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Market Overview:
The Risk Management Software Market size is estimated to reach $22.7 billion by 2030, growing at a CAGR of 7.4% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Risk Management Software Market – By Types of Software (Enterprise Risk Management Software, Financial Risk Management Software, Integrated Risk Management Software, Application Risk Management Software, Market Risk Management Software, Credit Risk Management Software, Information Technology Risk Management Software, Quantitative Risk Management Software and Project Risk Management Software), By Service (Managed Service and Professional Service), By Deployment (On- Premises and Cloud), By End User (Banking, Insurance, Asset Management, Energy and Utilities, Educational Institutions, Healthcare, Telecom, Information Technology, Oil and Gas, Retail and Life Sciences), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Expanding global operations increased exposure to diverse risks, prompting the adoption of risk management software and Notable security breaches and data leaks highlight the importance of proactive risk management are fueling the growth of the Risk Management Software industry during the forecast period.
North America Dominated the Market in 2023:
North America accounted for the largest share of 37% of the Risk Management Software Market in 2023. Organizations are increasingly adopting advanced technologies such as artificial intelligence (AI) and machine learning (ML) to enhance risk assessment and predictive analytics capabilities. Cloud computing has emerged and grown significantly over recent decades, reaching a $576 billion industry in 2023, as per the Federal Trade Commission. Additionally, there is a notable shift towards cloud-based solutions, offering scalability and flexibility to meet diverse organizational needs. The integration of comprehensive compliance management features is also becoming essential, enabling businesses to navigate complex regulatory landscapes effectively. These developments underscore the region's commitment to proactive and technology-driven risk management strategies.
Risk Management Software Market: Key Takeaways
Rising Cybersecurity Threats:
The escalating sophistication of cyber threats is a pivotal driver in the Risk Management Software Market. Organizations are increasingly adopting advanced risk management solutions to proactively identify, assess, and mitigate potential cyber risks. This proactive approach is essential for safeguarding sensitive data and ensuring business continuity. The U.S. Department of Homeland Security has reported a significant rise in cyber incidents, underscoring the critical need for robust cybersecurity measures. Consequently, businesses are investing in comprehensive risk management software to enhance their security posture and comply with stringent regulatory requirements.
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Digital Transformation Initiatives:
Digital transformation initiatives are reshaping the Risk Management Software Market, with organizations increasingly integrating advanced technologies to enhance risk assessment and mitigation. According to the Department of Commerce’s Bureau of Economic Analysis (BEA), in 2023, U.S. exports of digitally-enabled services accounted for 64% of all U.S. services exports, driving the $278 billion trade surplus in services. The digital economy is a major source of employment, with 8.9 million persons holding jobs tied to the digital economy across nearly every sector and industry. The adoption of artificial intelligence (AI) and machine learning (ML) enables predictive analytics, allowing businesses to anticipate potential risks more effectively. Cloud computing offers scalable solutions, facilitating real-time data access and collaboration across departments.
Scope of the Report:
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Recent Developments:
• In October 2024, Qualys has introduced Enterprise TruRisk™ Management (ETM), a unified solution that transforms fragmented data into actionable insights, aligning security operations with business priorities. ETM consolidates Qualys security data and third-party risk information from partners like Microsoft, Wiz, and Okta, across various environments, enabling the first cloud-based Risk Operations Center (ROC).
• In January 2024, Noggin has introduced a Third-Party Risk Management solution, enhancing its integrated resilience workspace to enable organizations to manage risks across their entire third-party ecosystem. This solution facilitates seamless collaboration with vendors, improving resilience in a dynamic operational environment.
Risk Management Software Market: Competitive Landscape
Key companies profiled in the Risk Management Software Market are SAP, Oracle, IBM, The AnyLogic Company, SAS Institute Inc, ServiceNow, RSA Security LLC, Thomson Reuters, NAVEX Global, Inc, LogicManager Inc, and others
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 518-282-4727