October 20, 2023: The global risk management market is expected to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2022 to 2027, according to a new report by Research and Markets.
The growth of the risk management market is attributed to several factors, including the increasing complexity of businesses, the rising prevalence of cyberattacks, and the growing awareness of the importance of risk management.
The increasing complexity of businesses is leading to a growing number of risks that must be managed. These risks can include financial, operational, strategic, and reputational risks.
The rising prevalence of cyberattacks is also driving the growth of the risk management market. Cyberattacks can cause significant damage to businesses, including financial losses, reputational damage, and the disruption of operations.
The growing awareness of the importance of risk management also contributes to the market’s growth. Businesses increasingly realize that risk management is essential for their survival and success.
The risk management market is segmented by type, application, and end user. By type, the market is segmented into enterprise risk management, operational risk management, financial risk management, and strategic risk management. The market is segmented by application into IT, BFSI, healthcare, manufacturing, and others. End-user segments the market into large enterprises, SMEs, and government agencies.
North America is the largest market for risk management, followed by Europe and Asia Pacific. The growth of the risk management market in North America is attributed to the presence of many large enterprises and the growing awareness of the importance of risk management. The growth of the risk management market in Europe is attributed to the increasing complexity of businesses and the rising prevalence of cyberattacks. The growth of the risk management market in Asia Pacific is attributed to the rapid growth of the economy and the growing awareness of the importance of risk management.
The key players in the risk management market include SAP, IBM, Oracle, SAS, and Riskonnect. These companies offer various risk management solutions to help businesses manage their risks effectively.