According to a new market research report “Risk Analytics Market With COVID-19 Impact Analysis by Software Type(ETL, Risk Calculation Engines), Service, Risk Type(Strategic Risk, Operational Risk, Financial Risk), Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2026″ published by MarketsandMarkets™, the market size to grow from USD 32.6 billion in 2021 to USD 64.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.
Various factors such as compliance with stringent industry regulations, increasing complexities across business processes, rising digitalization and BPA, and growing data and security breaches are expected to drive the adoption of risk analytics solutions and services.
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COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, which are putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. As per an article by Genpact, Mortgage forbearance increased sharply, showing a nearly 3,000% increase from March 2020 to May 2020. To prepare for such extreme shocks and uncertainty, large US banks increased their loss provisions by ~3–4 times for Q1 2020 compared to Q4 2019, based on their expectations of impending defaults and charge-offs. Regulators are focusing on implementing various measures to get financial institutions back on the path of recovery. Basel Committee on Banking Supervision (BCBS), along with the International Organization of Securities Commission (IOSCO), has decided to postpone implementing the final two phases of margin requirement by one year. Increased volatility in the market has caused high trading losses, affected earnings, and capital preservations, and have led to breaches of limit/thresholds. Higher volatility, price movements, and counterparty risks have directly impacted risk-weighted assets. Hence, the COVID-19 pandemic has disrupted the global financial markets and has created panic, uncertainty, and distraction in the operations of global corporations.
The services segment to hold higher CAGR during the forecast period
Based on components, the risk analytics market is segmented into software and services. The software segment of the report is subsegmented into ETL tools, risk calculation engines, scorecard and visualization tools, dashboard analytics and risk reporting tools, and GRC software, and others (operational risk management, human resource risk management, and project risk management, whereas the services segment has been further divided into professional and managed services. These services play a vital role in the functioning of risk analytics solutions, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of risk analytics software is expected to boost the adoption of professional and managed services.
Financial risk segment to account for largest market size during the forecast period
The risk analytics market by risk types has been segmented into strategic risk, operational risk, financial risk, and others (reputational risk, environmental risk, third-party risk, and economic risk). The risk analytics solutions are enabling organizations to identify financial risks and thereby preventing them from getting into an uncertain arena of losses, which could lead them to failures. Organizations are investing heavily in new markets or regions to establish themselves leading to the higher adoption of risk analytics solutions for financial risk management.
The SMEs segment to hold higher CAGR during the forecast period
The Risk analytics market has been segmented by organization size into large enterprises and SMEs. The market share of large enterprises is higher; however, the market for SMEs is expected to register a higher CAGR during the forecast period. To deal with challenges, such as business model sustainability, process efficiency data, reporting, and audit requirement, SMEs are increasingly adopting risk analytics solutions.
Banking and Financial Services segment to have the largest market size during the forecast period
The Risk analytics market by vertical has been categorized into banking and financial services, insurance, manufacturing, transportation and logistics, retail and consumer goods, IT and telecom, government and defense, healthcare and life sciences, energy and utilities, and others (travel and hospitality, academia and research, and media and entertainment). Risk analytics can help banking and financial services organizations mitigate risks. It enables account managers and product leaders to obtain a complete view of customer accounts, including personal and commercial accounts, to better assess the risks associated with individual customer activities and portfolios.
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APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace due to growing digitalization, business complexity, and rising cyberattacks and fraudulent activities in the region. APAC has continually presented lucrative market opportunities for risk analytics solution providers with a notable increase in risk analytics across both its developed and emerging countries. China, Japan, and India have displayed ample growth opportunities in the risk analytics market.
Major vendors in the global risk analytics market include IBM (US), Oracle (US), SAP (Germany), SAS Institute (US), FIS (US), Moody’s Analytics (US), Verisk Analytics (US), AxiomSL, (US), Gurucul (US), Provenir (US), Risk Edge Solutions (India), BRIDGEi2i (India), Recorded Future (US), DataFactZ (US), Alteryx (US), AcadiaSoft (US), Qlik (US), CubeLogic (UK), Equarius Risk Analytics (US), Quantifi (US), Actify Data Labs (India), Amlgo Labs (India), Zesty.ai (US), Artivatic (India), Attestiv (US), RiskVille (Ireland), Quantexa (UK), Spin Analytics (UK), Kyvos Insights (US), and Imply (US).
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