The complex nature of the software and difficulty in installation & configuration of the software hampers the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, November 17, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global market was valued at $18.25 billion in 2018, and the risk analytics market forecast is projected to reach $65.25 billion by 2026, growing at a CAGR of 17.40% from 2019 to 2026.
Organizations are actively seeking methods to preemptively detect and address potential risks, with risk analytics tools emerging as integral components of their risk management approach. These solutions enable companies to recognize, evaluate, and prioritize risks, facilitating the formulation of robust risk management strategies. By employing sophisticated analytics methods like predictive modeling, machine learning, and data visualization, these tools offer valuable insights into potential risks and their potential ramifications on business operations.
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Risk analytics serves as a proactive tool for the active analysis and measurement of risks. Employing statistical methods and data analytics, it systematically and accurately identifies and manages risks. By gathering data insights, it assesses potential risks and their impacts. Numerous organizations leverage this information to make well-informed decisions, navigate risks, and optimize their risk management strategies. Risk analytics is particularly valuable in identifying and assessing risks within both organizational frameworks and projects.
This tool plays a pivotal role in the decision-making process by furnishing valuable insights that evaluate potential risk scenarios. Additionally, it aids organizations in effectively allocating their resources. Through the utilization of risk analytics, organizations can cultivate robust risk management capabilities.
The market for risk analytics experiences significant growth due to the various advantages it offers, including facilitating efficient business decisions, setting realistic expectations, managing escalations, and maintaining a focused approach to risk. The market is driven by factors such as the increasing number of data security breaches in enterprises, a rise in government regulatory compliances, and the growing adoption of risk analytics in financial institutions. The expansion of the Internet of Things (IoT) landscape also contributes to market growth.
However, challenges such as the high cost and complexity associated with software installation and configuration, as well as the limited security provided by risk analytics, act as hindrances to market development. Despite these challenges, there are opportunities for growth, including the rising demand from developing economies and the integration of artificial intelligence into risk analytics, which are expected to play a significant role in shaping the market during the forecast period.
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Risk analytics tools play a crucial role in addressing and predicting cyber threats with increased precision. Organizations are leveraging enhanced computing capabilities, big data, and advanced analytics to enhance their overall performance. The risk analytics market is experiencing substantial growth, fueled by the escalating instances of cyber-attacks and the growing importance of data security within organizations.
Various industries, including banking and finance, manufacturing, healthcare, and IT and telecommunications, are actively adopting risk analytics tools for effective risk management, contributing significantly to the expansion of the market. The core objective of risk analysis is to pinpoint areas of concern within a business. A key aspect of risk analytics involves identifying and comprehending how potential risks can impact a business financially. The increasing demand from organizations for improved risk management is a major driving force behind the expanding risk analytics market.
North America led the global risk analytics market in 2018 and is anticipated to continue its dominance in the forecast period. The market’s growth in this region is propelled by the increased adoption of risk analytics solutions by major financial institutions and a surge in cyber-attacks targeting financial entities. Nevertheless, Asia-Pacific is poised to experience the most significant growth during the forecast period, attributed to the increasing digitization and heightened emphasis by financial institutions on incorporating risk analytics solutions.
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By Deployment
• On-premises
• Cloud
By Enterprise
• Large enterprises
• Small and medium-sized enterprises (SMEs)
By Risk Type Application
• Financial Risk
• Strategic Risk
• Operational Risk
• Others (Reputational Risk, Environmental Risk, Third-Party Risk, And Economic Risk)
By End-User
• Banking and Financial Services
• Insurance
• Manufacturing
• Transportation and Logistics
• Retail and Consumer Goods
• IT and Telecom
• Government and Defense
• Healthcare and Life Sciences
• Energy and Utilities
Risk Analytics Market Players:
• Capgemini
• BRIDGEi2i Analytics
• Accenture plc
• SAP SE
• Moody’s Analytics, Inc.
• International Business Machines Corporation
• Risk Edge Solutions
• Oracle Corporation
• Fidelity National Information Services
• Inc. (FIS)
• SAS Institute Inc.
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