Enterprise Risk Management Market size is estimated to grow from USD 31.0 Billion in 2020 to USD 89.7 Billion by 2027, growing at a CAGR of 16.4% during the forecast year from 2021 to 2027.
Latest added Enterprise Risk Management Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are IBM Corporation, Capgemini SE, Infosys Limited, Oracle Corporation, SAP SE, MetricStream, BWise, and Dell. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Enterprise Risk Management Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Enterprise Risk Management Market by companies, region, type and end-use industry.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Enterprise Risk Management Market, By Component (Software, Services), Enterprise size (Small and Medium Enterprise (SME), Large Enterprise), Industry Vertical & Geography – Global Forecast to 2027”. Early buyers will get 10% customization on study.
To Avail deep insights of Enterprise Risk Management Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2019-2021), Segment Revenue Market Share (%) by Players (2019-2021) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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Enterprise risk management market size is estimated to grow from USD 31.0 Billion in 2020 to USD 89.7 Billion by 2027, growing at a CAGR of 16.4% during the forecast year from 2021 to 2027. The research covers the current and historic enterprise risk management market size and its growth trend with company outline of Key players/manufacturers: IBM Corporation, Capgemini SE, Fidelity National Information Services, Inc., Infosys Limited, Oracle Corporation, SAP SE, LogicManager, Inc., MetricStream Inc., BWise, and Dell EMC.among others.
Enterprise Risk Management Market: Rewiring Organizational DNA in the Finance Sector
The finance sector is on the cusp of becoming a completely digital landscape, and its transformation is set to change the face of the banking industry in the coming years. While digitalization is promising the finance sector with improved customer experience and lowered expenses, it is also dictating completely new requirements for enterprise risk management companies willing to enter this digitally-transforming sector.
Risk and regulatory compliance functions of financial institutions are seeing a sea change with the convergence of the technology and finance sector, which has given rise to FinTech. Financial service firms are under relentless pressure to keep up with the speed of advancing technologies and implement risk management protocols by deploying digital strategies.
The enterprise risk management market is rapidly moving away from offering solutions to manage analog risks to those that manage digital risks. As the finance sector is being controlled by the labyrinth of strict regulations and rapidly changing customer expectations, the digital functions of enterprise risk management will continue to be compelling for tomorrow’s financial institutions.
MarketDigits, in its latest study, provides a complete 360-degree viewpoint of the enterprise risk management market, and unveils exclusive data about its growth potential in the banking and finance sector.
Preparing for the Future with Full-scale Risk Functions for Financial Institutions
Though the negative impacts of the 2008 Great Recession are ebbing away, it has changed the definition of risk for financial institutions. The enterprise risk management market has been witnessing a significant push ever since, and it has evolved through the pressures of regulators and the rise of technology in the finance sector.
In 2018, the enterprise risk management market reached a valuation of ~ US$ 3.7 billion. Financial institutions are proactively seeking advanced enterprise risk management solutions to manage process and data risks more efficiently, and most importantly, digitally. In the coming years, the adoption of enterprise risk management software, which can be deployed on premise or through the cloud, is expected to grow at the fastest rate in the finance sector.
With the recent advancements in cloud technology, enterprise risk management companies are focusing on developing cloud-deployed software solutions to manage risks, compliances, and vendors, as well as audits. However, cloud computing technology can make software-based enterprise risk management solutions highly vulnerable to severe data theft threats and cyber-attacks. Thereby, increasing security concerns over cloud-deployed enterprise risk management solutions may create critical challenges for stakeholders in this landscape.
In addition, the high initial installation costs of enterprise risk management solutions and the complexity of developing software that are compatible with traditional banking systems are among the major barriers for stakeholders to increase their client base. This is restricting enterprise risk management firms from expanding their customer base and capitalize on the mounting number of financial institutions sprouting up in the global banking sector.
Enterprise Risk Management Market to See High Demand from Banks
Though developing software that are compatible with conventional operations in the finance sector is challenging, most financial institutions have been voicing the need for establishing a collaboration between information technology and the rest of the operations in their organizations.
Financial institutions, including specialty finance, credit unions, and thrifts, are preparing for the digital future with a strategic plan for technological innovations. However, for banks, investing in technology-driven enterprise risk management services has become a strategy, which is beyond just chasing recent market trends. Banks are putting heavy investments into enterprise risk management solutions to develop their risk operating culture for implementing risk strategies efficiently.
In 2018, banks accounted for ~ 55% revenue share of the enterprise risk management market, and this trend is likely to grow even stronger in the coming years. Leading stakeholders in the enterprise risk management market are focusing on offering digital risk management software and services for banks to capitalize on this trend and improve their sales performance.
Enterprise risk management services are likely to witness high demand, as these services gobble half the revenue share in the market. However, with the advent of next-generation technologies such as artificial intelligence and blockchain, leading enterprise risk management companies are expected to focus on deploying tech-driven software to gain a competitive edge in the market.
Global Enterprise Risk Management Market: Overview
- According to a new market report pertaining to the global enterprise risk management market published by MarketDigits the global enterprise risk management market is projected to reach a value of ~ US$ 5.8 Bn by 2027, expanding at a CAGR of ~ 5% from 2019 to 2027.
- Growth of the enterprise risk management market can be attributed to the high demand for solutions.
- North America is anticipated to lead the global enterprise risk management market, followed by Europe, during the forecast period.
Increasing Risk Concerns in Every Aspect of Business Accelerating the Enterprise Risk Management Market
- Risk is inherent in every aspect of business. Increasing number of risks related to important data are expected to surge the adoption rate of ERM solutions across various business segments.
- Data risks comprise loss of reputation caused by issues or loss of value or restrictions to an organization’s capability to obtain, transform, store, and use its data assets. Enterprise risk management (ERM) is implemented across all industries to eliminate, transfer, mitigate, or absorb losses brought on by external and internal risks.
- Enterprise risk management is a complete practice that helps address the needs of an enterprise to manage risks, and comply with various government laws and regulations, and institute good business practices.
- Additionally, the lack of alignment across an organization intensifies the problems in addressing data risks that threaten the availability, integrity, and confidentiality of data. Therefore, organizations have started to manage data risks by adopting and leveraging advanced risk management technologies.
- Thus, increasing data risk is anticipated to accelerate the adoption of enterprise risk management, worldwide.
Increasing Digital Transformation across Banking Institutions
- Increasing digital transformation across BFSI helps reach and involve customers on shopping portals through social channels or integrated mobile apps. Increase in online transactions raises security & risk challenges for banking institutions, forcing them to adopt advance risk management technologies.
- As a result, banks are focusing on adopting enterprise risk management solutions to identify potential threats and reduce risks, which is expected to positively impact the ERM market in the near future.
Enterprise Risk Management Market: Taxonomy
- The global enterprise risk management market has been segmented based on component, institution, and region.
- In terms of component, the enterprise risk management market has been segmented into hardware, software, and services.
- The services segment is expected to account for the largest share at ~ 57% of the global enterprise risk management market in 2019.
- The software segment is projected to expand at a high CAGR of ~ 6% during the forecast period.
- Based on institution, the enterprise risk management market has been divided into banks, credit unions, specialty finance, and thrifts.
- The banks segment held the largest market share. The segment is expected to account for ~ 57% of the global enterprise risk management market in 2019.
Enterprise Risk Management Market: Regional Outlook
- In terms of region, the global enterprise risk management market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America led the global enterprise risk management market, accounting for a substantial share in 2018, with the U.S. and Canada being the major markets in the region.
- The North America enterprise risk management market is expected to hold a share of ~ 60% during the forecast period.
- In addition, the Asia Pacific enterprise risk management market is expected to rise at a high CAGR of 6% during the forecast period.
- The enterprise risk management markets in the Middle East & Africa, Europe, and South America are expected to expand moderately during the forecast period.
- The report provides in-depth segment analysis of the global enterprise risk management market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries which hold growth opportunities or account for a significant share has also been included as part of geographic analysis for the enterprise risk management market.
The base year for calculation in this Enterprise Risk Management Market business report is taken as 2020 while the historic year is 2019 which will tell how the market will perform in the forecast years by informing what the market definition, classifications, applications, & engagements are. This Enterprise Risk Management Market report is also all-embracing of the data which covers market definition, classifications, applications, engagements, market drivers & market restraints that are based on the SWOT analysis. A large scale Enterprise Risk Management Market report is a comprehensive study about the market which tells about the market status in the forecast period of 2021-2027.
What Porter’s Five Forces of Competitive Analysis Provides?
Competitive rivalry:- The main driver is the number and capability of competitors in the market. Many competitors, offering undifferentiated products and services, will reduce market attractiveness.
Threat of substitution:- Where close substitute products exist in a market, it increases the likelihood of customers switching to alternatives in response to price increases. This reduces both the power of suppliers and the attractiveness of the market.
Threat of new entry:- Profitable markets attract new entrants, which erodes profitability. Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, then profitability will decline to a competitive rate.
Supplier power:- An assessment of how easy it is for suppliers to drive up prices. This is driven by the: number of suppliers of each essential input; uniqueness of their product or service; relative size and strength of the supplier; and cost of switching from one supplier to another.
Buyer power:- An assessment of how easy it is for buyers to drive prices down. This is driven by the: number of buyers in the market; importance of each individual buyer to the organisation; and cost to the buyer of switching from one supplier to another. If a business has just a few powerful buyers, they are often able to dictate terms.
Five forces analysis helps organizations to understand the factors affecting profitability in a specific industry, and can help to inform decisions relating to: whether to enter a specific industry; whether to increase capacity in a specific industry; and developing competitive strategies.
The country section of the report also provides individual market impacting factors & changes in regulation in the market domestically that impacts the current & future trends of the market. Data points such as consumption volumes, production sites & volumes, import export analysis, price trend analysis, cost of raw materials, down-stream & upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence & availability of global brands & their challenges faced due to large or scarce competition from local & domestic brands, impact of domestic tariffs & trade routes are considered while providing forecast analysis of the country data.
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