Rise in data & security breaches, surge in strict government regulatory compliances, and increase in adoption of risk management among financial institutions drive the global risk management market
PORTLAND, Ore., May 4, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Risk Management Market by Component (Software and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, Government & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global risk management industry was accounted for $7.39 billion in 2019, and is estimated to reach $28.87 billion by 2027, growing at a CAGR of 18.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in data & security breaches, surge in strict government regulatory compliances, and increase in adoption of risk management among financial institutions drive the global risk management market. Moreover, the growth of IoT landscape supplements the market growth. However, the complexity and high costs in installation and configuration of software hinder the market growth. On the contrary, surge in demand from the emerging economies and integration of AI in risk management software would open lucrative opportunities for the market players in the future.
Download Report Sample (150 Pages PDF with Insights) at
The Covid-19 outbreak and followed lockdown had a positive impact on the market owing to largescale adoption of work from home culture among industries and surge in the risk of cyber-attacks and other security concerns.
The pandemic brought radical changes in daily lives, especially in work. The strict compliance of social distancing and digital transformation of business increased the demand for risk management services.
Get detailed COVID-19 impact analysis on the risk management market:
By component, the software segment accounted for the highest share in 2019, holding nearly three-fourths of the global risk management market, due to rise in need to monitor different types of risks or any facility from any kind of physical threats or suspicious activities. However, the service segment is estimated to register the highest CAGR of 20.7% during the forecast period, owing to increase in adoption of services among end users, as they ensure effective functioning of risk management software.
The manufacturing segment to manifest the highest CAGR through 2027
By industry vertical, the manufacturing segment is projected to portray the highest CAGR of 22.0% from 2020 to 2027, due to rise in the trend of IoT and automation in the manufacturing sector. However, the BFSI segment held the largest share in 2019, contributing to nearly one-fourth of the global risk management market, owing to rise in adoption of risk management software by various large banks and FinTech industries to mitigate different types of risk to grow and sustain in the market.
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.