Risk analytics market is estimated to exhibit high growth potential during the forecast period owing to increasing popularity of data analytics. Risk analytics market has been segmented on the basis of component, deployment and vertical. There are various types of risks that an enterprise needs to assess, such as strategic risk, compliance risk, reputational risk, operational risk and financial risk. The operational risks include employee errors, system failures, frauds or anything that disrupts the normal functioning of business procedures. These risks are managed by operational risk management which includes, risk assessment and implementation of risk controls to avoid risk. The banking and insurance sector has big risks involved and require proper risk assessment to avoid losses. Financial risk refers to money flowing in and out of an enterprise and suffers sudden financial loss. Financial risks are increased when there arelot of short-term debts.
Major driving factors in the growth of risk analytics market are increasing market competitiveness and economic instability. Implementation of risk analytics tools proves to be cost effective Increasing advancements in the risk analytics has made it easier to measure and predict risk with more certainty which ultimately helps in avoiding system failures and losses.
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Major Key Players
Provenir, Inc. (U.S.),
Moody’s Analytics, Inc. (U.S.),
SAS Institute Inc. (U.S.),
Oracle Corporation (U.S.),
Verisk Analytics, Inc. (U.S.),
Risk Edge Solutions (India),
SAP SE (Germany), IBM Corporation (U.S.), AxiomSL (U.S.) among others
According to MRFR, The global Risk Analytics Market is expected to grow at approx. USD 42 Billion by 2023, at 14% of CAGR between 2017 and 2023.
Risk analytics is influenced by increasing amount of data availability and the threats that are involved in exposure of that data. Threats and frauds which are not clearly visible but can be derived with the help of risk assessment tools. Risk analytics market can be segmented on the basis of component, deployment and vertical. The deployment segment is further classified into on-demand and on-premise segments. The on-demand market is expected to grow at the highest rate during the forecast period owing to the factors like cost effectiveness and scalability. On-demand deployment is easy to deploy which is another factor that has increased its popularity.
The risk analytics market has been segmented into segments such as deployment, component, vertical and region.
By Deployment: On-Premise and On-Demand
By Component: Software and Service
By Vertical: Healthcare, BFSI, Government, Transportation, Manufacturing, Retail, IT & Telecommunication
By Region: Latin America, Europe, Asia Pacific, North America and Middle East & Africa.
The regional study of the risk analytics sector includes regions such as North America, Asia Pacific, Europe and Rest of the World. It has been noted that the North American market is expected to be credited for the leading share of the industry, whereas the Asia-Pacific segment is anticipated to develop at a swift rate during in the period up to 2023. The main development of the risk analytics industry in the North American region can be attributed to the technical innovations and rising use of mobiles and tablets in the region.
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- Technology investors
- Integrated device manufacturers (IDMs)
- Original equipment manufacturers (OEMs)
- Research/Consultancy firms
- Risk engine solution providers
- Government agencies
- Risk assessment service providers
- Venture capitalists
- Value-added resellers
- Small, medium-sized, and large enterprises
- Third-party providers