Frequent Asked Questions
The global risk management software market was valued at USD 8.2 Billion in 2022.
The risk management software market is expected to grow at a CAGR of 19.20% between 2023 and 2030, reaching USD 28.04 Billion in 2030.
Software is the leading segment by material, holding over 43% share in terms of value in 2022.
The on-premise segment governs the world’s demand for risk management software, holding a massive share of over 80% in 2022.
The large enterprises segment is expected to post the highest CAGR during the forecast period.
The BFSI segment is expected to post the highest CAGR during the forecast period.
North America is fueling the growth of the risk management software industry, with an over one-third share in 2022.
The top players include INTERNATIONAL BUSINESS MACHINES CORPORATION, LOCKPATH, INC., LOGICMANAGER, INC., MetricStream INC., QUALYS, INC., RSA SECURITY LLC., SAP SE, SAS INSTITUTE INC., and ServiceNow.
Numerous advantages of risk management software, including effective decision-making, reasonable expectations, escalation, and a focus on risk, are the profitable aspects that are the major market drivers.
The loss in awareness, developing economies, and the high costs of software deployment. Developing nations’ lack of robust infrastructure will also hinder market growth rates are the major market restraints
Other factors influencing the market growth include the increasing use of cloud-based security solutions to boost productivity and efficiency, an increase in security and data breaches, and an expansion of major companies’ research and development capacities are the major opportunities in the risk management software industry.