% during the forecast period 2021-2027F.
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The growth of the risk management software market can be attributed to the increasing adoption of digitization for various applications across multiple verticals such as retail, manufacturing, energy and utilities, government, and BFSI. The software helps in creating a clear strategy for risk-based auditing, as it makes it more systematic and organized. Furthermore, the risk management software helps in maintaining consistency and providing clear communication. Moreover, the increasing amount of critical organizational data and increasing cases of personal information theft, increasing acceptance by financial institutions, emerge as the major driver of market growth.
Based on component, the market is segmented into enterprise risk management, financial risk management, application risk management, and others the financial risk management software category accounted for the majority share in the market in 2020. The financial risk management software is accepted by organizations across the world to reduce their losses incurred due to the risks in their business operations, which is expected to propel the growth of global financial risk management software market. Furthermore, the rise in technological advancement and continuous changes in government and corporate regulations and policies are expected to boost the financial risk management software market growth.
Based on deployment, the market is segmented into cloud and on-premises. The cloud segment is expected to achieve a considerable CAGR during the forecast period. The growing demand of cloud services can be attributed to the cost-effectiveness of cloud services. As companies can eliminate unnecessary hardware or rigid on-premises assets and easily right-size computing resources according to their unique business requirements. Furthermore, the integration of cloud-based solutions and services helps organizations to reduce their operational cost significantly as they can be accessed from anywhere.
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North America to witness extensive growth
The North America market is expected to dominate the risk management software market and is expected to continue to maintain domination throughout the forecast period. The growth in the region can be attributed to the presence of leading risk management software providers. Furthermore, the rise of cybersecurity threats, for instance, A U.N. report claimed that North Korean hackers stole more than USD 50 million between 2020 and mid-2021 from three cryptocurrency exchanges. The rapid adoption of risk management software by different banks and the FinTech industry to manage different types of risks, and the presence of prominent key players. Moreover, early adoption of advanced digital technologies and high investments in adopting them. The presence of numerous manufacturing plants and big retail chains drives the adoption of risk management software.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the risk management software market are IBM, NAVEX, Inc., Logicmanager, Inc., MetricStream., Qualys, Inc., RSA Security LLC., SAP, SAS Institute Inc. , Servicenow, CENTRL, Inc.. are some of the key players in the market “Risk management software” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Component (Enterprise Risk Management, Financial Risk Management, Application Risk Management)
2. By Deployment (On-Premises, and Cloud)
3. By End User (Transport and Logistics, Healthcare, Retail, Manufacturing, Food and Beverage, And Others)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company IBM, NAVEX, Inc., Logicmanager, Inc., MetricStream., Qualys, Inc., RSA Security LLC., SAP, SAS Institute Inc. , Servicenow, CENTRL, Inc).
Key questions answered in the study:
1. What are the current and future trends of the global risk management software industry?
2. How the industry has been evolving in terms of component, deployment, and end-user?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global Risk management software industry?
5. What is the customer orientation, purchase behavior, and expectations from the global Risk management software suppliers across various region and countries?
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Table of Content:-
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL RISK MANAGEMENT SOFTWARE MARKET REVENUE (USD BN), 2019-2027F
6 MARKET INSIGHTS BY COMPONENT
7 MARKET INSIGHTS BY DEPLOYMENT
8 MARKET INSIGHTS BY END-USER
9 MARKET INSIGHTS BY REGION
10 RISK MANAGEMENT SOFTWARE MARKET DYNAMICS
11 RISK MANAGEMENT SOFTWARE MARKET OPPORTUNITIES
12 RISK MANAGEMENT SOFTWARE MARKET TRENDS
13 POLICY & REGULATORY FRAMEWORK
14 DEMAND AND SUPPLY-SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER