Summary

Risk Management Software Market is expected to grow at a CAGR of 9% During the forecast period. The risk management software helps organizations measure levels of risk in ongoing projects and processes and generate meaningful insights and action plans for mitigating risk. The growth of the risk management software market can be attributed to the increasing adoption of digitization for various applications across multiple verticals such as retail, manufacturing, energy and utilities, government, and BFSI. The software helps in creating a clear strategy for risk-based auditing, as it makes it more systematic and organized. Furthermore, the risk management software helps in maintaining consistency and providing clear communication. Moreover, the increasing amount of critical organizational data and increasing cases of personal information theft, increasing acceptance by financial institutions, emerge as the major driver of market growth.

The Major companies in the market are IBM, NAVEX, Inc., Logicmanager, Inc., MetricStream., Qualys, Inc., RSA Security LLC., SAP, SAS Institute Inc. , Servicenow, CENTRL, Inc.

Insights Presented in the Report
“Amongst component, the financial risk management software category accounted for the majority share in the market in 2020”
Based on component the market is segmented into enterprise risk management, financial risk management, application risk management, and others the financial risk management software category accounted for the majority share in the market in 2020. The financial risk management software is accepted by organizations across the world to reduce their losses incurred due to the risks in their business operations, which is expected to propel the growth of global financial risk management software market. Furthermore, the rise in technological advancement and continuous changes in government and corporate regulations and policies are expected to boost the financial risk management software market growth.

“Amongst deployment, the cloud segment is expected to witness the highest CAGR during the forecast period”
Based on deployment, the market is segmented into cloud and on-premises. The cloud segment is expected to achieve a considerable CAGR during the forecast period. The growing demand of cloud services can be attributed to the cost-effectiveness of cloud services. As companies can eliminate unnecessary hardware or rigid on-premises assets and easily right-size computing resources according to their unique business requirements. Furthermore, the integration of cloud-based solutions and services helps organizations to reduce their operational cost significantly as they can be accessed from anywhere.

“North America to witness significant growth during the forecast period”
The North America market is expected to dominate the risk management software market and is expected to continue to maintain domination throughout the forecast period. The growth in the region can be attributed to the presence of leading risk management software providers. Furthermore, the rise of cybersecurity threats, for instance, A U.N. report claimed that North Korean hackers stole more than USD 50 million between 2020 and mid-2021 from three cryptocurrency exchanges. The rapid adoption of risk management software by different banks and the FinTech industry to manage different types of risks, and the presence of prominent key players. Furthermore, early adoption of advanced digital technologies and high investments in adopting them. The presence of numerous manufacturing plants and big retail chains drives the adoption of risk management software.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global risk management software market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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