Market Synopsis of Risk Analytics Market:
Risk analytics has gained popularity due to increasing amount of data being exposed. Risk analytics provides a clear visibility regarding the challenges and uncertainties about a particular process. By assessing the uncertainties, risk analytics helps in avoiding system failures and anything that could hinder the normal business operations. Risk calculation engines and risk assessment tools help in predicting risks and avoiding future costs of handling those risks.
Risk analytics market has been segmented on the basis of component, deployment and vertical. The vertical segment is further bifurcated into BFSI, manufacturing, transportation, healthcare, retail, IT and telecommunication and government.
By vertical segmentation, the BFSI segment is growing at a faster rate as compared to others owning to capacity of risks involved in that area. Banking and insurance sectors comprises of more risks and need risk assessment and risk controls. This helps in reducing time being consumed and identifying fraudulent activities. Owing to this, the BFSI segment is driving the market growth of risk analytics market and is expected to exhibit highest market share during the forecast period.
The global risk analytics market is expected to grow at approx. USD 42 Billion by 2023, at 14% of CAGR between 2017 and 2023.
Study Objectives of Risk Analytics Market:
The prominent players in risk analytics market are – SAP SE (Germany), IBM Corporation (U.S.), Moody's Analytics, Inc. (U.S.), SAS Institute Inc. (U.S.), Oracle Corporation (U.S.), Verisk Analytics, Inc. (U.S.), Risk Edge Solutions (India), Misys (U.K.), AxiomSL (U.S.), Gurucul (U.S.) and Provenir, Inc. (U.S.) among others.
The regional analysis of risk analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in risk analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region.
Frequently Asked Questions (FAQ) :
Risk analytics has achieved massive popularity across the world, on account of the mounting amount of data that is exposed to attacks and threats. These solutions help offer a clear visibility of the challenges as well as uncertainties in a particular process.
Component, deployment and vertical are the main market segments specified in the report.
The banking and insurance industry is filled with a higher number of risks and therefore, generate more demand for risk assessment as well as risk controls. Risk analytics helps bring down the time that is usually consumed and also helps detect fraudulent activities, saving a lot of time and money.
Between 2020 and 2027, the market growth rate will be 14%, as estimated by MRFR
Technical advancements combined with the rising use of mobiles and tablets are the significant market boosters in North America.