Global Risk Analytics Market To Surpass $72 Billion By 2030 | Insurance Business America
Market “will grow significantly in the coming years”
insurance news
By Ryan Smith
The global risk analytics market was valued at US$35.65 billion in 2021 and is projected to grow at a CAGR of 7.54% between 2023 and 2030, reaching US$72.98 billion by the end of the forecast period, according to the global market research company Verified Market Research research and consulting firm.
“The global risk analysis software market is expected to witness significant growth in the coming years as the increasing complexity of business operations will drive demand for data management and risk analysis,” said a press release from Verified Market Research.
Risk analysis products help companies understand potential risk factors before they can negatively impact business, according to Verified Market Research.
“The demand for such help has increased due to cutting-edge innovation, a lack of information management, strict regulations and government oversight,” the company said. “With new digital technologies such as AI, machine learning, the Internet of Things, etc., companies are generating an extraordinary amount of data, making it more difficult for companies to make confident decisions.”
The increasing complexity of doing business, along with varying regulations around the world, has made it difficult for companies to comply with regulations that change in every country in which a company operates, according to Verified Market Research. Risk analysis software is expected to help organizations reduce regulatory compliance costs and increase their return on investment.
“The global risk analysis software market is expected to grow exponentially during the forecast period, bringing major players higher revenues,” said Verified Market Research. “As organizations increasingly turn to digital technologies to manage and analyze large amounts of data, the demand for risk analysis software is expected to continue to grow.”
Major players in risk analysis software space include IBM, Oracle Corporation, Verisk, Misys, Moody’s Corporation, SAS Institute and Risk Edge Solutions.
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