Integrated Risk Management Market: Size, Share, Trends, Current and Future Analysis

 According to a research report "Integrated Risk Management Market by Component (Solution, Services), Deployment Mode (Cloud, On-premises), Organization Size (Large Enterprises, SMEs), Vertical (BFSI, IT & ITES, Healthcare, Government, Aerospace & Defense, Retail, Manufacturing) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global integrated risk management market size is projected to grow from an estimated value of USD 9.5 billion in 2022 to USD 18.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.3% from 2022 to 2027. Increasing capital investment in the integrated risk management market and the adoption of advanced technologies are expected to provide new opportunities for growth of the integrated risk management market. The factors such as the increasing rate of cybercrimes being reported and the growing requirement for risk analytics across various industries, are some of the factors that are driving the integrated risk management market growth.

By deployment mode, cloud segment is gaining traction in the market

The cloud segment is expected to witness growth in the integrated risk management market, during the forecast period. In the cloud deployment mode, the maintenance requirements are taken care by a third-party service provider, which results in reduced infrastructure cost for the organization deploying the system. The organizations use the pay as you use model, which further results in reduced costs. The deployment is scalable, as the organizations deploying can upgrade or downgrade their plans as per their scalability and business performance. The cloud deployment mode provides automated data backups and recovery, which ensures security of the data. However, as the data is also shared with the third-party service provider, the security offered is lesser. Additionally, organizations deploying the solutions in the cloud mode need to comply with the integrated risk management regulations frameworks and also check if their service providers are compliant with the industry regulations and laws.

By vertical, BFSI is a key adopter of integrated risk management solutions

The BFSI vertical is witnessing an increase in the deployment of integrated risk management solutions. The integrated risk management market is continuously evolving in the banking sector to deal with the various types of risks confronted by banks. The integrated risk management systems help in reporting, monitoring, and controlling risks and allow periodical reviews and evaluations. With the increasing rate of cyberthreats being reported, the demand has increased for a strong risk framework to help manage and mitigate risks in the financial organizations. Digital transformation in organizations is creating more opportunities, but it is also increasing the scope of risk. The financial organizations need to be compliant with several regulations and authorities such as the the Prudential Regulation Authority, and Comptroller of the Currency. Increasing cyberthreats, increasing adoption of digital tools, and compliance with regulations is driving the market growth in the vertical.

By region, North America is witnessing an increase in growth in the market

North America is one of the most advanced regions in terms of security technology infrastructure and adoption. The region is witnessing increasing digitalization in the recent years. North America has a rich ecosystem of agencies and offices supporting the digital transformation efforts. Additionally, the Covid-19 pandemic has significantly accelerated the global shift to online services and an increased investment in digital tools and technologies. Moreover, the region is also witnessing an increase in the rate of cybercrimes being reported. According to the Cyber threat bulletin: The ransomware threat in 2021 report, by the government of Canada, in the first-half of 2021, the global ransomware attacks increased by 151% when compared to that in the year 2020. Another factor driving the growth of integrated risk management market in the North American region is the need for strengthening safety standards and government regulations. The National Institute of Standards and Technology provides the NIST risk management framework in the United States. The regional presence of key industry players offering integrated risk management solutions also contributes to the growth of the market in the region. The regional organizations are increasingly engaging in partnerships and collaborations to expand their global presence. The market vendors operating in the region include companies such as CyberSaint, LogicGate, and MetricStream.

Key Players

The major vendors in the integrated risk management market are IBM (US), SAP (Germany), LogicManager (US), Rapid7 (US), LogicGate (US), Galvanize (Canada), CyberSaint (US), Archer (US), ServiceNow (US), MetricStream (US), Diligent (US), Riskonnect (US), Acuity Risk Management (UK), SAI360 (US), among others.

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