PUNE, India, June 30, 2016 /PRNewswire/ --
According to a new market research report "Risk Analytics Market by Software (ETL Tools, Risk Calculation Engines, Scorecard & Visualization Tools, Dashboard Analytics & Risk Reporting Tools, GRC Software, & Others), Service, Application, Vertical, & by Region - Global Forecast to 2021", published by MarketsandMarkets, the market size is estimated to grow from USD 16.55 Billion in 2016 to USD 30.18 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.8%.
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Browse 64 market data Tables and 51 Figures spread through 167 Pages and in-depth TOC on "Risk Analytics Market"
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The risk analytics solutions are witnessing the rising demand due to increasing competitive pressure on SMEs and global regulatory frameworks and government policies. The substantial growth in the Risk Analytics Market can be credited to the increasing organizational need to minimize the losses incurred due to risks, maximize their return on investment, and enhance their decision making process.
Governance, Risk, and Compliance (GRC) software are expected to show positive trends during the forecast period
The GRC software is expected to dominate the market from 2016 to 2021. This is due to the fact that this software empowers organizations with the ability to identify, manage, monitor, and analyze risk and compliance across the enterprise in a single integrated solution. Furthermore, scorecard and visualization tools software is expected to gain traction in the next five years as it enables representation of multi-dimensional data to enhance the quality of analysis and insight by facilitating rapid and accurate observations.
Manufacturing segment to grow at the highest rate during the forecast period
The manufacturing segment is expected to grow at a rapid rate from 2016 to 2021 in the Risk Analytics Market. The high growth rate can be attributed to the rapidly changing customer expectations, fierce market competition, and stringent regulatory constraints faced by the manufacturing industries. The banking and financial services segment is expected to contribute the largest market share in the Risk Analytics Market in 2016. The market is also projected to witness growth in the healthcare, retail and CPG, and telecommunication and IT segment during the forecast period.
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North America is expected to contribute the largest market share during the forecast period
North America is expected to have the largest market share and dominate the Risk Analytics Market from 2016 to 2021, due to increasing adoption of risk analytics software and services by organizations in order to safeguard their businesses from losses and also because of the stern non-compliance measures adopted by the government and various regulatory bodies in this region. APAC offers potential growth opportunities due to the rise in technology penetration and presence of large number of SMEs which are under tremendous competitive pressure from large enterprises.
The major vendors in the Risk Analytics Market include IBM Corporation (New York, U.S.), SAP SE (Walldorf, Germany), SAS Institute, Inc. (North Carolina, U.S.), Oracle Corporation (California, U.S.), FIS Global (Florida, U.S.), and Verisk Analytics, Inc. (New Jersey, U.S.) along with others. The report also includes key innovators in the market, such as Misys (London, U.K.) and Numerix LLC (New York, U.S.).
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