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.
The focus on reduction of hindrances on the normal business operations is predicted to shape the risk analytics market in the impending period. The BFSI sector is estimated to integrate the use of risk analytics intensively in the coming period.
The global risk analytics software 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.
Detailed Regional Analysis
The regional exploration of the risk analytics market encompasses regions such as North America, Europe, Asia Pacific, and the rest of the regional markets. It has been perceived that the North American region is appraised to be responsible for the principal share of the market. At the same time, the Asia Pacific is predictable to propagate at the speediest rate all through the forecast period. The chief development in the risk analytics market in North America is credited to the technical progressions and growing use of tablets and mobiles in the region. The Asia Pacific regional market for risk analytics is anticipated to propagate at the quickest rate through the forecast period, developing as an encouraging market for risk analytics. The countries such as India, China, Japan, and Korea substantiate the market growth due to an increasing number of businesses that are augmenting the demand for utilization of risk analytics technologies. The Innovations in technologies and market increased use of manageable connected devices such as tablets and mobiles are some of the trends which are anticipated to back the market development to preserve its domination over the global risk analytics market through the forecast period. The incidence of robust infrastructure in the region performs as a key driving force, permitting the favourable atmosphere for expansions in technologies.
The emphasis on marketing strategies is estimated to decline due to the focus being placed on cost optimization. The contender’s progress in the market is estimated to be bolstered by the innovations that are being undertaken to enhance the core product offering in the upcoming period. The market is estimated to be energized by the incentives offered by the governments and the initiatives taken to spur the global market. The trade blockades are, however, estimated to slow down the momentum that could be attained by the market. The companies in the market are estimated to solely focus on getting their growth paths back on track to maximize the opportunities that may arise. The reinforcement of the distribution channels is estimated to further place the market in the right place for the future.
The renowned players in the risk analytics market are Moody’s Analytics, Inc. (U.S.), SAS Institute Inc. (U.S.), Oracle Corporation (U.S.), Gurucul (U.S.), Verisk Analytics, Inc. (U.S.), SAP SE (Germany), Risk Edge Solutions (India), Misys (U.K.), AxiomSL (U.S.), Provenir, Inc. (U.S.) and IBM Corporation (U.S.), among others.
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