What Fueled The Previous Growth In The Risk Management Software Market?
The risk management software market has seen considerable growth due to a variety of factors.
• The risk management software market has experienced strong growth in recent years. It will rise from $25.17 billion in 2024 to $26.73 billion in 2025, at a compound annual growth rate (CAGR) of 6.2%.
The growth can be linked to regulatory compliance, cybersecurity threats, and the need for risk mitigation in the globalized business environment.
What Can Be Expected from the Risk Management Software Market Size?
The risk management software market is expected to maintain its strong growth trajectory in upcoming years.
• The risk management software market is set to grow to $33.55 billion by 2029, at a CAGR of 5.8%.
Growth drivers include a heightened focus on ESG risks, new regulatory requirements, digital transformation, operational complexity, and the emphasis on business continuity. Trends include AI and machine learning adoption, real-time risk monitoring, risk quantification, and third-party risk management.
What Are the Critical Driver Fuelling The Risk Management Software Market's Growth?
The growth of the risk management software market is likely to be driven by an escalating number of security and data breaches. A security breach entails unauthorized access or actions that threaten the confidentiality, integrity, or availability of data or systems, whereas a data breach specifically pertains to unauthorized access, disclosure, or procurement of sensitive or confidential data. The rise in these breaches stems from a growing dependence on digital systems, sophisticated cyberattacks, insufficient cybersecurity measures, and human error. Risk management software is used in response to security and data breaches to assess, prioritize, and lessen potential risks, monitor vulnerabilities, and enact preventative security measures to protect against cyber threats. For example, the Australian Signals Directorate, a governmental agency based in Australia, reported in November 2023 that the number of C2 incidents rose from 2 in FY 2021–22 to 5 in FY 2022–23. This increase encompasses notable data breaches where cybercriminals extracted data from fundamental infrastructure for monetary advantage. Consequently, the escalating number of security and data breaches is spurring the growth of the risk management software market.
How Is The Risk Management Software Market segmented?
The risk management software market covered in this report is segmented –
1) By Type: Web, Android native, iOS Native, Other Types
2) 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
3) By Deployment: On-Premise, Cloud
4) By Service Type: Managed Service, Professional Services
5) By End User: Banking, Insurance, Asset Management, Energy And utilities, Educational institutions, Healthcare, Telecom, Information Technology, Oil And Gas, Retail And Life Sciences
Subsegments:
1) By Web: Cloud-based, On-premise
2) By Android Native: Mobile Applications, Enterprise Apps
3) By iOS Native: Mobile Applications, Enterprise Apps
4) By Other Types: Cross-platform, Hybrid Applications
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Which Emerging Market Trends Are Altering The Risk Management Software Industry?
Key players in the risk management software market are prioritizing the development of advanced security posture management (ASPM) solutions. These solutions work to improve cyber resilience and effectively decrease security risks. ASPM provides integrated platforms that manage security policies, systematize application security testing, and handle vulnerabilities across different projects, teams, and security tools. Synopsys Inc., a prominent US-based firm that offers software applications and electronic products, launched Synopsys Software Risk Manager in August 2023. This is an influential ASPM solution designed to streamline and synchronize application security testing across various teams, projects, and tools. This extensive solution unites policy-driven test orchestration and vulnerability management with top-tier application security testing (AST) engines, aiding teams in maximizing application security program ROI.
Who Are the Key Players In The Risk Management Software Market?
Major companies operating in the risk management software market are:
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Adobe Inc.
• RSM International Ltd.
• Wolters Kluwer N.V.
• Intertek Group plc
• Infor Inc.
• SAS Institute Inc.
• HubSpot Inc.
• Kroll LLC
• Diligent Corporation
• NAVEX Global Inc.
• Demandbase Inc.
• MetricStream Inc.
• Riskonnect Inc.
• Ideagen plc
• Chetu Inc.
• LogicGate Inc.
• Fusion Risk Management Inc.
• Act-On Software Inc.
• Aravo Solutions Inc.
• ProcessUnity Inc.
• LogicManager Inc.
• Cura Technologies Ltd.
• Yesware Inc.
• SimplyCast Interactive Marketing Ltd.
• ThriveHive Inc.
What Is The Most Dominant Region In The Risk Management Software Market?
North America was the largest region in the 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 risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
