Risk analytics techniques enable organizations and risk managers to measure, quantify, and even predict risk with more certainty than ever before. It measures risk across the organization by drawing together many strands of risk into one consolidated system and gives executive clarity in identifying, viewing, understanding, and managing risk.
The Global Risk Analytics Market is poised to grow at the higher CAGR over the forecast period. The prominent trends that drive the growth of the market include increasing competitiveness among regulating firms; rising technological developments of risk analytics; and increasing risk emerging through the business scenario. Furthermore, growing demand for risk management among industries and rising need for accepting new technologies for smoother operations are the key drivers estimated to accelerate the growth over the forecast period.
The Cloud Has Many Offers to Give but It Involves Risk Needs to Tackle Down!
The key trend driving the market is anticipated to be the increasing deployment of cloud-based services over the forecast period. Cloud encryption solutions are getting adopted at a significant rate owing to the data security concerns. Increasing deployment of cloud-based services and technological advancements in risk analytics market has developed a lot of opportunities in this market. It comprises of managed services, authentication processes, video management systems, and storing biometrics. Apart from these, the market growth is attributed to several factors given below:
- Increase in competitive pressure on small and medium enterprises
- Supportive government regulations and policies
- Enhancement of technology and innovations in cloud services
North America leads the global risk analytics market
North America dominated the risk analytics market in 2017, owing to the unprecedented growth of data in the region driven by the increasing adoption of mobile and IoT technologies; the emergence of cloud computing; and the presence of prominent risk analytics vendors. Moreover, acceptance of risk analytics solutions by various organizations to reduce losses is one of the key trends likely to fuel the growth in the coming years.
Asia-Pacific is expected to grow at the higher CAGR over the forecast period. The growth in this region will be attributed to factors such as developments in advanced technologies, uncertain economic conditions, and presence of a large number of SMEs.
Increasing Product Offerings Would Enable the Growth Opportunities for The Global Market
The key players in the risk analytics market are focusing on innovative product offerings to cater to the larger market and expand their offerings globally. Some of the major market players include SAP SE (Germany), IBM Corporation (U.S.), Moody's Analytics, Inc. (U.S.), SAS Institute Inc. (U.S.), Oracle Corporation (U.S.), Verisk Analytics, Inc. (U.S.), Risk Edge Solutions (India), Misys (U.K.), AxiomSL (U.S.), Gurucul (U.S.) and Provenir, Inc. (U.S.) among others.
Global risk analytics market looks promising with technological advent in various industries and the introduction of the latest smart devices by various organization. The risk analytics market is growing rapidly to fulfil the needs of the market. The industry is full of innovations and experiments to cater to the needs of the market, making data more secure, portable, manageable, and reliable.
The leading players are taking measures to improve the security system to lessen the risk of data loss. Further, advancements in technology are likely to drive the market. New inventions and innovation in the existing products are likely to propel the future opportunities for the market.