BANGALORE, India, Aug. 8, 2022 /PRNewswire/ — The Global Risk Analytics Market is Segmented by Type (Strategic Risk, Operational Risk, Financial Risk, Reputational Risk, Environmental Risk, Third-Party Risk and Economic Risk), by Application (Small and Medium-sized Enterprises, Large Enterprises): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4% during 2022-2028.
Major Factors Driving the Growth of the Risk Analytics Market
The rise in digitization, business process automation, and the growing number of data and security breaches will drive the growth of the market.
The integration of AI, blockchain and innovations in the fintech industry will fuel market growth during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL RISK ANALYTICS MARKET
The unprecedented pace of technological development and rising competitive pressure are forcing businesses to go digital. Many firms have started replacing their traditional business systems with automated digitized systems. Automating risk management helps with constant monitoring in real-time. There are a huge number of events taking place in the organization which is generating a humongous amount of data. Process automation eliminates manual tasks. This will fuel the growth of the risk analytics market. Risk managers are able to focus more on risk prevention and mitigation. The ability to report incidents becomes faster as data is updated instantly.
AI and blockchain are being actively integrated with risk analytics software to facilitate faster transactions and settlements. As enterprises accumulate data from various sources securing information is of utmost importance. Blockchain solutions assist security analysts. This will surge the growth of the risk analytics market during the forecast period. They scan the abnormal behavior of the system and classify abnormalities as potential threats.
The number of online threats and cases of data breaches is rising. The increasingly complex business practices are driving business owners to use risk management solutions. This will foster the expansion of the risk analytics market. It saves money by minimizing the impact and preventing fraud. Machine learning algorithms can identify suspicious activities by tracking anomalies and malicious processes.
Banks and other financial institutions are getting challenged with sophisticated forms of fraud and the need for maintaining strict regulatory compliance without affecting the user experience. Through risk analytics, mobile applications and transaction data are analyzed in real-time for emerging threats. This will bolster the growth prospects of the global risk analytics market. It generates a transaction risk score which drives intelligent workflows to trigger immediate action based on predefined or customer-identified security policies or rules. Hence financial institutions are able to provide the effectiveness of their monitoring systems to auditors and regulators thereby ensuring industry compliance.
The fintech industry is going through a transformative phase with technology-driven financial services coming to the forefront. New financial products and distribution methods are bringing newer risks associated with customer service, delivery, and manual data entry which increases the chances of human errors. It is crucial for fintech to stay on top of regulatory compliance and updates with a suitable risk management system. This will spur the demand for the risk analytics market. Fintechs that operate internationally have an even greater need for a centralized system to navigate rules in multiple countries.
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RISK ANALYTICS MARKET SHARE ANALYSIS
Based on type, the financial risk segment will be the most lucrative in the risk analytics market share due to the emergence of evolving threats in the BFSI industry.
Based on application, SMEs will witness considerable growth as they are largely adopting risk analytic solutions for audit requirements, reporting, and maintaining the business sustainability model.
Based on region, North America will grow the highest due to rising investments, a growing number of risks emerging from the present business scenario, technological innovations, and stringent industry regulations.
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