What Fueled The Previous Growth In The Integrated Risk Management Software Market?
The integrated risk management software market has seen considerable growth due to a variety of factors.
• The integrated risk management software market has grown strongly in recent years. It will increase from $13.88 billion in 2024 to $14.79 billion in 2025, reflecting a CAGR of 6.5%.
The growth is fueled by regulatory compliance needs, rising cybersecurity threats, financial market volatility, globalization and supply chain risks, and high-profile risk incidents.
What Is The Expected Growth In The Integrated Risk Management Software Market Size Evolve over the Forecast Period?
The integrated risk management software market is expected to maintain its strong growth trajectory in upcoming years.
• The integrated risk management software market is expected to see solid growth, reaching $19.16 billion by 2029 at a CAGR of 6.7%.
The growth is attributed to new regulatory requirements, digital transformation initiatives, more complex business operations, and a greater focus on resilience and continuity. Trends include AI and machine learning adoption, real-time risk monitoring, expanded risk quantification, vendor risk management, and the integration of sustainability and ESG factors.
What Main Forces Are Fueling Expansion In The Integrated Risk Management Software Market?
The rise in cybersecurity threats is anticipated to drive the growth of the integrated risk management software market. These threats, which include malicious activities and vulnerabilities, have escalated due to increased digitalization, interconnected systems, and sophisticated attack methods. Integrated risk management software helps organizations manage cyber risks by offering a comprehensive approach to identifying, assessing, and mitigating these risks, improving resilience. According to a November 2022 report by the Australian Cyber Security Centre, there was a 13% increase in cybercrime reports from the previous year, highlighting the growing threat.
What Are The Primary Segments In The Global Integrated Risk Management Software Market?
The integrated risk management software market covered in this report is segmented –
1) By Type Of Software: Enterprise Risk Management Software, Financial Risk Management Software, Integrated Risk Management Software, Application Risk Management Software, Market Risk Management Software, Credit Risk Management Software, Information technology Risk Management Software, Quantitative Risk Management Software, Project Risk Management Software
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services, And Insurance (BFSI), Government, Information Technology And Telecom, Healthcare, Manufacturing, Other Industries
Subsegments:
1) By Enterprise Risk Management Software: Risk Identification And Assessment Tools, Risk Control And Mitigation Tools, Risk Reporting And Monitoring Tools
2) By Financial Risk Management Software: Credit Risk Management Tools, Liquidity Risk Management Tools, Market Risk Management Tools, Operational Risk Management Tools
3) By Integrated Risk Management Software: Comprehensive Risk Assessment Platforms, Enterprise-Wide Risk Monitoring Tools, Risk Compliance and Reporting Systems
4) By Application Risk Management Software: Vulnerability Assessment Tools, Threat Detection And Prevention Tools, Application Security Risk Monitoring
5) By Market Risk Management Software: Market Data Analysis Tools, Portfolio Risk Management Tools, Hedging And Risk Mitigation Tools
6) By Credit Risk Management Software: Credit Scoring And Assessment Tools, Credit Exposure Analysis, Loan Default Prediction Tools
7) By Information Technology (IT) Risk Management Software: IT Security Risk Management, Cybersecurity Risk Monitoring, IT Compliance Management
8) By Quantitative Risk Management Software: Risk Quantification And Modeling Tools, Statistical Analysis And Simulation Tools, Risk Assessment Algorithms
9) By Project Risk Management Software: Risk Identification And Tracking Tools, Project Risk Mitigation Tools, Project Scheduling And Resource Allocation Risk Management Tools
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What Trends Are Reshaping The Future Of The Integrated Risk Management Software Market?
Leading companies within the integrated risk management software market are creating cutting-edge solutions with advanced features, such as ready-made solutions, to assist businesses in promptly establishing IT and third-party risk management schemes. Such ready-made solutions play an integral part in integrated risk management (IRM) software as they provide businesses with preset templates, workflows, and ideal practices to expedite the incorporation and adoption of risk management strategies. An example of this is when NAVEX Global Inc., an American software company, introduced NAVEX IRM Out-of-the-Box in November 2022. This solution was aimed at refining IT and third-party risk management schemes in light of growing cybersecurity threats that organizations are dealing with. The software provides preset IT and third-party risk management programs designed to uncomplicate implementation and expedite risk management strategies for organizations battling cybersecurity issues. This ready-made software bolsters resilience and adaptability amidst evolving risks by enabling users to swiftly and effectively build comprehensive risk management structures with rapid setup, simplified processes, automated reporting, and real-time dashboards. Furthermore, it's adjustable features permit organizations to adapt the solution to their unique requirements, assuring scalability and enduring efficiency in risk management.
Who Are the Key Players In The Integrated Risk Management Software Market?
Major companies operating in the integrated risk management software market are:
• RSA Security LLC
• NAVEX Global
• Sphera Global
• Riskonnect Inc.
• MetricStream
• Galvanize
• Intelex Technologies
• LogicGate Inc.
• United Safety Ltd.
• Wolf & Company
• Resolver Inc.
• ProcessUnity Inc.
• LogicManager Inc.
• Granite Partners
• CyberSaint Security
• Quantivate
• Ostendio
• BlackSwan Technologies
• Acuity Risk Management
• Standard Fusion
• Phinity Risk Solutions
• Risk Warden
• Reciprocity Inc.
What Is The Most Dominant Region In The Integrated Risk Management Software Market?
North America was the largest region in the integrated risk management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the integrated risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
