Integrated Risk Management Software Global Market Report 2024

The integrated risk management software market size has grown strongly in recent years. It will grow from $13.08 billion in 2023 to $13.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The increase during the historical period can be ascribed to regulatory compliance demands, rising cybersecurity risks, fluctuations in financial markets, globalization, and supply chain vulnerabilities, along with prominent instances of risk.

The integrated risk management software market size is expected to see strong growth in the next few years. It will grow to $17.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the emergence of new regulatory requirements, digital transformation initiatives, increased complexity of business operations, and heightened focus on resilience and business continuity. Major trends in the forecast period include the adoption of artificial intelligence and machine learning, emphasis on real-time risk monitoring, expansion of risk quantification techniques, focus on vendor and third-party risk management, and integration of sustainability and ESG (environmental, social, and governance) factors.

The anticipated rise in cybersecurity threats is set to drive the growth of the integrated risk management software market in the future. Cybersecurity threats encompass malicious activities, events, or vulnerabilities jeopardizing the confidentiality, integrity, and availability of digital information and technology systems. Factors such as increased digitalization, interconnectedness of systems, sophisticated attack techniques, and heightened incentives for cybercriminals contribute to the escalating cybersecurity threats. Integrated risk management software aids in addressing cybersecurity threats by offering organizations a comprehensive approach to identifying, assessing, prioritizing, and mitigating cyber risks across all business functions, systems, and processes, thereby enhancing resilience and minimizing the likelihood and impact of cyberattacks. For instance, in November 2022, the Annual Cyber Threat Report by the Australian Signals Directorate's Australian Cyber Security Centre (ASD's ACSC) reported over 76,000 cybercrime incidents, marking a 13% increase from the previous fiscal year. This equates to one complaint every seven minutes, compared to eight minutes in the preceding fiscal year. Hence, the surge in cybersecurity threats is fueling the expansion of the integrated risk management software market.

Key players in the integrated risk management software market are innovating solutions with advanced features, such as pre-configured solutions, to facilitate swift establishment of IT and third-party risk management programs for organizations. Pre-configured solutions are pivotal in integrated risk management (IRM) software, providing organizations with predefined templates, workflows, and best practices to expedite the implementation and adoption of risk management processes. For instance, in November 2022, NAVEX Global Inc., a US-based software company, unveiled NAVEX IRM Out-of-the-Box, a solution aimed at streamlining information technology and third-party risk management programs in response to mounting cybersecurity threats. This software delivers pre-configured IT and third-party risk management programs to simplify implementation and streamline risk management processes for organizations grappling with cybersecurity challenges. Its pre-configured nature ensures resilience and adaptability in the face of evolving risks, enabling users to swiftly construct comprehensive risk management frameworks with rapid setup, straightforward processes, automated reporting, and real-time dashboards. Moreover, its customizable features enable organizations to tailor the solution to their specific requirements, ensuring scalability and long-term efficacy in risk management.

In April 2022, Riskonnect Inc., a US-based software company, acquired Sword GRC for an undisclosed sum. This acquisition enabled Riskonnect to broaden its global footprint and accelerate its growth trajectory by integrating Sword GRC's specialized project and enterprise risk management solutions into its platform, offering customers enhanced capabilities for end-to-end visibility and comprehensive risk management. Sword GRC, a UK-based software company, specializes in risk management, governance, compliance, audit, and policy management services.

Major companies operating in the integrated risk management software market are RSA Security LLC, NAVEX Global, Sphera Global, Riskonnect Inc., MetricStream, Galvanize, Intelex Technologies, LogicGate Inc., United Safety Ltd., Wolf & Company, Resolver Inc., ProcessUnity Inc., LogicManager Inc., Granite Partners, CyberSaint Security, Quantivate, Ostendio, BlackSwan Technologies, Acuity Risk Management, Standard Fusion, Phinity Risk Solutions, Risk Warden, Reciprocity Inc.

North America was the largest region in the integrated risk management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the integrated risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the integrated risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Integrated risk management (IRM) software encompasses a suite of tools and solutions that aid organizations in identifying, assessing, mitigating, and monitoring various types of risks across their enterprise. This software integrates multiple risk management tasks and procedures into a unified platform, offering stakeholders a comprehensive view of organizational risks and enabling informed decision-making to safeguard and enhance business value.

The main categories of Integrated Risk Management software include Enterprise Risk Management (ERM), Financial Risk Management (FRM), Application Risk Management (ARM), Market Risk Management (MRM), Credit Risk Management (CRM), Information Technology Risk Management (ITRM), Quantitative Risk Management (QRM), and Project Risk Management (PRM). Enterprise Risk Management software, for instance, is tailored to oversee and manage risks across all facets of an organization's operations, encompassing strategic, financial, operational, and compliance risks. It can be deployed in various cloud environments (public, private, hybrid) and is utilized by organizations of different sizes, ranging from small and medium enterprises (SMEs) to large enterprises. These solutions cater to diverse industries such as Banking, Financial Services, and Insurance (BFSI), Government, Information Technology and Telecommunications, Healthcare, Manufacturing, among others.

The integrated risk management software market research report is one of a series of new reports that provides integrated risk management software market statistics, including integrated risk management software industry global market size, regional shares, competitors with a integrated risk management software market share, detailed integrated risk management software market segments, market trends and opportunities, and any further data you may need to thrive in the integrated risk management software industry. This integrated risk management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The integrated risk management software market includes revenues earned by entities by providing services such as software licensing, subscription services, customization services, integration services, and incident response services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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