14-Jul-2021 | Market Research Store
According to a research released by Market Research Store, the global market for risk analytics was assessed at USD 26.9 billion in 2020 and is expected to reach USD 64.7 billion by the end of 2026, growing at a CAGR of about 15.7 percent between 2021 and 2026.
Risk analytics is software that organizations use to handle various types of risks efficiently and effectively. This software is notable for its various features, including identifying and managing various sorts of risk, as well as taking preventative measures to avoid possible crises. The rise in various cyber-attacks, fraudulent assaults, and data theft on various businesses as a result of the ongoing digitalization trend is the primary driver driving the global market's growth.
The risk analytics market is significantly growing owing to an increase in data security breaches in companies and rise in government regulatory compliances. Furthermore, the market's growth is fuelled by an increase in the use of risk analytics in financial institutions and the expansion of the IoT environment. However, the market's growth is hampered by the high cost and complexity of installation and software configuration, as well as the lack of protection given by risk analytics. Furthermore, during the forecast period, the rise in demand from developing economies and the incorporation of artificial intelligence in risk analytics are projected to present significant potential prospects for the risk analytics market. OneSpan, a software provider for trusted identities, e-signature, and secure transactions, announced the advent of AI-Based risk analytics to prevent account takeover and new account fraud in February, 2019. Citi Bank announced the debut of NextGen, an AI-powered risk analytics score engine, in April 2019. The score engine was developed in collaboration with SAS and EY, with the goal of reducing the time it takes to assess large volumes of trade transactions while also assuring regulatory compliance. The NextGen will assist the bank in automating time-consuming manual operations and provide a more comprehensive view of risk actions and insights.
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 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. The industry vertical is bifurcated into BFSI, IT & telecom, retail & consumer goods, healthcare, energy & utilities, manufacturing, government, and defense, among others.
The COVID-19 epidemic has had a significant impact on credit portfolios. Unemployment is at an all-time high, and economic activity has been disrupted, putting customers' and businesses' solvency under strain. Central banks have taken a proactive approach to inject liquidity into the market by lowering interest rates and establishing asset purchase programs. Regulators are striving to put in place a number of measures to assist financial institutions in regaining their footing. The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have agreed to delay the implementation of the margin requirement's final two phases by a year. Market volatility has caused large trading losses, reduced profitability and capital preservation, and resulted in limit/threshold breaches. Increased volatility, price movements, and counterparty concerns have all had a detrimental influence on risk-weighted assets. As a result of the COVID-19 outbreak, global financial markets have been disturbed, generating panic, uncertainty, and disruption in global commercial activities.
Some of the major market players in 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.
North America Region Dominates the Global Risk Analytics Market
The Risk Analytics market is divided into five regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is a mature and well-established market with a healthy risk appetite and inclination toward technological innovations, the region is expected to have the largest market share in the risk analytics market, presenting a plethora of opportunities for risk analytics vendors and service providers. Because the bulk of risk analytics suppliers have a strong presence in the region, risk analytics solutions are more widely used in the region.
Browse the full “Risk Analytics Market, By Component (Software, Services), By Deployment Type (On-Premise, Cloud), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Risk Type (Strategic Risk, Operational Risk, Financial Risk, and Others), By Industry Vertical (BFSI, IT & Telecom, Retail & Consumer Goods, Healthcare, Energy & Utilities, Manufacturing, Government, Defense, Others), By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026 (Based on 2020 COVID-19 Worldwide Spread & Opportunities Assessment Beyond Covid-19 Crisis).” Report at https://www.marketresearchstore.com/toc/risk-analytics-market-market-828596
The Global Risk Analytics market is segmented as follows:
By Deployment Type:
By Organization Size:
By Risk Type:
By Industry Vertical:
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