Increase in stringent government regulatory compliances, rapid growth of IoT landscape, and rise in adoption of risk analytics among financial institutions propel the growth of the global risk analytics market.
PORTLAND, Oregon, March 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Risk Analytics Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Application (Strategic Risks, Financial Risks, Operational Risks, and Compliance Risks), Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, Government & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global Risk analytics industry was estimated at $18.25 billion in 2018 and is expected to hit $65.25 billion by 2026, registering a CAGR of 17.4% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in stringent government regulatory compliances, rapid growth of IoT landscape, and increase in adoption of risk analytics among financial institutions fuel the growth of the global risk analytics market. On the other hand, high cost and complexity in installation and configuration of the software impedes the growth to some extent. However, increase in demand from developing economies, and integration of artificial intelligence in risk analytics are expected to create a plethora of opportunities in the industry.
The solution segment held the largest share in 2018
Based on component, the solution segment contributed to nearly three fourths of the global risk analytics market share in 2018, and is expected to rule the roost by 2026. The risk analytics solutions are cheaper and faster to deploy which drives the growth of the segment. The services segment, on the other hand, would showcase the fastest CAGR of 19.8% from 2019 to 2026. Rise in need of various different services such as managed service and professional services propels the growth of the market.
The on-premise segment to retain its dominance till 2026
Based on deployment, the on-premise segment held the largest share in 2018, accounting for nearly three-fifths of the global risk analytics market. This attributed to the increase in the adoption of these systems due to enhanced security features provided by the on-premise model. Simultaneously, the cloud segment would cite the fastest CAGR of 19.1% during the estimated period, owing to the different services provided by the cloud.
Based on geography, North America generated nearly two-fifths of the global risk analytics market revenue in 2018, and is projected to lead the trail till 2026. This is due to increase in the cyber-attacks, financial theft and data theft. At the same time, Asia-Pacific is anticipated to grow at the fastest CAGR of 19.9% throughout the forecast period, owing to increase in growing IT spending among enterprise among developing economies and growing adoption of fast-moving and disruptive business models.
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.