The Operational Risk Management Solution Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Operational Risk Management Solution Global Market Report 2024, The operational risk management solution market size is expected to see strong growth in the next few years. It will grow to $2.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to rising instances of cyber attacks in various organizations, rising government compliance with stringent industry regulations, growing incidences creating the need for risk analytics, rise in impact of poor risk management. Major trends in the forecast period include developing technologies driving, new product launches, product upgradations, implementation of hybrid working styles, integration of artificial intelligence in operational risk management.
Rising instances of cyber attacks are expected to propel the growth of the operational risk management solution market going forward. A cyber attack is a malicious and deliberate attempt to exploit vulnerabilities in computer systems, networks, or digital infrastructure with the intent to compromise, damage, or gain unauthorized access to data or disrupt normal operations. Cyber attacks use operational risk management solutions to proactively identify, assess, and mitigate potential vulnerabilities within an organization's digital infrastructure, aiming to enhance resilience, protect sensitive data, and minimize the impact of cyber threats on operational continuity. For instance, in July 2023, according to the International Business Machines Corporation, a US-based technology company, the total number of cybersecurity vulnerabilities tracked increased from 21,518 in 2021 to 23,964 in 2022, indicating a considerable increase of 11%. Therefore, the rising instances of cyber attacks are driving the operational risk management solution market.
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The operational risk management solution market covered in this report is segmented –
1) By Type: Risk Assessment And Mitigation Tools, Compliance Risk Management Software, Operational Risk Management Software, Risk Management Frameworks, Other Types
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Small And Medium-Sized Enterprise (SME), Large Enterprise
Major companies operating in the operational risk management solution market are focusing on product innovation, such as risk-based monitoring solutions, to enable intelligent decision-making, increase compliance, and enhance study efficacy. The risk-based monitoring solution is a data-driven approach that uses machine learning and AI to remotely monitor study and site risks in clinical trials. For instance, in April 2022, Tata Consultancy Services (TCS), an India-based information technology company, launched TCS ADD suite, a risk-based monitoring solution for clinical trials that enables to transform clinical operational analytics and enhance study quality. The solution uses machine learning and AI to remotely monitor study and site risks and improve study efficacy. It enables biopharmaceutical and contract research organizations (CROs) to identify study and site risks through advanced statistical algorithms and drive intelligent data-driven decisions. The data science-led risk-based monitoring solution precisely predicts outcomes pertaining to site workload and risks, thereby enabling stakeholders to lay out proactive monitoring strategies.
The operational risk management solution market report table of contents includes:
1. Executive Summary
2.Operational Risk Management Solution Market Characteristics
3.Operational Risk Management Solution Market Trends And Strategies
4.Operational Risk Management Solution Market analysis
5.Operational Risk Management Solution Market Size And Growth
6.Operational Risk Management Solution Segmentation
7.Operational Risk Management Solution Regional And Country Analysis
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27.Operational Risk Management Solution Competitive Landscape And Company Profiles
28.Operational Risk Management Solution Key Mergers And Acquisitions
29.Operational Risk Management Solution Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- International Business Machines Corporatio
- Deloitte Touche Tohmatsu Limited
- Oracle Corporation
- SAP SE
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The risk analytics market size is projected to grow from USD 17.60 Billion in 2017 to USD 35.92 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.3%.
The main objective of this report is to define, describe, and forecast the global risk analytics market on the basis of components, risk types, deployment models, verticals, and regions.
The report contains an analysis of major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).
After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key personnel, such as chief officers (CMOs and CEOs), vice presidents, directors, and executives.
The breakdown of primary profiles is depicted in the below figure:
To know about the assumptions considered for the study, download the pdf brochure
