How Has The Enterprise Risk Management Market Size Evolved In Recent Years?
The enterprise risk management market has seen considerable growth due to a variety of factors.
• In recent times, the size of the enterprise risk management market has been continually expanding. Its projected growth is from $5 billion in 2024 to an estimated $5.17 billion in 2025, experiencing a compound annual growth rate (CAGR) of 3.5%.
The historical growth aspect can be tied to factors such as regulatory compliance requirements, the threat of cyber attacks, the need for business continuity planning, the utilization of data analytics and insights, and interruptions in the supply chain.
What Is the Forecasted Market Size and Growth Rate for The Enterprise Risk Management Market?
The enterprise risk management market is expected to maintain its strong growth trajectory in upcoming years.
• We predict robust expansion of the enterprise risk management market in the coming years, surging to $7.28 billion by 2029, with a compound annual growth rate (CAGR) of 8.9%.
The projected growth is a result of several factors including the rise of new risks, readiness for pandemics, changes in regulation and intricate situations, as well as crisis handling and reactions. Upcoming developments involve merging with emerging technologies, cybersecurity risk management, assimilating artificial intelligence (AI) and machine learning (ML), climate change, and environmental, social, governance (ESG) risk factors, along with risks associated with third parties.
Which Key Drivers Are Propelling Th Enterprise Risk Management Market's Growth?
The enterprise risk management market is being fueled by an increase in data security breaches within businesses. Unauthorized access and theft of information from systems, typically without the owner's awareness or authorization, is referred to as a data breach. Factors contributing to the uptick in data security breaches include compromised credentials, flaws in software, harmful software, rogue insiders, unintentional insider mistakes, and more. Through identifying, assessing, and preparing for possible losses that could result from data security breaches, enterprise risk management provides a solution. In September 2024, as illustrated by stats from The Office of the Australian Information Commissioner (OAIC), a governmental entity based in Australia, 63 data breaches were reported by Australian government agencies, comprising 12% of all reported incidents. As a result, the escalation in data security breaches is expected to accelerate the expansion of the enterprise risk management market.
What Key Areas Define The Segmentation Of The Global Enterprise Risk Management Market?
The enterprise risk management market covered in this report is segmented –
1) By Deployment: Cloud, On-Premises
2) By Component: Hardware, Software, Services
3) By Industry Vertical: BFSI, IT And Telecom, Retail, Healthcare, Energy And Utilities, Manufacturing, Government And Defense
Subsegments:
1) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud, Cloud-based Risk Management Solutions
2) By On-Premises: On-Premises Software Solutions, On-Premises Infrastructure Management, Custom On-Premises Implementations
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How Are Emerging Trends Reshaping The Dynamics Of The Enterprise Risk Management Market?
Leading firms in the enterprise risk management market are establishing enterprise risk knowledge centres with the objective to increase their capacity to manage risks and encourage a proactive approach to decision-making. These knowledge centres act as key resource points, compiling the best methods, practices, and analytical instruments to aid organizations in identifying, evaluating, and mitigating risks effectively. For instance, the Enterprise Risk Knowledge Centre, a comprehensive hub for those involved in risk management was launched by IRM India Affiliate, a professional organization based in India, in August 2024. It avails a vast array of resources like research papers, guides on best practices, and training materials. The platform is geared towards enabling knowledge exchange and fostering collaboration among practitioners, thereby assisting organizations in updating their risk assessment structures and refining their overall risk management tactics.
Who Are the Key Players in the Enterprise Risk Management Market?
Major companies operating in the enterprise risk management market include:
• Dell Technologies Inc.
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Capgemini SE
• Infosys Limited
• Fidelity National Information Services Inc.
• Thomson Reuters Corporation
• Wolters Kluwer N.V.
• ACL Services Ltd.
• RSA Security LLC
• OneTrust LLC
• MetricStream Inc.
• NAVEX Global Inc.
• Cority Inc.
• Riskonnect Inc.
• Enablon Inc.
• GRC Solutions Inc.
• Galvanize Inc.
• Resolver Inc.
• ProcessUnity Inc.
• LockPath Inc.
• Aravo Solutions Inc.
• BWise Inc.
• LogicManager Inc.
• LogicGate Inc.
• Quantivate Inc.
• SAI Global Pty. Ltd.
• Optial Inc.
• Rsam LLC
• Ideagen Ltd.
What Is The Most Dominant Region In The Enterprise Risk Management Market?
North America was the largest region in the enterprise risk management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
