The global risk analytics market is expected to witness a CAGR of 14.9% during the forecast period 2020-2027. Factors such as stringent industry regulations, rise in digitalization and business process automation, rise in complexities across business processes, growing data and security breaches are anticipated to drive the adoption of risk analytics solutions and services.
The COVOD-19 outburst has hampered the growth of the risk analytics market and had caused structural shifts, owing to the complex nature of regulatory compliance and deteriorating economic conditions.
IBM Security will launch a new risk-based solution that will assist firms in applying analytics to cybersecurity spending priorities, as well as regular business decisions. It will assist clients in identifying, prioritizing, and quantifying security risk as they consider options for new technology, business investments, and process changes.
Based on vertical, the market is divided into BFSI, transportation and logistics, manufacturing, IT and telecom, retail and consumer goods, healthcare and life sciences, energy and utilities, government and defense, and others. Risk analysis can help banks and financial services organizations reduce risk. It enables account managers and product owners to get a comprehensive view of client accounts (including personal and business accounts) to better assess the risks associated with individual client activities and investment portfolios.
The Asia Pacific is anticipated to have lucrative growth opportunities for the risk analytics market as there is a rising investment by companies in risk analytics, favorable government policies and regulations, and the need for security and data storage which will propel the market growth in the region.
Some of the key players operating in the risk analytics industry are Fidelity National Information Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Moody’s Corporation, Verisk Analytics, Inc., Axiomsl, Inc., Gurucul, Provenir, and Risk Edge Solutions.
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