Increasing level of complexity across business processes, and rising digitalization & business process automation is expected to drive the overall growth of risk analytics market. The risk analytics market size is expected to grow from USD 23.
New York, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Risk Analytics Market by Software Type, Service, Risk Type, Deployment Mode, Organization Size, Vertical And Region - Global Forecast to 2024" - https://www.reportlinker.com/p05805113/?utm_source=GNW
0 billion in 2019 to USD 45.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. The risk analytics market is driven by various factors, such as increasing complexities across business processes, and rising digitalization & business process automation. However, the integration of data from data silos can hinder the growth of the market.
Services segment to grow at the highest CAGR during the forecast period
The risk analytics market is segmented based on component into software and services.The services segment is expected to grow at a rapid pace during the forecast period.
The growth of this segment can be attributed to the growing complexities among businesses, and the introduction of new regulatory norms & compliance leads to increasing demand for professional as well as managed services.
Banking & financial services segment to gain maximum market size during the forecast period
The risk analytics market, based on vertical, has been segmented into banking & financial services, insurance, manufacturing, transportation & logistics, retail & consumer goods, IT & telecom, government & defense, healthcare & life sciences, energy & utilities, and others (travel & hospitality, academia & research, media & entertainment, agriculture, and real estate). The growth of the BFSI segment is attributed to the rising need to minimize the risk associated with governance & compliance requirements, and growing need to obtain a unified view of risk across the organizations.
Asia Pacific (APAC) is expected to record the highest growth rate during the forecast period
APAC is expected to have the highest growth rate during the forecast period, due to faster adoption of digital technologies, and increasing data & security breaches.Various industries in the APAC region are forefront at the adoption of risk analytics solutions to ensure the smooth running of various business operations.
APAC also offers lucrative opportunities for the growth of the market. Favorable government policies that support the growth of the market, as well as flexible economic conditions, are likely to support the growth of the market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation & technology directors, and executives from various key organizations operating in the risk analytics marketplace.
• By Company: Tier I - 27%, Tier II - 48%, and Tier III – 25%
• By Designation: C-Level - 46%, Director Level - 35%, and Others - 19%
• By Region: North America - 30%, APAC - 40%, Europe - 20%, MEA - 5%, and Latin America - 5%
The report includes the study of the key players offering risk analytics solutions and services. The major risk analytics vendors include 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), and Digital Fineprint (England). The study includes an in-depth competitive analysis of these key players in the risk analytics market, with their company profiles, recent developments, and key market strategies.
The market study covers the risk analytics market across segments.It aims at estimating the market size and the growth potential of this market, across different segments, such as component, type, Organization size, deployment mode, vertical, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall risk analytics market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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