The new report by Expert Market Research titled, 'Global Enterprise Risk Management Market Price, Trends, Size, Share, Report and Forecast 2023-2028', gives an in-depth analysis of the Global Enterprise Risk Management market, assessing the market based on its segments like component, institution, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 4 Billion
- Forecast CAGR (2023-2028): 5.03%
- Forecast Market Size (2026): USD 4.6 Billion
The expansion of the global risk management market is being fuelled by a surge in enterprise data security breaches and an increase in demanding government regulatory compliances across the globe. Additionally, the increasing usage of risk management in FinTech businesses and the global growth of the IoT environment all contribute to the market's growth.
Growing demand from emerging economies and the incorporation of artificial intelligence into risk management are likely to create significant development potential for the risk management market over the forecast period.
Enterprise Risk Management Industry Definition and Major Segments
Enterprise risk management (ERM) is the systematic identification and mitigation of probable events that could jeopardize the attainment of strategic objectives or opportunities to obtain a competitive edge. ERM aims to compile a list of all possible risks that could affect the business's viability - both positively and negatively.
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Basis component, the market can be bifurcated into the following:
On the basis of the institution, the market can be segmented into the following:
- Banks
- Credit Unions
- Specialty Finance
- Thrifts
Based on region, the risk management market can be divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa.
Enterprise Risk Management Market Trends
Increased adoption of digitalization to improve customer experience and increasing demand for risk management solutions from banks and other financial institutions is driving the market forward. Additionally, the rising use of software to manage process and data risk more efficiently are just some of the expected factors to boost the enterprise risk management market's growth during the forecast period.
Cloud technological advancements, combined with an increasing number of development activities, will continue to generate new and abundant opportunities, resulting in the enterprise risk management market's expansion. The adoption of cloud-based software, especially in the developing nations of Asia-Pacific, Latin America and the Middle East and Africa, is fuelling the market's growth.
By region, North America is anticipated to retain its position and hold the largest share, which could be attributed to the increasing number of cyber-attack cases in the region demanding risk management solutions.
Asia-Pacific, on the other hand, is predicted to grow at a substantial rate over the forecast period, owing to favourable government policies regarding risk management software and an increase in data theft cases across several IT industries. The market's growth has also been fuelled by the region's growing population and economic development.
Key Market Players
The major players in the market are SAI Global Pty Limited, Capgemini SE, Dell Inc., Fidelity National Information Services, Inc., International Business Machines Corporation, Infosys Limited, Logic Manager, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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