Risk advisory is a service that helps clients to identify, manage, and mitigate business risks. It aims to enhance the performance of internal business operations by resolving and preventing threats and obstacles, as well as improving the governance, risk management, and compliance requirements of the clients. It is a large part of the services provided by professional service networks and auditing companies. Furthermore, it provides support and guidance for organizations to help make decisions, support business objectives, and to prevent loss, damage, or harm to the business from cyber risk, operational risk, regulatory risk, reputation risk, and forensic risk.
One of the key drivers of the risk advisory service market is the increase in business complexity. Since companies face various risks from cyber threats and to manage these risks effectively, risk advisory services help companies navigate this complexity by offering tailored solutions and strategies, ensuring that businesses operate smoothly and avoid costly disruption. Furthermore, growing regulatory compliance requirements drives market growth. In addition, globalization and digitalization have accelerated the risk advisory service market growth. In the digital era, data is a valuable asset for businesses and risk advisory services help companies harness their data for better decision-making, enabling them to proactively address risks and seize competitive advantages. However, regulatory challenges, which refer to the complex rules and laws that businesses must follow when it comes to managing risks, hamper the risk advisory service market growth. On the contrary, the rise in cybersecurity threats is expected to provide lucrative growth opportunities to the risk advisory service market in the upcoming years. The heightened cybersecurity risk has created a surge in demand for risk advisory services. These services help companies identify vulnerabilities, develop robust security strategies, and respond effectively to cyber incidents.
The risk advisory service market is segmented into type, organization size, industry vertical, and region. On the basis of type, the market is divided into operational risk, financial risk, compliance and regulatory risk, and others. On the basis of organization size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail and e-commerce, government and public sector, manufacturing, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the risk advisory service market include Deloitte Touche Tohmatsu Limited, PwC, KPMG International Limited, RSM International Ltd., Weaver and Tidwell, L.L.P., MBG Corporate Services, Cherry Bekaert, BDO Global, Grant Thornton International Ltd (GTIL), and CLA Global TS. These players have adopted various strategies to increase their market penetration and strengthen their position in the risk advisory service industry.
One of the key drivers of the risk advisory service market is the increase in business complexity. Since companies face various risks from cyber threats and to manage these risks effectively, risk advisory services help companies navigate this complexity by offering tailored solutions and strategies, ensuring that businesses operate smoothly and avoid costly disruption. Furthermore, growing regulatory compliance requirements drives market growth. In addition, globalization and digitalization have accelerated the risk advisory service market growth. In the digital era, data is a valuable asset for businesses and risk advisory services help companies harness their data for better decision-making, enabling them to proactively address risks and seize competitive advantages. However, regulatory challenges, which refer to the complex rules and laws that businesses must follow when it comes to managing risks, hamper the risk advisory service market growth. On the contrary, the rise in cybersecurity threats is expected to provide lucrative growth opportunities to the risk advisory service market in the upcoming years. The heightened cybersecurity risk has created a surge in demand for risk advisory services. These services help companies identify vulnerabilities, develop robust security strategies, and respond effectively to cyber incidents.
The risk advisory service market is segmented into type, organization size, industry vertical, and region. On the basis of type, the market is divided into operational risk, financial risk, compliance and regulatory risk, and others. On the basis of organization size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail and e-commerce, government and public sector, manufacturing, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the risk advisory service market include Deloitte Touche Tohmatsu Limited, PwC, KPMG International Limited, RSM International Ltd., Weaver and Tidwell, L.L.P., MBG Corporate Services, Cherry Bekaert, BDO Global, Grant Thornton International Ltd (GTIL), and CLA Global TS. These players have adopted various strategies to increase their market penetration and strengthen their position in the risk advisory service industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the risk advisory service market along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the Risk advisory service market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the risk advisory service market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Type
- Others
- Operational Risk
- Financial Risk
- Compliance and Regulatory Risk
By Organizartion Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail and E-commerce
- Government and Public Sector
- Manufacturing
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- PwC
- Deloitte Touche Tohmatsu Limited
- KPMG International Limited
- RSM International Ltd.
- MBG Corporate Services
- Cherry Bekaert
- CLA Global TS
- Grant Thornton International Ltd (GTIL)
- Weaver and Tidwell, L.L.P.
- BDO Global
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RISK ADVISORY SERVICE MARKET, BY TYPE
CHAPTER 5: RISK ADVISORY SERVICE MARKET, BY ORGANIZARTION SIZE
CHAPTER 6: RISK ADVISORY SERVICE MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: RISK ADVISORY SERVICE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the risk advisory service market was valued at $115.83 billion in 2022, and is estimated to reach $448.9 billion by 2032, growing at a CAGR of 14.8% from 2023 to 2032.The risk advisory service market is likely to experience a significant growth rate of 14.8% from 2022-2032, owing to the increase in business complexity, and globalization and digitization.
Risk advisory is a service that helps clients identify, manage, and mitigate business risks. It aims to enhance the performance of internal business operations by resolving and preventing threats and obstacles, as well as improving the governance, risk management, and compliance requirements of the clients. It is a large part of the services provided by professional service networks and auditing companies. Furthermore, it provides support and guidance for organizations to help make decisions, support business objectives, and prevent loss, damage, or harm to the business from cyber risk, operational risk, regulatory risk, reputation risk, and forensic risk.
Furthermore, to expand the data-driven solutions to include investigative due diligence, strategic intelligence, and compliance, risk advisory service providers adopt partnerships and product launches as their key development strategies to sustain their growth in the market. For instance, in November 2022, Avisa Partners acquired and integrated Forward Risk and Intelligence LLC, a firm that conducts investigative due diligence, business intelligence research, and international risk assessments for investors, corporations, and law firms. Therefore, such strategies drive the growth of the market.
The market also offers growth opportunities to the key players in the market. Key players are adopting strategies to strengthen their market positions in the risk advisory service industry, including new technology adoption, product developments, mergers and acquisitions, joint ventures, alliances, and partnerships. For instance, in January 2023, EBF joined forces with Deloitte Risk Advisory’s pan-European team on cyber resilience and digital assets. With cybersecurity, DORA, and digital assets high up in the regulator's and bank’s agendas, the partnership helps uncover valuable insights and provide useful guidance for the financial ecosystem.
The risk advisory service market is segmented into type, organization size, industry vertical, and region. On the basis of type, the market is bifurcated into operational risk, financial risk, compliance and regulatory risk, and others. On the basis of organization size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail and e-commerce, government and public sector, manufacturing, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Deloitte Touche Tohmatsu Limited, PwC, KPMG International Limited, RSM International Ltd., Weaver and Tidwell, L.L.P., MBG Corporate Services, Cherry Bekaert, BDO Global, Grant Thornton International Ltd (GTIL), and CLA Global TS. The players in the market have been actively engaged in the adoption of various strategies such as business expansion, product launch, collaboration, and partnership to remain competitive and gain an advantage over the competitors in the market. For instance, in October 2022, Cherry Bekaert acquired Accume Partners, a trusted risk and compliance advisory leader, and innovator in delivering integrated solutions to highly regulated industries from Nadavon Capital Partners. The acquisition of Accume expands Cherry Bekaert's focus on providing internal audit, risk, and compliance offerings to the financial services industry. The addition also expands the Firm's risk advisory practice with a strong mid-Atlantic and Northeast presence.
Key Market Insights
By type, the operational risk segment was the highest revenue contributor to the market and is estimated to reach $159.49 billion by 2032, with a CAGR of 13.0%. However, the compliance and regulatory risk segment is estimated to be the fastest-growing segment with a CAGR of 18.3% during the forecast period.By organization size, the large enterprises segment was the highest revenue contributor to the market, and is estimated to reach $288.16 billion by 2032, with a CAGR of 13.6%. However, the small and medium-sized enterprises segment is estimated to be the fastest-growing segment with a CAGR of 17.6% during the forecast period.
By industry vertical, the BFSI segment was the highest revenue contributor to the market, and is estimated to reach $83.91 billion by 2032, with a CAGR of 11.4%. However, the healthcare segment is estimated to be the fastest-growing segment with a CAGR of 20.3% during the forecast period.
Based on region, North America was the highest revenue contributor, accounting for $42.36 billion in 2022, and is estimated to reach $120.38 billion by 2032, with a CAGR of 11.3%. However, Asia-Pacific is estimated to be the fastest-growing region with a CAGR of 19.1% during the forecast period.
Companies Mentioned
- PwC
- Deloitte Touche Tohmatsu Limited
- KPMG International Limited
- RSM International Ltd.
- MBG Corporate Services
- Cherry Bekaert
- CLA Global TS
- Grant Thornton International Ltd (GTIL)
- Weaver and Tidwell, L.L.P.
- BDO Global
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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