Risk Management Market Size - By Component (Solution, Services), By Deployment Model (Cloud, On-premises), By Organization Size (SME, Large Organization), By End User & Forecast, 2024 – 2032
Published Date: March - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationRisk Management Market Size - By Component (Solution, Services), By Deployment Model (Cloud, On-premises), By Organization Size (SME, Large Organization), By End User & Forecast, 2024 – 2032
Risk Management Market Size - By Component (Solution, Services), By Deployment Model (Cloud, On-premises), By Organization Size (SME, Large Organization), By End User & Forecast, 2024 – 2032
Risk Management Market Size
Risk Management Market size was valued at USD 13.6 billion in 2023 and is estimated to register a CAGR of over 14% between 2024 and 2032.
The market growth is driven by the rising incidents of cyber threats, stringent regulatory compliance, rapid digital transformation, globalization, technological advancement, data-driven decision-making, and economic volatility. The rise in data and security breaches among businesses is one of the major drivers of the expansion of the market
To get key market trends
Download Sample Ask for Discount Request Customization
For instance, in May 2024, Resilience announced new tools for continuous monitoring and prioritization of cyber risk mitigation. These tools are designed to integrate seamlessly with existing systems, providing real-time insights to help enterprises defend against evolving cyber threats. Integrating cutting-edge technologies can help organizations enhance their efficiency, operations, and security. For instance, in May 2024, Rockwell Automation, in collaboration with partners, such as Cisco, Microsoft, and NVIDIA, presented advancements in AI, 5G, and cybersecurity at the Hannover Messe trade fair.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Risk Management Market Size in 2023 | USD 13.6 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 14% |
| 2032 Value Projection | USD 44.1 Billion |
| Historical Data for | 2021 – 2023 |
| No. of Pages | 240 |
| Tables, Charts & Figures | 360 |
| Segments covered | Components, Deployment Model, Organization Size, End User |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Download Sample Ask for Discount Request Customization
The gig economy introduces a wide array of risks that traditional risk management frameworks do not adequately address. These risks include regulatory compliance, worker safety, data security, reputational damage, and supply chain disruptions. As companies increasingly rely on gig workers and platforms, there is a growing need for specialized risk management solutions tailored to the unique challenges of this decentralized and dynamic workforce model. By understanding the unique risks associated with the gig economy and implementing proactive risk management strategies, companies can effectively mitigate risks, enhance business resilience, and capitalize on the opportunities presented by this emerging workforce model.
The risk management industry is facing some tough obstacles that are slowing it down. Good risk management needs good data, but things like data being stuck in different places, not being consistent, and not covering enough can make it hard to get. The regulatory landscape is always changing and getting more complicated, so it takes a lot of work to keep up. It can be hard to bring in new technology, especially when you're dealing with old systems. There aren't enough skilled people in areas like cybersecurity and data analysis, which makes these problems worse. Companies may also be resistant to change, and implementing new systems can be expensive, especially for small and medium-sized businesses.
Risk Management Market Trends
The risk management industry is being shaped by several key trends. Organizations are moving toward a more holistic approach to ERM, which involves integrating risk management into strategic decision-making processes, the incorporation of AI for enhanced governance & compliance, and a heightened focus on data privacy due to evolving global regulations. For instance, in June 2024, USI Insurance Services introduced the PATH platform, which leverages advanced analytics and continuous monitoring to proactively manage cyber risks, reflecting the industry's shift toward more integrated and technology-driven risk management solutions.
Blockchain technology is increasingly being used to improve transparency and security in risk management processes. The adoption of Regulatory Technology (RegTech) solutions is on the rise to help organizations comply with complex standards efficiently. Cloud-based risk management solutions are gaining popularity due to their scalability, flexibility, and cost-effectiveness. Shifting from reactive to proactive risk management is a significant trend. Organizations are focused on identifying potential risks before they materialize and implementing measures to mitigate them in advance.
Risk Management Market Analysis
Learn more about the key segments shaping this market
Download Sample Ask for Discount Request Customization
Based on component, the market is divided into solutions and services. The solutions segment accounted for a market share of over 48% in 2023. The increasing complexity and interconnectedness of risks necessitate solutions to maintain operational continuity in the face of disruptions, fostering the adoption of business continuity and resilience technologies. Leveraging data analytics and predictive modeling, organizations gain deeper insights into emerging risks and trends, facilitating proactive risk mitigation. Organizations efficiently protect their digital assets by using innovative technologies and comprehensive software.
For instance, in March 2024, Crédit Agricole CIB partnered with Opensee to enhance its market risk management capabilities, highlighting the sector's proactive approach to managing financial risks through advanced technological solutions.
Learn more about the key segments shaping this market
Download Sample Ask for Discount Request Customization
Based on deployment mode, the risk management market is categorized into on-premises and cloud. The cloud segment is expected to hold over USD 28 billion by 2032. Cloud-based solutions are gaining popularity in the market as they offer scalable, flexible, and cost-effective options that enable real-time data access and analysis. These platforms enhance collaboration across teams, provide advanced security measures, and ensure seamless integration with other systems. Organizations benefit from automatic updates and maintenance, reducing IT burdens.
For instance, in May 2024, AuditBoard introduced advanced IT risk management solutions that provide robust capabilities for identifying threats, quantifying risks, and enhancing cyber resilience. This reflects a broader trend where businesses are increasingly relying on cloud-based platforms to ensure comprehensive risk management and compliance.
Looking for region specific data?
Download Sample Ask for Discount Request Customization
North America dominated the risk management market over 34% share in 2023. Multiple multinational corporations spanning various sectors, each facing complex and evolving risks in their operations, have contributed to the growth of the risk management industry. The region's strong emphasis on corporate governance, compliance, and accountability further fuels the adoption of risk management solutions. North America, particularly the U.S. and Canada, has a stringent regulatory environment. This regulatory complexity drives the demand for risk management solutions in the region.
For instance, in May 2024, Cisco and Deloitte formed a strategic alliance to develop integrated risk management solutions, combining Cisco’s cybersecurity technologies with Deloitte’s risk advisory services. The partnership focuses on providing comprehensive risk management frameworks for digital transformation, particularly in sectors such as healthcare, finance, and manufacturing.
In Europe’s key countries, such as France, the UK, and Germany, the risk management market is witnessing significant growth, propelled by increased regulatory compliance, the rapid advancement in technology to counter cybersecurity, and the focus on economic stability. Also, factors including the growing adoption of cloud-based risk management solutions and the rising demand from SMEs are boosting market expansion.
In the Asia Pacific region, the risk management market is experiencing growth due to rapid digital transformation, economic growth, increasing awareness & adoption of risk management practices in response to growing cyber threats, and regulatory changes. Countries including China, India, and Japan are adopting advanced technologies, such as Al, ML, and blockchain, to strengthen their risk management capabilities.
Also, the rise of the gig economy in the region has introduced the market to new types of risks, changing the business environment from reactive to proactive. For instance, in May 2024, Infosys launched a new analytics-driven risk management solution tailored for the banking & financial sector. It is designed to provide real-time risk analysis and mitigate threats.
Risk Management Market Share
IBM Corporation and Microsoft Corporation dominate the market over 10% market share. IBM Corporation stands out as a prominent player in the risk management industry due to its comprehensive suite of solutions. It offers a range of risk management products including the IBM OpenPages with Watson, which provides a powerful platform for Governance, Risk, and Compliance (GRC).
Microsoft is also a significant player in the risk management market, leveraging its comprehensive suite of technologies and solutions to help organizations manage risks effectively. Its focus on cybersecurity, compliance, and data privacy, along with its industry-specific offerings and strategic partnerships, position it as a key player in the market. Microsoft continuously invests in R&D and innovation in the risk management space. Microsoft collaborates with companies including Rockwell Automation, Cisco, and Deloitte, combining its technological strengths with industry-specific expertise.
Risk Management Market Companies
Major players operating in the risk management industry are
- AxiomSL
- Fidelity National Information Services Inc
- Gurucul
- IBM Corporation
- Microsoft Corporation
- Misys
- Moody's Analytics, Inc
- Oracle Corporation
- Provenir
- Risk Edge Solutions
- SAP
- SAS Institute Inc
- Verisk Analytics, Inc
Risk Management Market News
- In June 2024, IBM launched a new quantum-enhanced risk analysis tool designed to leverage quantum computing capabilities for complex risk modeling and simulation. This tool aims to improve financial institutions' ability to analyze and manage risks in areas such as portfolio optimization and credit risk assessment.
- In May 2024, Oracle announced enhancements to its Oracle Risk Management Cloud, focusing on improved integration with Oracle’s ERP systems and advanced AI analytics for real-time risk assessment. Features, such as predictive analytics for financial risk, enhanced compliance tracking, and automated risk reporting, are included in the platform.
The risk management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments
Risk Management Market Trends
Risk management is being defined by a number of significant trends. Organizations are adopting a more integrated approach to ERM, including rolling up risk management into strategic decision-making, incorporating AI to improve governance & compliance, and increased emphasis on data privacy because of changing global regulations. For example, in June 2024, USI Insurance Services rolled out the PATH platform, which utilizes powerful analytics and real-time monitoring to actively manage cyber threats, showcasing the industry trend of more integrated, technology-based risk management solutions.
Blockchain technology is being utilized more and more to enhance transparency and security in risk management procedures. The use of Regulatory Technology (RegTech) solutions is growing to enable organizations to meet sophisticated standards more efficiently. Cloud-based risk management software is becoming popular because it is cost-effective, flexible, and scalable. From reactive to proactive risk management is a major trend. Organizations are emphasizing anticipating future risks before they occur and taking actions in advance to mitigate them.
Risk Management Market Analysis
Find more about the major segments influencing this market
With regards to component, the market is segmented into services and solutions. The solutions segment had a market share of more than 48% in 2023. Growing risk complexity and interconnectedness make solutions necessary to ensure operational continuity in the event of disruptions, promoting the uptake of business continuity and resilience technologies. By applying data analytics and predictive modeling, organizations have a better understanding of evolving risks and trends, allowing for proactive mitigation of risks. Organizations effectively secure their online assets with the help of cutting-edge technologies and holistic software.
For example, in March 2024, Crédit Agricole CIB collaborated with Opsee to advance its market risk management function, reflecting the industry's aggressive move towards mitigating financial risks using sophisticated technology.
Click here to Buy Section of this Report
Market, By Component
- Solution
- Financial risk management
- Compliance risk management
- Cybersecurity risk management
- Vulnerability management
- Threat detection & response
- Security information & event management
- Others
- Enterprise risk management
- Operational risk management
- Others
- Services
- Professional services
- Managed services
Market, By Deployment Model
- On-premises
- Cloud
Market, By Organization Size
- SMEs
- Large organizations
Market, By End User
- BFSI
- IT & telecom
- Healthcare & life science
- Government, defense, and aerospace
- Retail & consumer goods
- Manufacturing
- Energy & utilities
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy