Risk Management Global Market Report 2024

The risk management market size has grown rapidly in recent years. It will grow from $10.5 billion in 2023 to $12.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth observed in the historic period can be attributed to several factors, including heightened regulatory requirements aimed at enhancing risk management practices, the development of insurance products tailored to address evolving risks, financial crises prompting greater focus on risk mitigation, and the increasing interconnectedness of global markets leading to a broader awareness of risk management imperatives.

The risk management market size is expected to see rapid growth in the next few years. It will grow to $19.39 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period can be attributed to several factors, including the escalating frequency and sophistication of cybersecurity threats, heightened economic volatility impacting business operations, and growing concerns regarding health and safety risks. Major trends expected in the forecast period include the integration of artificial intelligence (AI) and machine learning technologies to enhance risk management practices, a sharper focus on cybersecurity risks amid evolving digital landscapes, increased awareness and mitigation efforts related to climate change and environmental risks, strategies to bolster supply chain resilience in the face of disruptions, stringent regulatory compliance measures, and a concerted emphasis on operational resilience across various sectors.

The escalating cyber threats are anticipated to drive significant growth in the risk management market in the foreseeable future. Cyber threats encompass malicious activities or risks that exploit vulnerabilities in computer systems, networks, or digital devices, aiming for various objectives such as financial gain, espionage, operational disruption, or reputational damage. The proliferation of cyber threats is attributable to the expanding digitization of society, which has widened the attack surface, providing cybercriminals with a broader array of targets to exploit. Risk management processes empower organizations to identify and comprehend the diverse cyber threats they encounter, including malware, phishing attacks, data breaches, and insider threats. For example, in November 2022, the Australian Cyber Security Centre reported receiving 76,000 cybercrime reports in 2022, marking a 13% increase from the previous year. Consequently, the surge in cyber threats is fueling the expansion of the risk management market.

Leading companies in the risk management market are spearheading innovation in new technologies, such as enterprise risk management (ERM) automation tools, to gain a competitive advantage. ERM automation tools are software programs designed to assist businesses, particularly technology firms, in automating the risk management process. For instance, in January 2024, Insurtech Koop Insurance introduced a groundbreaking enterprise risk management (ERM) automation tool tailored for technology clients. Equipped with features such as contractual requirements management, risk event reporting, control implementation, and intelligent coverages, the tool aims to provide technology companies with a seamless risk management experience. It is designed to empower technology firms in navigating risks more adeptly and flexibly, enabling them to remain agile and competitive in the rapidly evolving technology landscape.

In January 2023, S&P Global completed the acquisition of TruSight Solutions LLC for an undisclosed sum. This strategic move was intended to rationalize costs, streamline workflows, and eliminate inefficiencies for clients as part of S&P Global's strategic focus on delivering innovative, integrated solutions for risk management. Additionally, the acquisition was expected to broaden the scope and sophistication of S&P Global's offerings in third-party vendor risk management. TruSight Solutions LLC is a US-based financial services company specializing in risk management services.

Major companies operating in the risk management market report are Berkshire Healthway Inc., Allianz SE, AXA SA, Accenture plc, Tokio Marine Holdings, Deloitte Touche Tohmatsu Limited, PwC (PricewaterhouseCoopers), Liberty Mutual Insurance, Ernst & Young (EY), Chubb Limited, Zurich Insurance Group, Travelers Companies Inc., KPMG, Capgemini SE, Catlin Group Limited, Marsh & McLennan Companies, Aon plc, Willis Towers Watson, Gallagher, FM Global, Genpact, Munich Re Group, Hiscox Ltd., RSA Insurance Group, Lockton Companies, Verisk Analytics Inc., Protiviti Pvt. Ltd., SAI Global, Swiss Re Ltd., Risk Management Solutions (RMS)

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

Risk management involves a systematic approach to identifying, evaluating, and prioritizing potential risks, followed by the strategic allocation of resources to mitigate, control, or monitor these risks effectively. Its objective is to minimize the likelihood or impact of adverse events while maximizing opportunities for success in a coordinated and cost-effective manner.

The core components of risk management encompass solutions, services, professionals, and management practices. Solutions consist of various strategies, tools, technologies, or approaches aimed at identifying, assessing, mitigating, and managing risks across different industries and sectors. These solutions are often deployed through cloud-based or on-premises platforms and find applications in diverse fields such as banking, financial services, insurance, information technology, healthcare, retail, manufacturing, government, defense, transportation, logistics, energy, utilities, and others.

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

The risk management market includes revenues earned by entities by providing services such as risk data logging, effective project management facilitation, risk analysis, risk mitigation, compliance and regulatory services, and crisis management. The market value includes the value of related goods sold by the service provider or included within the service offering. The value of goods in this market includes related services sold by the creators of the goods.

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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