LONDON, Sept. 22, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the risk analytics market, the increasing use of large amounts of structured and unstructured data will propel the growth of the risk analytics market. Structured data refers to information that is usually stored in a relational database and can be easily mapped into designated fields. Unstructured data is information that is not organized according to a pre-determined data model or schema and hence cannot be kept in a standard relational database. Unstructured data accounts for 80 to 90% of the data generated and gathered by businesses, and its volume is continuously increasing faster than that of structured databases. Businesses are increasingly using these large amounts of structured and unstructured data for predictive analysis, risk analysis, forecasting, and other purposes. This increasing usage will create demand for risk analytics as well, as risk analytics uses large amounts of structured and unstructured data to predict the risk with a large degree of accuracy. For instance, according to a report by an American data storage company, Seagate Technology PLC, global data will increase by 61% to 175 zettabytes (ZB) by 2025 from 33 ZB in 2018. 90 ZB of data will be created on IoT devices by 2025. By 2025, close to 30% of the data created will be consumed in real-time. It indicates that there is a huge amount of data that needs to be stored, handled, and used/analyzed. Therefore, the rising usage of a large amount of structured and unstructured data will drive the risk analytics market.
The global risk analytics market size is expected to grow from $26.67 billion in 2021 to $30.21 billion in 2022 at a compound annual growth rate (CAGR) of 13.28%. The global risk analytics market share is expected to reach $50.96 billion in 2026 at a compound annual growth rate (CAGR) of 13.96%.
Technological advancement is among the popular trends in risk analytics market. Artificial intelligence (AI) and machine learning (ML) technologies are used in risk analytics to analyze massive amounts of data, minimize errors, remove bias, and suggest areas where risk managers should focus more. Companies are utilizing AI to improve their knowledge of risk portfolios and produce optimal results. AI-based risk analytics software is easy to use and offers accurate results. For instance, in March 2022, NICE Actimize, a US-based software company, introduced its advanced, innovative solution, X-Sight Entity Risk SaaS solution, that will produce a single risk score, enabling a financial institution to get a better understanding of its clients across the organization. X-Sight Entity Risk, powered by artificial intelligence, entity resolution, machine learning, and network analytics, enhances the efficacy of advanced anti-money laundering, enterprise fraud prevention, and other financial services applications.
Major players in the risk analytics market are IBM, Oracle, SAP, SAS Institute, FIS, Moody’s Corporation, Verisk Analytics Inc., AxiomSL Inc., Gurucul, Provenir, Risk Edge Solutions, BRIDGEi2i Analytics Solutions, Recorded Future Inc., DataFactZ, Digital Fineprint, and Eurorisk Systems Ltd.
The global risk analytics market is segmented by risk type application into financial risks, operational risks, compliance risks, strategic risks, others; by component into solution, services; by organization size into large enterprises, small and medium-sized enterprises (SMES); by deployment mode into on-premises, cloud; by vertical into BFSI, manufacturing, transportation, retail, IT and telecommunication, healthcare, government.
North America was the largest region in the risk analytics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global risk analytics industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Risk Analytics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide risk analytics market overviews, risk analytics market analyze and forecast market size and growth for the whole market, risk analytics market segments and geographies, risk analytics market trends, risk analytics market drivers, risk analytics market restraints, risk analytics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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