Risk Analytics Market Trends, Overview, Competitors Strategy, Regional Analysis and Growth Foresight
The pressing need to measure, quantify, and predict risks within the context of emerging disruptive forces, evolving business models, and changing the regulatory landscape, is intensifying the demand for risk analytics services. Risk analytics is the utilization of data analytics tools and techniques combined with the adherence to regulatory and management regulations to calculate possible scenarios and events that might affect the business. Risk analytics services help businesses manage risks better, improve performance, reduce costs, and increase profits. Market Research Future (MRFR) has recently published a comprehensive report on the global risk analytics market and has projected the market to reach USD 42 Bn at a CAGR of 14% over the forecast period of 2017-2023.
Banking and insurance industry comprising a significant amount of sensitive data is more at risk and hence, need the risk assessment and risk control tools that can identify fraudulent activities immediately without wasting time. Therefore, the BFSI segment accounts for one of the key forces driving the market growth with a huge demand for Risk Analytics.
Additional factors substantiating the market growth include features of Risk Analytics like scalability and cost optimization. The proliferation of cloud technology fetches many benefits allowing businesses with wide accessibility to insights of Big Data.
Moreover, factors propelling the market growth include the increasing industrialization and the improving economic conditions.
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The global risk analytics market has been segmented based on component, deployment, and vertical.
By component, the risk analytics market has been segmented into software and services. The software segment has been further segmented into Extract, Transform and Load Tools, Dashboard Analytics and Risk Reporting Tools, and Scorecard, Visualization Tools, Risk Calculation Engines, and GRC Software, among others. The services segment has been further segmented into managed services and professional services.
By deployment, the risk analytics market has been segmented into on-premise and on-cloud.
By vertical, the risk analytics market has been segmented into BFSI, Healthcare, Transportation, Manufacturing, Retail, and Government, among others. The BFSI sector is leading in the deployment of risk analysis solutions as the sector is subject to high degree risks.
Region-wise, the risk analytics market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America accounts for the principal share of the risk analytics market. Progress made in technology along with the growing use of mobile devices and other gadgets in the region. In addition, the presence of key players in the region gives it unprecedented leverage over others.
The APAC market is anticipated to grow at the fastest rate over the forecast period. Constant currency fluctuation and increasing demand from end-use industries have boosted the growth of the APAC risk analytics market. The BFSI sector, in particular, has generated substantial demand for risk analytics solutions in the region.
Moody's Analytics, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), SAP SE (Germany), Misys (U.K.), Provenir, Inc. (U.S.), SAS Institute Inc. (U.S.), AxiomSL (U.S.), Gurucul (U.S.), Risk Edge Solutions (India), Oracle Corporation (U.S.), and IBM Corporation (U.S.) are the key players in the global risk analytics market.
July 2019 - Bitdefender, a global cybersecurity and antivirus software leader, announced the integration of security risk analytics capabilities into its GravityZone endpoint security solution. The new risk analytics solution would help enterprises ensure that they can discover, prioritize, and remediate risks from endpoint software misconfigurations.
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