How is the Risk Analytics Market Poised for Growth: Trends and Opportunities Through 2034
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What fueled the previous growth in the risk analytics market?
In recent times, the risk analytics industry has experienced a significant surge in its market size. The market, which is projected to rise from $37.12 billion in 2024 to $41.67 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 12.3%. Numerous factors have driven the growth experienced during the historic period, such as planning for business continuity, improved operational efficiency and cost reduction, managing risks linked to the supply chain and financial market volatility, as well as operational risk management.
What will be the risk analytics market size in the future?
It is anticipated that the risk analytics market will experience swift expansion in the coming years. It is projected to reach $73 billion by 2029, with a 15.0% compound annual growth rate (CAGR). The expansion during the projected period can be tied to a higher demand for real-time analytics, combination with business intelligence, particular requirements for risk management in various industries, emphasis on operational sturdiness, and concerns related to cyber security. Key tendencies for the forecast period incorporate the application of cutting-edge technologies, amplified concentration on cyber security analytics, the application of predictive analytics to prevent risks, consideration toward cloud-based solutions, and supervision of supply chain risks.
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What main drivers are fueling expansion in the risk analytics market?
The burgeoning use of significant volumes of structured and unstructured data is anticipated to fuel the expansion of the risk analytics market. The term structured data pertains to information typically held in a relational database and can be conveniently transferred into predefined fields. On the other hand, unstructured data represents information that isn’t arranged as per a pre-set data model or schema and thus cannot be housed in a conventional relational database. Unstructured data comprises 80 to 90% of the data produced and accrued by businesses, and its level is perpetually rising at a faster pace than structured databases. Businesses are progressively employing these extensive quantities of structured and unstructured data for risk analysis, predictive analysis, forecasting, among other tasks. This growing application will engender demand for risk analytics since risk analytics employs substantial quantities of structured/unstructured data to anticipate risk with high precision. For example, a report by Seagate Technology PLC, an American data storage firm, revealed that the global data will escalate by 61% to 175 zettabytes (ZB) by 2025 up from 33 ZB in 2018. By 2025, 90 ZB of data will be generated on IoT devices. Around 30% of the data generated will be utilized in real-time by 2025. This suggests the existence of an enormous quantity of data requiring storage, management, and usage/analysis. As a result, the escalating use of substantial quantities of structured and unstructured data will contribute to the progress of the risk analytics market.
What key areas define the segmentation of the global risk analytics market?
The risk analytics market covered in this report is segmented –
1) By Risk Type Application: Financial Risks, Operational Risks, Compliance Risks, Strategic Risks, Other Risk Type Applications
2) By Component: Solution, Services
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMES)
4) By Deployment Mode: On-Premises, Cloud
5) By Vertical: BFSI, Manufacturing, Transportation, Retail, IT And Telecommunication, Healthcare, Government
Subsegments:
1) By Financial Risks: Credit Risk, market Risk, Liquidity Risk, Interest Rate Risk
2) By Operational Risks: Process Risks, System Risks, Fraud Risks, External Events
3) By Compliance Risks: Regulatory Risks, Legal Risks, Reporting Risks
4) By Strategic Risks: Competitive Risks, market Entry Risks, Technology Risks
5) By Other Risk Type Applications: Reputational Risks, Environmental Risks, Geopolitical Risks
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Who are the dominant players expanding their reach in the risk analytics market?
Major companies operating in the risk analytics market include International Business Machines Corporation, Oracle Corporation, SAS Institute Inc., SAP SE, FIS Inc., Accenture PLC., ACI Worldwide Inc., Adyen N. V., Aon plc, Authorize. Net, AxiomSL Ltd., BlueSnap, Braintree, Capgemini SE, Eastnets, Experian Health, First Data Corporation, Fiserv Inc., Ingenico Group, Interkassa, Marsh & McLennan Companies Inc., Moody’s Analytics Inc., OneSpan Inc., PayPal Holdings Inc., RSA Security LLC, Square Inc., Stripe Inc., VeriFone Inc., Verisk Analytics Inc., Worldpay Inc.
How are evolving market trends shaping risk analytics Strategies?
The growth of technology is a prominent trend gaining traction in the risk analytics sector. Risk analytics applies Artificial Intelligence (AI) and Machine Learning (ML) to analyze large data sets, reduce errors, eliminate prejudice, and indicate where risk managers need to concentrate their efforts. These technologies are being employed by businesses to enhance their understanding of risk portfolios and yield optimal outcomes. AI-driven risk analytics software is user-friendly and provides precise results. As an example, NICE Actimize, an American software firm, launched its sophisticated X-Sight Entity Risk SaaS solution in March 2022. This program uses AI, entity resolution, machine learning, and network analytics to create a single risk score, providing financial institutions with a clearer view of their clients throughout their firm. It also boosts the effectiveness of advanced anti-money laundering procedures, enterprise fraud prevention, and other financial service applications.
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Which regions are emerging as leaders in the risk analytics market?
North America was the largest region in the risk analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the risk analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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