Risk Analytics Market expected to register a promising CAGR of 15.3% during the period 2017 -2022

(IT-NEWSWIRE.COM, May 05, 2018 ) The risk analytics market is projected to grow from USD 17.60 Billion in 2017 to USD 35.92 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.3%. Advent of dynamic technologies and an increasing need for industry-specific solutions are some of the key drivers of the market.

The report provides detailed insights into the global market which is segmented on the basis of components, risk types, deployment models, verticals, and regions. In the risk analytics market by components, the financial risk in the risk type segment is expected to hold the largest market share during the forecast period. Banking and financial services institutions, and insurance companies are under a constant threat of capital losses due to bad loans and non-performing assets (NPAs). Hence, they are expected to significantly deploy risk analytics software and services to better manage the risks and growing frauds.

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The on-premises deployment model has a high adoption rate as compared with the on-demand deployment model. The on-premises deployment model provides confidentiality and privacy parameters to the organizational data; hence, most of the organizations are adopting the on-premises deployment model.

The insurance industry is expected to have the largest market size during the forecast period. Risk analytics solutions and services also help insurance providers to better utilize the available data across the entire customer value chain and improvise returns across their investment portfolios. Additionally, fraud analytics under risk analytics is used to recognize insurance fraud before the claim settlement, identify the right claim to focus on, reduce the time consumed in the process, and to identify suspicious participants.

The report covers all major aspects of the risk analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The market in North America is expected to hold the largest market share, whereas the APAC region is projected to provide significant opportunities in this market and is expected to grow at the highest CAGR during the forecast period.

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Risk analytics solutions are aggressively adopted by organizations across the globe to minimize their losses incurred due the risks in their business operations and to gain a competitive edge in the market. Companies such as IBM Corporation, Oracle Corporation, and SAS Institute offer comprehensive risk analytics solutions and services to cater to various needs of their customers. The companies are increasingly deploying both organic as well as inorganic strategies to drive their growth in the burgeoning risk analytics market. Moreover, as North America continues to grow with a strong hold on banking, insurance, healthcare, and manufacturing industry verticals, the enterprises would be looking toward adopting an astute risk management program that would help them to manage the their risks.

High cost of investment is a major restraining factor for the growth of the risk analytics market. Low acceptance due to hierarchical conflicts and lack of appropriate expertise are the hurdles in the adoption of risk analytics software and services.

Most of the vendors have adopted acquisitions, agreements, collaborations and partnerships, new product launches, product upgradations, and expansions as key strategies to expand their client base and enhance customer experience. For instance, in April 2017, 3E Company, a Verisk Analytics business segment, announced a strategic alliance with SAI Global, a risk management company. The alliance would help the customers of both the companies to have access to the data that is needed to enhance EH&S performance, and minimize risk and support regulatory compliances. The strategy of new product launch has also been adopted by the top players to enhance their presence and dominance in this market. For example, in November 2016, SAS launched the SAS Expected Credit Loss solution that collaborates between finance and risk teams to minimize the cost of compliance. The solution helps banks to be compliant with the IFRS 9 accounting standards.

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Risk Analytics Market expected to register a promising CAGR of 15.3% during the period 2017 -2022