Use this report to: - Analyze risk management technology segments including discipline, technology coverage, industries, regions, product and deployment mode. - Analyze current markets, trends, and participants. - Estimate market size and the future growth of the global markets for risk management technologies and other segments from 2016 through 2021. - Identify opportunities for all stakeholders in the enterprise risk management technology space. - Study various types of risk management technologies, drivers and inhibitors for each segment.
Highlights - The global risk management market should reach $17.1 billion by 2021 from $11.0 billion in 2016 at a compound annual growth rate (CAGR) of 9.2%, from 2016 to 2021. - The stand-alone solutions market should reach $5.0 billion by 2021 from $4.5 billion in 2016 at a CAGR of 2.5%, from 2016 to 2021. - The integrated risk management market should reach $5.7 billion by 2021 from $2.9 billion in 2016 at a CAGR of 14.8%, from 2016 to 2021.
STUDY GOALS AND OBJECTIVES This report intends to: - Provide an industry overview of the risk management technology market by type of technology, including integrated risk management, advanced analytics and reporting, and stand-alone solutions. - Estimate market size and the future growth of the global markets for risk management technologies and other segments. This includes making a comprehensive market forecast (2016 through 2021) of risk management technologies and its key subsegments. - Identify opportunities for all stakeholders in the enterprise risk management technology space. - Profile major risk management technology suppliers, vendors and customers.
REASONS FOR DOING THE STUDY Technology is continually evolving, and the trend in risk management is toward greater efficiency and monitoring risk at the enterprise level. As a result, stakeholders need insight into the main markets available for risk management technologies. BCC Research provides a detailed market forecast for several market segments, including technologies, discipline, deployment, etc.
With the introduction of risk management into the corporate world, companies can now devise strategies and make high impact, complex decisions that involve multiple objectives and uncertainty. Factors such as economic slowdown, regulatory changes, rising competition, disruptive technologies, unavailability of capital, fraud, cyber threats, natural calamities, drop in oil prices and market volatility have driven organizations toward implementation of enterprise risk management (ERM) programs. Enterprise risk management enables organizations to have a robust and comprehensive enterprise-wide view of potential events that are likely to negatively impact their ability to achieve their business objectives.
Because risk grows in proportion to organizational growth, there is high demand for relevant and timely information. Risk managers today need to deliver low cost, high value risk management services and the use of technology is important to enhancing their effectiveness and productivity. While people are needed for their expertise and project management, ERM technology is required for consistency, communication and collaboration. Enterprise risk management calls for consistency that can only be delivered through the right technological solutions. Moreover, organizations are seeking advanced risk management technology-based solutions in order to address their need for a real-time and reliable risk management program to predict future risks. This report looks at some of the key technology areas that have a significant influence on enterprise risk management. These areas of technology include integrated risk management systems, advanced analytics, including artificial intelligence and big data. These solutions reduce costs and implementation times, which in turn drive a technology-based approach toward enterprise risk management.
SCOPE OF REPORT This report focuses on the global markets for risk management technologies. Enterprise risk has varied definitions and interpretations among organizations depending on their size, industry and risk maturity. The market for ERM technologies has transformed from a tactical focus to meet regulatory compliances to a more strategic approach on enterprise-wide risk management. Consequently, modern ERM applications focus on addressing the dynamic and unique needs of organizations by offering a comprehensive suite of applications, including risk assessment, modeling, reporting and mitigation. This represents a radical change in the dynamics as the majority of ERM platform providers use to offer different components of risk management as individual products.
The term “technologies” in this report covers applications and services that automate the management, measurement, remediation and reporting of risks against specific objectives.
Important notes regarding assumptions, market estimates and coverage of risk tools/applications are listed below: - Market size includes the revenue earned/customer spend on risk management solutions, which are categorized below. Revenue values are in U.S. dollars, unadjusted for inflation. o Enterprise software solutions: Combining risk management content and data with risk management software to provide an integrated “one-stop-shop” for risk technology buyers. A combination of functionally rich risk applications with comprehensive data management, risk analytics, business intelligence and reporting technologies. o Stand-alone tools: Function and domain specific tools such as banking (stress testing, credit portfolio analysis, capital estimation, credit collection and recovery), insurance (solvency regulation), healthcare (Medicaid audits), oil and gas (environment, health and safety or EHS), manufacturing (quality management). o Analytics and database management solutions linked with risk management tool for modeling and predictions. o GUI-based dashboard, reporting and presentation tools. - Market estimates also include user spending for support services, integration and consultation as they are used in conjunction with the software/tools. - Market estimates do not include hardware. - This market is based on the summation of ERM revenues earned by the ERM technology providers, and it excludes applications developed in-house and solely for exclusive use.
INTENDED AUDIENCE The study offers an in-depth analysis of risk management technology segments including discipline, technology coverage, industries, regions, product and deployment mode; current markets and trends, and participants. Forecasts are provided for each major market segment through 2021. In-depth analyses have been provided for the global risk management technology industry providing detailed information on key deals and market participants.
Through this report, BCC Research hopes to provide a better understanding of the global risk management technology industry. This study provides the most up-to-date information on risk management technologies. The report further describes various types of risk management technologies, drivers and inhibitors for each segment. This study is directed toward the various strata of companies and institutions interested in the markets and new developments in this growing field.
They are: - Enterprises that face ongoing financial or operational risks. - Companies that are not utilizing a risk management solution. - Companies that still rely on old legacy systems and need to upgrade or buy new risk management technology solutions to manage risks. - Companies involved in offering risk management technology solutions. - Suppliers of risk management technology software and services. - Companies offering consulting services in the risk management technology space. - Suppliers offering on-premise services and cloud solutions.
INFORMATION SOURCES The material presented in this report is based on information gathered from personal contacts with participants within the risk management technology industry as well as an analysis of the technologies, issues and concerns derived from technical papers and industry conferences. Our final analysis and projections combine the consensus of primary contacts and our assumptions regarding the impact of both historical and emerging trends.
Additional data were obtained from analysis of secondary sources. These include trade publications, trade associations, company literature and online databases. This research was done to supplement our understanding of applications, markets, and trends in the risk management technology industry. All dollar estimates in this report are based on 2015 constant dollars.
ANALYST’S CREDENTIALS Yash Singh has more than 10 years of experience doing market research and consulting in information technology. Mr. Singh has a bachelor’s degree in Computer Science and an MBA in Information Technology and Marketing.
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