Risk Analytics Market: Overview
Risk analytics primarily assists firms in identifying the presence of risk across a variety of business processes. It makes it easier for businesses to effectively define, recognize, and manage risk. Risk analytics is predicted to become more important in a variety of corporate activities. Risk analytics is undergoing a transformation, with new developments altering the market and boosting its capabilities. Real-time risk analytics, for example, is a more advanced version of traditional risk analytics methodologies. Real-time risk analytics is concerned with the processing, examination, and calculation of risk in real time. There are a variety of ways that banks and other financial institutions use analytics to better mitigate and manage risk. Risk analytics, for example, is used by asset management businesses, hedge funds, and investment banks to change their operating principles in response to market and investment shifts.
Risk Analytics Market: Growth Factors
The risk analytics market is being driven by an increasing requirement to address vertical-specific difficulties as well as a growing focus on market and competitive intelligence. Risk analytics is becoming increasingly popular among businesses, as well as the financial services industry. Due to legal constraints, financial institutions are projected to continue to adopt risk analytics. The expansion of the risk analytics industry is being fueled by the emergence of real-time and on-demand risk analytics. Technology is a crucial enabler for giving real-time market and trade data to organizations that provide risk on-demand analytics services, allowing them to better serve customers based on market volatility. Service providers are working on developing a dynamically adjustable risk analytics platform for customers that don't have the time or capital to create customized solutions. The key hurdles in the risk analytics market are a lack of knowledge and regulatory compliance. These issues are impeding the growth of the risk analytics industry.
| REPORT SNAPSHOT & REPORTING DATA TIMEFRAME |
| Parameter |
Details |
| Historical Date ( Actual Data) |
2016 - 2020 |
| Base Year Data |
2020 |
| Current Year Data |
2021 |
| Projected Data |
2021 - 2026 |
Risk Analytics Market: Segmentation
The risk analytics market is segmented into component, deployment, organization size, risk type, and industry verticals. The component has been segmented into software and services. The market for the software segment has accounted the largest market share in the worldwide market. The deployment type has been classified into cloud and on-premise. The organization size has been categorized into small and medium enterprise and large enterprises. The risk type has been segregated into strategic, operational, and financial risk among others. Financial risk accounted for the largest market share, owing to the ever-changing threats in BFSI. During the projected period, the operational risk category is expected to develop at the fastest rate. Organizations that want to combine realistic risk control legislation and policy should use operational risk management. The industry vertical is bifurcated into BFSI, IT & telecom, retail & consumer goods, healthcare, energy & utilities, manufacturing, government, and defense, among others. BFSI has been estimated to account the highest market share owing to large adoption of such analytics solution in recent years
Risk Analytics Market: Regional Analysis
North America is predicted to have the largest share of the market, with the United States leading the way. The region's dominance is attributable to end-user industries' rising use of risk analytics solutions, a strong presence of major organizations, and a push for early technological adoption due to competition from businesses operating in low-cost locations.
Furthermore, the industry is being driven by the widespread adoption of cloud computing across sectors. Cloud computing usage has become entwined with the problem of protecting Healthcare Information Systems (HIS) against imminent cyber security threats. For remote access, decision making, emergency, and other healthcare-related views, HIS data and resources are inherently shared with other systems.
In the predictive analytics arena, the healthcare infrastructure in the United States is showing signs of improvement. According to survey, more than 40% of healthcare executives have reported a 50% growth in data volume in the last few years. Health institutions and payers are increasingly using predictive analytics as data sets get larger and more complex to manage.
Risk Analytics Market: Competitive Players
Some of the major market players in risk analytics Market are IBM, Oracle, SAP, SAS Institute, FIS, Moody’s Analytics, Verisk Analytics, AxiomSL, Gurucul, Provenir, Risk Edge Solutions, BRIDGEi2i, Recorded Future, DataFactZ, Alteryx, AcadiaSoft, Qlik, CubeLogic, Equarius Risk Analytics, Quantifi, Actify Data Labs, Amlgo Labs, Zesty.ai, Artivatic, Attestiv, RiskVille, Quantexa, Spin Analytics, Kyvos Insights, and Imply among others.
The global risk analytics Market is segmented as follows:
Risk Analytics Market: By Component Segment Analysis
Risk Analytics Market: By Deployment Type Segment Analysis
Risk Analytics Market: By Organization Size Segment Analysis
- Large Enterprises
- Small & Medium Enterprises
Risk Analytics Market: By Risk Type Segment Analysis
- Strategic Risk
- Operational Risk
- Financial Risk
- Others
Risk Analytics Market: By Industry Vertical Segment Analysis
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Healthcare
- Energy & Utilities
- Manufacturing
- Government
- Defense
- Others
Risk Analytics Market: By Regional Segment Analysis
- North America
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
-
Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What are the key factors driving risk analytics market expansion?
Compliance with demanding industry laws, increased complexities across corporate processes, rising digitization and BPA, and increasing data and security breaches are all projected to promote the adoption of risk analytics solutions and services.
What will be the value of the Risk Analytics market during 2020- 2026?
According to Market Research Store, the risk analytics market is expected to generate revenue of around USD 26.9 Billion in 2020 and it is further projected to reach USD 64.7 Billion by the end of 2026, rising at a CAGR of about 15.7 % between 2021 and 2026.
Which region will make notable contributions towards global risk analytics Market revenue?
North America is a leading contributor in the risk analytics market owing to the prevalence of major market players.
What are the key players leveraging Risk Analytics market growth?
Some main participants of the risk analytics market are IBM, Oracle, SAP, SAS Institute, FIS, Moody’s Analytics, Verisk Analytics, Axiom, Gurucul, Provenir, Risk Edge Solutions, BRIDGEi2i, Recorded Future, DataFactZ, Alteryx, AcadiaSoft, Qlik, CubeLogic, Equarius Risk Analytics, Quantifi, Actify Data Labs, Amlgo Labs, Zesty.ai, Artivatic, Attestiv, RiskVille, Quantexa, Spin Analytics, Kyvos Insights, and Imply among others.
