Enterprise Risk Management Market in Brief
- The global enterprise risk management market is expected to register a CAGR of ~ 5% between 2019 and 2027. The global enterprise risk management market is projected to be driven by increasing data risk, worldwide, and extensive adoption of ERM solutions in the banking sector.
- The global enterprise risk management market is expected to reach ~ US$ 5.8 Bn by 2027, from ~ US$ 3.9 Bn in 2019.
- North America holds a prominent share of the enterprise risk management market, and is anticipated to dominate the market during the forecast period, followed by Europe.
- North America remains the leading region in the enterprise risk management market, with revenue in 2019 estimated to reach US$ 2.4 Bn.
- The enterprise risk management markets in the Middle East & Africa and South America are expected to show moderate growth during the forecast period.
- Asia Pacific is projected to expand with the highest CAGR in the global enterprise risk management market during the forecast period.
Enterprise Risk Management Market – Definition
- The enterprise risk management market report provides analysis of the global enterprise risk management market for the period of 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the enterprise risk management market would help clients in understanding the adoption analysis of enterprise risk management among different sizes and verticals of enterprises for different risk analysis.
- Enterprise risk management (ERM) is universally enforced across various industries to eliminate, transfer, mitigate, or absorb losses brought on by external and internal risks. ERM is the best practice that addresses the requirements of enterprises seeking to manage risks, comply with various government laws and regulations, and institute good business practices.
North America Enterprise Risk Management Market – Snapshot
North America is seen as the growth hub for new technology-driven enterprise business models, for its start-up ecosystem, and quick adoption of technology solutions by enterprises in the region. For the same reason, North America is expected to see the highest opportunity addition for the enterprise risk management market, globally, with Europe being the next closest region.
Key Growth Drivers of the Enterprise Risk Management Market
- Increase in data risk worldwide: Increasing number of risks related to important data are expected to surge the adoption rate of ERM solutions across banking and financial institutions. 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.
- High adoption of ERM solutions in the banking sector: The growing adoption of advanced technologies is leading to improved and modified operational activities across the banking sector. Currently, the banking sector is emphasizing on risk management in their business operations. The goal of risk management is to form an integrated approach coupled with a consistent set of processes that can classify, measure, and control security threats and data-related risks to an organization’s assets, capital, and earnings. Moreover, enterprise risk management helps enable banks and finance institutions to move toward a “holistic” vision of wide-ranging enterprise risks, and move away from the “silo” approach to risk management. As a result, banking institutions have started adopting the enterprise risk management agenda released by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to drive their risk management initiatives further than regulatory compliances and Basel norms. Hence, the deployment of ERM solutions is expected to drive banks and financial institutions to take better decisions.
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Enterprise Risk Management Market – Competitive Landscape
- In 2018, ACI Worldwide Inc. signed a collaboration with BioCatch to protect customers from mobile & online banking fraud with the help of its ERM platform – Proactive Risk Manager. The company is focusing on strengthening its market position, especially in North America and other regions, to enhance its product & service offerings.
Enterprise Risk Management Market – Company Profile Snapshot
- LogicManager, Inc.:- LogicManager, Inc. is an American company that provides wide-ranging enterprise risk management (ERM) software and solutions, specifically in North America and Europe. The company offers a software-as-a-service based ERM solution for identifying and assessing risk, risk mitigation, risk taxonomy, and risk monitoring.
- MetricStream Inc.:- MetricStream Inc. is an American company, a pioneer in enterprise and cloud applications for governance, risk, compliance (GRC), and quality management across the U.S., U.K., India, Singapore, Saudi Arabia, and Johannesburg. The company provides enterprise platforms and cloud software solutions across various sectors such as finance, insurance, food, energy & utility, retail, and others.
- Dell EMC:- EMC Corporation is a part of Dell, Inc. which Dell, Inc. acquired in 2015. Dell EMC specializes in information infrastructure and virtual infrastructure technologies, solutions, and services. The company offers enterprise software & cloud solutions, data protection solutions, data storage solutions, infrastructure solutions, and workforce solutions. The company also deals in consulting services, deployment services, support services, education services, managed services, and payment solutions across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Other major players operating in the global enterprise risk management market and profiled in the report include IBM Corporation, Capgemini SE, Fidelity National Information Services, Inc., Infosys Limited, Oracle Corporation, SAP SE, and BWise.
This post was originally published on The Market Plan