As per the report published by Fior Markets, the global Risk Analytics market is expected to grow from USD 30.16 billion in 2020 and reach USD 95.88 billion by 2028, growing at a CAGR of 16% forecast period 2021-2028.
Risk Analytics is the process of estimating the likelihood of an adverse event occurring in the corporate, government, or environmental sectors. The study of the underlying uncertainty of a specific course of action, such as the uncertainty of projected cash flow streams, the variety of portfolio or stock returns, the possibility of a project’s success or failure, and likely future economic scenarios, is known as risk analysis. Risk analysts and forecasting experts commonly collaborate to lower the possibility of unfavorable future outcomes. Risk is inherent in all enterprises and individuals; without it, rewards are less likely. Taking too much risk, though, might lead to failure. Risk analysis enables you to find the right balance between taking risks and minimizing them.
Organizations can use risk modeling approaches to determine the likelihood of fraud, and the severity of the scam and prioritize investigations based on the effective rate of each fraud by incorporating risk modeling techniques into analytics. As a result, risk analysis is a necessary tool. It can assist in identifying and comprehending the hazards that may experience on the job, managing the risk, and reducing their influence on plans. Further risk analytics is transforming, with new developments altering the market and boosting its capabilities. Real-time risk analytics, for example, is a more advanced version of traditional risk analytics methodologies.
Growing Risk Analytics across the globe, data security breaches in enterprises, increased government regulatory compliances, rise in risk analytics adoption in financial institutions, growth in the Internet of Things landscape, and the Emergence of real-time & on-demand risk analytics are the factors driving the market. The market’s growth is being stifled by obstacles such as the high cost and complexity of installation and a lack of understanding of risk analytics. Market growth prospects are predicted to be provided by AI use, blockchain technology adoption, expanding fintech innovation, and increased demand from developing economies.
Key players operating in the global Risk Analytics market include Verisk Analytics Inc., Moody’s Corporation, SAP SE, Oracle Corporation, IBM Corporation, Risk Edge Solutions, AxiomSL, Inc., Gurucul, Provinir Inc., SAS Institute, Recorded Future Inc., Kyvos Insights, Quantexa, Spin Analytics, and Verisk Analytics. To gain a significant market share in the global Risk Analytics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The software segment dominated the market and held the largest market share of 37.9% in the year 2020
Based on components, the global Risk analytics market is segmented into Software, Solutions, and Services. The software segment dominated the market and held the largest market share of 37.9% in 2020. This growth is attributed to the rising digitization & business process automation, growing data silos across the businesses, rising data & security breaches, and consistent growth in the software segment.
The cloud-based segment dominated the market and held the largest market share of 63% in the year 2020
Based on deployment, the global Risk analytics market is segmented into On-premise and Cloud Based. The cloud-based segment dominated the market and held the largest market share of 63% in 2020. This growth is attributed to the growing adoption of cloud computing and storage systems, easy installation, minimal requirement of in-house infrastructure, and enables resiliency & risk reduction.
The BFSI segment dominated the market and held the largest market share of 23% in the year 2020
Based on end-user, the global Risk analytics market is segmented into BFSI, Manufacturing, IT & Telecom, Retail, Transportation, Government & Healthcare. The BFSI segment dominated the market and held the largest market share of 23% in the year 2020. This growth is attributed to the rising need to obtain a unified view of risk across organizations, the growing need to minimize the risk associated with governance & compliance requirements.