Global Risk Analytics Software Market Insights and Forecast to 2028

Risk Analytics Market 

The global Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4% during 2022-2028. Key drivers of the risk analytics software market include the growing adoption of AI and blockchain technologies in risk analytics.

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The increasing incidences of data and security breaches will drive the growth of the risk analytics software market during the forecast period. The growing need to comply with strict industry regulations will fuel the growth of the market in the coming years. 

Trends Influencing the Global Risk Analytics Market 

The advent of Artificial Intelligence and Blockchain

The fintech industry is going through rapid innovations. Business processes have become complex. The rising cases of fraud have necessitated the need for mitigating financial risks. Blockchain ensures that online transaction is not tampered with by reprogramming every minute detail as per predefined rules. The AI algorithm on the top sifts through massive amounts of data checking for any anomalies or unusual patterns of data. It helps in timely risk assessment and fraud detection by cutting the trouble at the very source. Moreover, AI models are built onto smart contracts that make recommendations based on the data in the contract whether it be due date alerts, payment defaults, and finding shipment routes. It has the capability to adapt quickly to unexpected circumstances in the form of hacking attacks. These factors will drive the growth of the risk analytics software market during the forecast period.

Rising threats to businesses

The global industrial landscape has become increasingly uncertain. Numerous hidden dangers and data breaches can make prosperous companies go bankrupt. There are several risks involved like reputational risks, operational, strategic, and economic risks. Risk analytics is an efficient navigator that predicts likely scenarios and future events to bring down the overall threat level. Ml algorithms are integrated into payment processing systems to detect anomalies in real-time and identify malicious processes. A thorough risk plan with comprehensive analysis can set the priorities right and budgets optimized. Business intelligence tools help in visualizing all the possible defects in the pricing mechanism and notify issues related to your margins. This helps in reducing overall operational costs. This is beneficial for large companies where such smaller details may otherwise go unnoticed. The productivity is streamlined as less money is spent on fixing repetitive issues. The defects are flagged earlier on. These factors will bolster the growth of the risk analytics software market in the subsequent years. 

Regulatory compliance

As the business environment is getting complex, enterprises have to maintain several compliance rules in order to avoid hefty fines or cancellation of crucial operational permits. Criminal charges are an added burden as it significantly tarnishes the reputation of the entire company. There are anti-corruption laws, data protection laws, money laundering acts, export and import control, bookkeeping and accounting regulations, etc. Hence compliance risks analysis forms the heart of managing stringent rules and regulations. These should be monitored continuously as unexpected changes can happen anytime anywhere. Manually sifting through massive amounts of data can lead to policy violations. Risk analytics software automates much of the laborious tasks thereby increasing operational efficiency. These factors will fuel the growth of the risk analytics software market during the forecast period.

Risk Analytics Market Share

Based on type, the financial risk segment is expected to dominate in the risk analytics market share due to complicated threats evolving in the BFSI industry. The complex regulatory conditions and business rules will further drive the growth of the segment.

Based on application, the large enterprises' segment will witness significant growth in the risk analytics software market share due to the widespread adoption of risk management strategies by large companies to resolve threats before it escalates.

Based on region, North America is expected to dominate in the risk analytics software market share due to largescale use of risk management technologies by several industry verticals. Organizations are more leaned toward risk analytics adoption for mitigating future threats. 

By Type

• Strategic Risk
• Operational Risk
• Financial Risk
• Others (Reputational Risk, Environmental Risk, Third-Party Risk and Economic Risk)

By Application

• Small and Medium-sized Enterprises
• Large Enterprises

By Company

• IBM (US)
• Oracle (US)
• SAP (Germany)
• SAS Institute (US)
• FIS (US)
• Moody’s Corporation (US)
• Verisk Analytics, Inc. (US)
• AxiomSL, Inc. (US)
• Gurucul (US)
• Provenir (US)
• Risk Edge Solutions (India)
• BRIDGEi2i Analytics Solutions (India)
• Recorded Future, Inc. (US)
• DataFactZ (US)
• Digital Fineprint (England)

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA.

Scope of Risk Analytics Market Report