The global risk analytics market is expected to grow from USD 23.0 billion in 2019 to USD 45.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.
Major growth factors for the market include increasing complexities across business processes, and rising digitalization & business process automation to enhance the need for new marketing technique.
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The services segment is expected to grow at the highest CAGR in the global Risk Analytics Market during the forecast period
The risk analytics market has been segmented based on components into two categories: software and services. The software segment is estimated to hold the largest market size, driven by the increasing adoption of various risk analytics software to identify new risk factors and risk mitigation measures. The growing data silos and need of data integration across organization, and rising need of building sophisticated risk strategies are some of the major factors contributing to the adoption of risk analytics software. The growth of the services segment can be attributed to the increasing deployment of risk analytics software, tools and solutions, which is leading to increased demand for pre- and post-deployment services.
Manufacturing vertical to grow at the highest CAGR during the forecast period
The adoption of risk analytics is rapidly growing in the manufacturing vertical owing to the need to analyze large volumes of data generated from various operations, and thereby driving the need to understand the different types of internal and external risks. Moreover, the complexity associated with supply chain has resulted in manufacturing companies focusing on adopting various analytical tools and techniques to manage different types of risks in a better manner.
Of the various verticals, banking & financial services are expected to hold the largest market size during the forecast period. Banking & financial services are adopting analytics solutions to meet compliance-related requirements. The rapid rate of automation in banks is expected to play a vital role in adopting risk analytics solutions during the forecast period.
The risk analytics market comprises leading solution providers, such as 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 the key players in the risk analytics market with their company profiles, recent developments, and key market strategies. The players in the market have embraced various strategies to expand presence and their market shares. New product launches & enhancements; and partnerships, acquisitions, & collaborations, have been the most adopted strategies by the major players from 2017 to 2019, which helped them innovate on their offerings and broaden their customer base.
Moody’s Analytics (US) is another established player in the risk analytics market. With its comprehensive product and service offerings, Moody’s Analytics has adopted various organic and inorganic strategies to strengthen its product portfolio and expand its presence in various geographical regions. For instance, in June 2019, Moody’s Analytics collaborated with Imarticus Learning to launch the Credit Risk and Underwriting Prodegree course to provide training to financial professionals in India. This will help enhance the skillsets of these professionals.
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