Source: insurancebusinessmag.com

The global risk analytics market was valued at $35.65 billion in 2021 and is expected to grow at a compound annual growth rate of 7.54% between 2023 and 2030, reaching $72.98 billion by the end of the forecast period, according to Verified Market Research, a global research and consulting firm.

Key players in the risk analytics software sector include IBM, Oracle Corporation, Verisk, Misys, Moody’s Corporation, SAS Institute and Risk Edge Solutions.

The increasing complexity of business operations, along with varying regulations around the world, has made it difficult for companies to comply with regulations that change in each country in which a business operates. The demand for solutions has increased due to cutting-edge innovations, lack of information management, stringent regulations, and government oversight. With new digital technologies such as AI, machine learning, the Internet of Things, etc., companies are generating an exceptional amount of data, making it harder for companies to make confident decisions.”

Risk analytics software and products are expected to help firms understand possible risk factors before they can negatively impact the business, mitigate the cost of regulatory compliance and increase their return on investment. “The global market for risk analytics software is set to experience substantial growth in the coming years, with increasing complexity of business operations driving demand for data management and risk analysis,” Verified Market Research said.

“The global risk analytics software market is projected to grow exponentially during the forecast period, generating higher revenues for key players,” Verified Market Research said. “As companies increasingly turn to digital technologies to manage and analyze large amounts of data, the demand for risk analytics software is expected to increase further.”