Risk Management Software Global Market Report 2024

The risk management software market size has grown strongly in recent years. It will grow from $23.79 billion in 2023 to $25.17 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be attributed to factors such as the necessity to comply with regulatory requirements, the escalating threats of cybersecurity breaches, fluctuations in financial markets, challenges associated with globalization and supply chain risks, and notable incidents highlighting the importance of risk management.

The risk management software market size is expected to see strong growth in the next few years. It will grow to $31.73 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The anticipated growth in the forecast period can be attributed to a heightened emphasis on ESG (environmental, social, and governance) risks, the emergence of new regulatory requirements, initiatives for digital transformation, the growing complexity of business operations, and an increased focus on resilience and business continuity. Key trends expected in the forecast period include the adoption of artificial intelligence and machine learning technologies, a greater emphasis on real-time risk monitoring, the expansion of risk quantification techniques, and an increased focus on managing vendor and third-party risks.

The escalating frequency of security and data breaches is anticipated to drive significant growth in the risk management software market in the coming years. Security breaches, involving unauthorized access or actions compromising information or systems, and data breaches, characterized by unauthorized access or disclosure of sensitive data, are on the rise due to factors such as increased dependence on digital systems, sophisticated cyberattacks, inadequate cybersecurity measures, and human error. Organizations combat these challenges by leveraging risk management software to assess, prioritize, and mitigate potential risks, track vulnerabilities, and implement proactive security measures against cyber threats. For instance, data from Surfshark in December 2021 revealed a substantial increase in breached accounts, totaling around 952.8 million in the first 11 months of 2021 compared to 921.8 million breaches in 2020, underscoring the urgency for effective risk management solutions.

Key players in the risk management software market are actively innovating to develop advanced security posture management (ASPM) solutions, enhancing cyber resilience and risk mitigation capabilities. ASPM solutions integrate platforms to orchestrate security policies, streamline application security testing, and manage vulnerabilities across multiple projects, teams, and security tools. For example, in August 2023, Synopsys Inc., a US-based electronic products and software applications provider, introduced Synopsys Software Risk Manager, an application security posture management (ASPM) solution. This robust solution simplifies and aligns application security testing across projects, teams, and tools, combining policy-driven test orchestration and vulnerability management with leading application security testing (AST) engines to optimize application security program ROI.

In April 2022, Riskonnect Inc., a US-based software company, strategically acquired Sword GRC for an undisclosed sum. This acquisition facilitated Riskonnect's global expansion and accelerated growth by integrating Sword GRC's specialized project and enterprise risk management solutions into its platform. The integration enhances Riskonnect's offerings, providing customers with comprehensive risk management capabilities and end-to-end visibility. Sword GRC, headquartered in the UK, specializes in risk management, governance, compliance, audit, and policy management services, further complementing Riskonnect's strategic objectives for growth and diversification.

Major companies operating in the risk management software market are International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Inc., RSM International Ltd., Wolters Kluwer N.V., Intertek Group plc, Infor Inc., SAS Institute Inc., HubSpot Inc., Kroll LLC, Diligent Corporation, NAVEX Global Inc., Demandbase Inc., MetricStream Inc., Riskonnect Inc., Ideagen plc, Chetu Inc., LogicGate Inc., Fusion Risk Management Inc., Act-On Software Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Cura Technologies Ltd., Yesware Inc., SimplyCast Interactive Marketing Ltd., ThriveHive Inc.

North America was the largest region in the 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 risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Risk management software comprises digital solutions tailored to assist organizations in identifying, evaluating, and mitigating diverse risks. These platforms typically offer functionalities such as risk assessment, incident tracking, compliance monitoring, and reporting, empowering proactive decision-making and safeguarding businesses against potential threats.

The primary types of risk management software encompass web-based, Android native, iOS native, and other variants. Web risk management software refers to browser-accessed tools aimed at helping organizations address risks encountered online. This software spans various categories, including enterprise risk management, financial risk management, integrated risk management, application risk management, market risk management, credit risk management, information technology risk management, quantitative risk management, and project risk management. It is deployed through on-premise or cloud-based models, offering services such as managed services and professional services. These solutions cater to diverse end-users such as banking, insurance, asset management, energy and utilities, educational institutions, healthcare, telecom, information technology, oil and gas, retail, and life sciences.

The risk management software research report is one of a series of new reports that provides risk management software market statistics, including the risk management software industry's global market size, regional shares, competitors with a risk management software market share, detailed risk management software market segments, market trends and opportunities, and any further data you may need to thrive in the risk management software industry. This risk management software 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 software market includes revenues earned by entities by providing services such as incident tracking and management, compliance monitoring, risk mitigation planning, reporting and analytics, and document management. 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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