DUBLIN–(BUSINESS WIRE)–The “Risk Management Software Market 2023 to 2031” report has been added to ResearchAndMarkets.com’s offering.
The global market for risk management software is anticipated to expand at a CAGR of 18% during the forecast period of 2023 to 2031.
The primary purpose of risk management software is to constantly monitor and manage the many compliance-related risks that an organization confronts.
The primary objective of the software is to identify risk, mitigate its impact, and manage it efficiently. In addition, the multiple benefits of risk management software, such as effective decision-making, realistic expectations, escalation, and a focus on risk, are the lucrative elements driving market expansion.
Efforts of the Government in Supply Chain Management
Many nations’ governments are concentrating on the improvement of supply chain management. As a result of the implementation of the government’s policy, the Indian Logistics Industry has experienced substantial growth. In 2020, the government will implement the National Logistics Policy to facilitate the flow of commodities.
In addition, the emergence of global pandemic disease has increased demand for Risk Management software to manage supply chain risks in the healthcare and pharmaceutical industries, and this is expected to continue to drive the market post-pandemic.
Integration of Innovative Technology
The incorporation of cutting-edge technology like artificial intelligence (AI) and machine learning (ML) into Risk Management software has the potential to expand the market and increase client value. AI-based Risk Management improved the efficiency of risk processing and can be used to streamline and automate procedures including load forecasting and vehicle scheduling.
AI and ML can provide supply chain and logistics operations with benefits such as cost savings through decreased redundancies and risk mitigation, faster deliveries via more optimal routes, enhanced forecasting, and customer service. Logistics management and enterprise risk management are aided by the integration of new technology and Risk Management software. A rise in investments and acceptance of these technologies offer attractive potential for market expansion.
Increased adherence to rigorous government regulations
Governments have imposed different rules and regulations on various organizations for implementing enterprise risk management through a flexible, user-friendly information system, which enables businesses to evaluate, identify, analyze, and consider both opportunities and risks to protect corporate brands and create value.
In addition, the expansion of risk management software is influenced by the many rules and regulations established by governments in various nations. For instance, the Singaporean government has implemented a new regulatory framework for financial benchmark manipulation that includes both civil and criminal remedies.
In addition, according to a study conducted in China, the Chinese government deployed GRC (governance, risk management, and compliance management) solutions in enterprises to increase risk monitoring, segregation of duties (SOD) management reporting, and continuous control monitoring (CCM). In recent years, the market for risk management has been presented with a profitable potential as a result of the diverse rules enforced by governments in various countries.
North America to Remain as the Global Leader
In 2022, North America dominated the Responsible Sourcing Software market with a 37% market share, followed by Europe and APAC due to its early embrace of modern digital technologies and substantial investments in their deployment. Risk Management software usage is driven by the presence of a high number of manufacturing units and huge retail chains.
Companies Mentioned
- SAP
- Oracle
- IBM
- The AnyLogic Company
- SAS Institute Inc
- ServiceNow
- RSA Security LLC
- Thomson Reuters
- Lockpath Inc
- LogicManager Inc
Market Segmentation
Type
- Market Size and Market Share Analysis
- Application Revenue and Trend Research
- Product Segment Analysis
- 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
Service
- Managed Service
- Professional Service
Deployment
- On- Premises
- Cloud
End User
- Segment type Size and Market Share Analysis
- Application Revenue and Trends by type of Application
- Application Segment Analysis by Type
- Banking
- Insurance
- Asset Management
- Energy and Utilities
- Educational Institutions
- Healthcare
- Telecom
- Information Technology
- Oil and Gas
- Retail
- Life Sciences
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Risk Management Software market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Risk Management Software market?
- Which is the largest regional market for Risk Management Software market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Risk Management Software market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Risk Management Software market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/swm4em
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