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RNA Analysis Market Size to Hit USD 34.37 Bn by 2032 with CAGR of 14% | Market.us Research

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New York, April 28, 2023 (GLOBE NEWSWIRE) — Market.us predicts that the RNA Analysis Market will achieve a registered compound annual growth rate (CAGR) of 14% from 2023 to 2032, resulting in a market size exceeding USD 34.37 billion by 2032, up from USD 9.58 billion in 2022.

Transcriptomics is one of the most advanced fields in post-genomic science. Its rapid advancement can be attributed to its increasing applications in life science for capturing polyadenylated RNA. With the development of next-generation high throughput sequencing technology, transcriptome analysis is making strides toward providing a greater understanding of how RNA-based genes are regulated. 

RNA analysis market
In July 2021, a Lithuanian team is developing a droplet-based technique for simultaneous mRNA and microRNA capture and sequencing within one cell. The growing need to analyze a large number of genes in order to better comprehend gene-drug interactions is anticipated to further drive the use of transcriptomics technologies for discovery applications and drug development. For instance, transcriptome profiles of COVID-19 patients have been analyzed to better comprehend their disease prognosis and management. Furthermore, rising demand for personalized medicines is expected to fuel industry growth over the forecast period.

In April 2020, Caris Life Sciences announced the submission of Pre-Market Approval applications for MI Transcriptome CDx to the USFDA. This precision medicine assay includes important companion diagnostic biomarkers; however, data management in transcriptomic research and the lack of effective bioinformatics tools remain major obstacles in this industry.

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Key Takeaway:

  • By the product type’s analysis, the kits and reagent segment with 57% market share.
  • By technology analysis, Real Time-PCR (qPCR) Technology segment dominates the market with a 44% market share.
  • By Application Analysis, the clinical diagnostics segment dominates the market with a 37% market share.
  • By End-User analysis, Government Institutes & Academic Centres segment dominates the market 35% market share.
  • In 2022, North America dominated the market with the highest revenue share of 41%.
  • APAC is expected to grow at a greater pace owing to affordable prices, increasing medical tourism, as well as hospitals and clinics, among other factors.

Factors affecting the growth of the RNA analysis market

  • Advances in Technology: One of the primary drivers of growth within the RNA analysis industry has been advances in technology such as next-generation sequencing (NGS) and single-cell sequencing. These tools make it possible to analyze RNA more precisely than ever before, providing researchers with new insights into disease mechanisms and drug development.
  • Personalized Medicine Is on the Rise: As personalized medicine becomes more widespread, so too does the demand for RNA analysis. RNA analysis provides valuable information about a patient’s genetic makeup, enabling doctors to customize treatments according to their individual needs.
  • Precision Medicine: Precision medicine strives to deliver tailored therapies to patients based on their genetic makeup. RNA analysis can provide essential data about gene expression patterns, which could identify potential drug targets and biomarkers for disease.
  • Increased Cancer Prevalence: Cancer is one of the leading causes of death worldwide, and its incidence is rising. RNA analysis is becoming an integral tool in cancer research, providing researchers with insights into biomarkers, developing new therapies, and monitoring treatment effectiveness.
  • Investment in Research and Development: The RNA analysis industry has seen significant investment in research and development over the last several years, leading to the development of new technologies, products, and services. This investment has fostered innovation and growth within the sector.

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Top Market Trends of RNA Analysis Market

RNA-based therapeutics are an increasingly popular trend in the RNA market. Recent advances in delivery technology, such as nanoparticle-based delivery systems, are fueling research into new RNA drugs that can target specific tissues and cells. RNA sequencing is a rapidly expanding trend in the RNA market. As more data becomes available from this process, companies that offer RNA sequencing services and related bioinformatics tools will see increased opportunities. Personalized medicine, which involves tailoring medical treatments to each patient based on their genetic makeup, is an emerging trend in the RNA market. RNA-based diagnostics and therapeutics can play a significant role in personalized medicine by enabling treatments tailored to each patient’s genetic profile. Gene editing technologies such as CRISPR-Cas9 are increasingly being employed in the RNA market to manipulate and alter RNA molecules. This presents opportunities for developing novel RNA-based therapeutics and diagnostics. Investments in RNA research are on the rise across governments, academic institutions, and private companies alike. This has created opportunities for collaboration and the development of new RNA-based products and technologies.

Market Growth

  • Increased Demand: As more people show interest in a particular product or service, demand will increase, propelling the market growth.
  • Technological Advancements: Technological innovations can open up new prospects for growth by allowing the creation of innovative products and services or improving existing ones.
  • Economic Conditions: Positive economic conditions such as low unemployment and growing consumer confidence can spur higher spending by consumers, ultimately stimulating market growth.
  • Regulatory Shifts: Regulators can alter and create new growth opportunities by expanding markets or lowering entry barriers.
  • Demographic Changes: Demographic changes such as aging, urbanization, and immigration can create new demands for products and services, stimulating market growth.
  • Competitive Landscape: As competition intensifies, companies may need to innovate and enhance their products or services to remain competitive, spurring market expansion.

Regional Analysis

Regional Analysis reveals that North America dominates the market with a 41% share. This growth can be attributed to the rapid development of structure-based drug designs, increased emphasis on transcriptomics research, and high investments in biopharmaceutical R&D. Additionally, rising investment in pharmaceutical research and drug development is fuelling the revenue growth of companies throughout this region. Asia Pacific, however, is expected to experience the fastest compound annual growth rate during the forecast period. Governments and enterprises in Asia Pacific countries are investing significantly more in biotechnology research, spurring research growth. The Japanese government and non-profit organizations have actively promoted biotechnology research in Japan, providing financial support for projects related to medicine and life sciences. This has encouraged scientists to investigate transcriptomics as a potential growth path. Furthermore, the growing attention paid to APAC countries due to their cost-effective manufacturing service is expected to present growth opportunities for manufacturers. Furthermore, strategic activities like partnerships will further promote this region’s development. In January 2020, Genetron Holdings Ltd. inked a partnership agreement with Thermo Fisher Scientific that will expand precision cancer monitoring and diagnosis within China’s public hospitals.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 9.58 billion
Market Size (2032) USD 34.37 billion
CAGR (from 2023 to 2032) 14%
North America Revenue Share 41%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

  • The Demand for RNA-based Therapeutics is on the Rise: These drugs are increasingly being used to combat diseases like cancer, genetic disorders, and infectious illnesses. The development of new RNA drugs is fuelling this growth in the RNA market.
  • Advancements in RNA Sequencing Technologies: As RNA sequencing technologies advance rapidly, they generate vast amounts of RNA data. This has created a need for products and services that can handle and analyze this information, ultimately driving growth within the RNA market.
  • Government Funding of RNA Research: Governments around the world are investing in RNA research, leading to the development of new technologies and products in this market.
  • Collaboration between Academic and Industry Players: Academic and industry players are increasingly joining forces to develop novel RNA-based products and technologies, which are fuelling the growth of the RNA market by speeding up innovation and improving product quality.
  • Growing Demand for Personalized Medicine: RNA-based products and technologies are increasingly being employed in personalized medicine, which involves tailoring medical treatments to individual patients based on their genetic makeup. This has driven the growth of the RNA market by stimulating demand for RNA-based diagnostics and therapeutics.

Market Restraints

  • High Development Costs: Researching and developing RNA-based therapeutics and technologies can be costly, and clinical trials often have high failure rates. This may limit the development of new products and technologies within the RNA market.
  • Regulatory Challenges: RNA-based therapeutics and technologies require regulatory approval, which can be a lengthy and complex process. The regulatory obstacles and compliance demands may impede the development and commercialization of RNA products.
  • Limited Understanding of RNA Biology: While RNA research has made great strides in recent years, much remains to be discovered about its structure and function. This could hinder the development of innovative RNA-based products and technologies.
  • Competing Technologies: RNA-based therapeutics and technologies are facing competition from other technologies such as gene therapy, small molecules, and antibodies. This may restrict the growth of the RNA market by decreasing demand for RNA-based products and services.
  • Intellectual Property Challenges: As RNA research develops rapidly, there are challenges associated with protecting intellectual property. This could obstruct the creation of new RNA-based products and technologies by decreasing incentives for companies and researchers to invest in this area.

Market Opportunities

  • Development of New RNA-Based Therapeutics: Recent advances in RNA delivery technology, such as nanoparticle-based delivery systems, offer an exciting prospect for the market. By improving the efficiency and specificity of these therapies, researchers hope to discover treatments for many diseases with RNA.
  • Expansion of RNA Sequencing Services: The expansion of RNA sequencing services represents an exciting prospect in the RNA market. With increased access to sequencing data, demand is growing for services that can effectively handle and analyze it, creating opportunities for companies providing these services as well as related bioinformatics tools.
  • Personalized Medicine: Personalized medicine, which involves tailoring medical treatments to individuals based on their genetic makeup, presents an exciting opportunity in the RNA market. RNA-based diagnostics and therapeutics can play a pivotal role in personalized medicine by enabling treatments tailored to each patient’s genetic profile.
  • Investment Opportunities in RNA Research: Investments in RNA research offer an exciting prospect for the market. Governments, academic institutions, and private companies alike are investing in this area, creating numerous chances for collaboration and the development of new RNA-based products and technologies.
  • Integration of AI and Machine Learning: The convergence of artificial intelligence (AI) and machine learning presents a major opportunity in the RNA market. Combining their respective strengths, these technologies can be employed to analyze vast amounts of RNA sequencing data, leading to new therapeutic targets based on RNA as well as more precise treatments that utilize fewer resources.

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Report Segmentation of the RNA Analysis Market

Product Type Insight

The kits and reagent segment holds a 57% market share. This segment includes various reagents and kits used for RNA analysis, such as RNA isolation kits, RNA amplification kits, and sequencing kits. The demand for these reagents and kits is expected to grow rapidly due to the rising demand for RNA sequencing and transcriptome analysis. Companies such as Qiagen N.V., Bio-Rad Laboratories Inc., and New England Biolabs Inc. are some of the prominent players in this space. This segment encompasses various instruments used for RNA analysis like PCR instruments, microarrays, sequencers, and more. The instruments segment dominates the market due to rising demand for advanced technologies in RNA analysis and an expanding adoption of next-generation sequencing (NGS) technologies. Companies such as Illumina Inc., Thermo Fisher Scientific Inc., and Pacific Biosciences of California Inc. are key players in this sector which offers various reagents and kits for RNA analysis like RNA isolation kits, RNA amplification kits, and sequencing kits. The reagents and kits segment is expected to witness significant growth due to rising demand for RNA sequencing and transcriptome analysis. Companies like Qiagen N.V., Bio-Rad Laboratories Inc., and New England Biolabs Inc. are some of the key players in this space. This market encompasses various RNA analysis services such as sequencing, gene expression analysis, and transcriptome analysis. This space is expected to grow rapidly due to the increasing outsourcing of these types of tasks by biotech and pharmaceutical companies. Companies like Eurofins Scientific SE, GenScript Biotech Corporation, and BGI Group are some of the key players in this space.

Technology analysis

Technology analysis reveals that Real Time-PCR (qPCR) Technology commands the majority share of the market with 44% share. This high share was due to the widespread adoption of PCR for COVID-19 diagnostic purposes around the globe. QPCR is an ideal and sensitive method for probing small numbers of transcripts across a wide range of samples, providing high sensitivity detection of SARS-CoV-2, evaluation of viral RNA in various clinical samples, identification of mutations associated with SARS-CoV-2, as well as evaluation of anti-SARS drugs. Thus, the COVID-19 pandemic served as a stimulus for industry growth. Furthermore, quantitative Real-Time PCR is employed to conduct a comparative analysis between transcriptomes from the host and viral samples. Sequencing is expected to see a huge surge in the coming years due to improvements in next-generation and SMRT sequencing technology, as well as several companies providing single-cell RNA sequencing services and the rise of bioinformatics algorithms.

Application Insight

By Application Analysis, The Clinical Diagnostics Segment Dominates The Market With a 37% Market Share. RNA analysis is increasingly being employed in clinical diagnostics to aid diagnosis and prognosis for various diseases. The clinical diagnostics market is expected to expand rapidly due to the rising demand for personalized medicine and the rising adoption of RNA-based diagnostic tools. Companies such as Roche Diagnostics, Thermo Fisher Scientific Inc., and Qiagen N.V. are some of the key players in clinical diagnostics. RNA analysis plays a pivotal role in drug discovery, from target identification and validation to lead optimization and pharmacodynamics and pharmacokinetic studies. The drug discovery segment is projected to grow at an impressive rate due to the increasing demand for novel and effective therapeutics. Companies such as Gilead Sciences Inc., Novartis International AG, and Pfizer Inc. are some of the key players within this space. RNA analysis is widely employed in toxic genomics for the identification of genes related to toxicology and the construction of predictive toxicity models. The toxic genomics segment is expected to experience rapid growth due to rising demand for toxicity testing and the development of safer drugs and chemicals. Competitive transcriptomics is an increasingly popular application of RNA analysis that involves the comparison of gene expression profiles across various organisms or conditions. The competitive transcriptomics segment is expected to experience rapid growth due to rising demand for comparative genomics and the identification of evolutionary and ecological factors. Companies such as Illumina Inc., Pacific Biosciences of California Inc., and Oxford Nanopore Technologies Ltd. are some of the key players in this space.

End User Insight

By End-User analysis, Government Institutes & Academic Centres segment dominates the market 35% market share. The adoption rate of high throughput technologies for RNA analysis by government institutes and academic centers is driving the segment growth. Transcriptomics applications in drug discovery are fuelling demand across pharmaceutical, biotechnological, pharmaceutical, and clinical diagnostic industries alike. Furthermore, research in drug discovery contributes to market size just like clinical diagnostics research does; for instance, TORNADO-seq was developed in April 2021 – an RNA sequencing-based platform to monitor gene expression for studying cell phenotypes in organoids.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/rna-analysis-market/request-sample/

Market Segmentation

Based on Product Type

  • Kits & Reagents
  • Instruments
  • Services

Based on Technology

  • Real Time-PCR (qPCR) Technology
  • Sequencing Technology
  • Microarray Technology
  • Other Technologies

Based on Application

  • Clinical Diagnostics
  • Drug Discovery
  • Toxic genomics
  • Competitive Transcriptomics

Based on End-User

  • Government Institutes & Academic Centres
  • Pharmaceutical & Biotechnology Companies
  • Contract Research Organizations (CROs)
  • Hospitals & Clinics
  • Other End-Users

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

The industry is highly fragmented, featuring numerous small, mid, and large players that compete by adopting organic growth strategies such as product development and regional expansion to expand their market presence. For instance, in May 2021 Bio-Rad Laboratories Inc. released the SEQuoia RiboDepletion Kit for next-generation (NGS) sequencing which can improve assessment efficiency by eliminating irrelevant rRNA fragments from RNA sequencing libraries. Some key players in the global RNA analysis market include some of the major players include:

  • Agilent Technologies, Inc.
  • Hoffmann-La Roche AG
  • Illumina, Inc.
  • QIAGEN
  • Thermo Fisher Scientific, Inc.
  • Eurofins Scientific
  • Merck KGaA
  • Bio-Rad Laboratories, Inc.
  • Pacific Bioscience of California, Inc.
  • Affymetrix, Inc.
  • Danaher Corp.
  • Promega
  • Other Key players

Recent Development of the RNA Analysis Market

  • June 2022: Bio-Rad Laboratories introduced their SEQuoia Express Stranded RNA Library Prep Kit, offering biopharmaceuticals and analysis scientists an easy-to-use solution for creating robust libraries to facilitate efficient RNA-Seq workflows for comprehensive transcriptome profiling. Furthermore, this kit offers cost efficiency and automation compatibility – two essential qualities in today’s library era.
  • Mar-2022: Illumina released TruSight Oncology Comprehensive, a single test that evaluates multiple tumor genes. This kit encompasses mutations as well as current and emerging biomarkers linked to European Society for Medical Oncology guidelines, clinical trials, and drug labels in order to maximize the chances of discovering actionable data from each patient’s biopsy.
  • December 2021: Eurofins Technologies released the GSD Nova Type Detect + Select K417N SARS-CoV-2 test kit as an efficient and cost-effective method to verify Omicron variants before specimens undergo whole genome sequencing. This new kit promises an accurate solution for this task.

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Aurionpro Solutions acquires Arya.ai, to power next generation Enterprise AI platforms for Financial Institutions

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SINGAPORE, April 20, 2024 /PRNewswire/ — Aurionpro Solutions Limited (BSE: 532668) (NSE: AURIONPRO) announces the acquisition of Banking and Insurance focused PaaS startup, Arya.ai. With Arya.ai, Aurionpro will enhance its portfolio of enterprise fintech offerings to expedite adoption of AI that is responsible, accurate, and auditable.

 
 
Aurionpro Solutions Ltd. will acquire a majority stake (67%) in Arya.ai. This acquisition will bring products and expertise in Artificial Intelligence, Deep Learning, Intelligent Automation, PaaS, Autonomous AI Platforms, and more, to complement and strengthen Aurionpro’s industry leading portfolio.
The transaction comprises acquisition of shares held by the existing shareholders and subscription of new equity capital in the company. This will be an all-cash deal. The aggregate investment including  secondary acquisition and fund infusion is approximately 16.5 MN USD.
By integrating Arya.ai’s cutting-edge AI cloud platform, with Aurionpro’s comprehensive suite of offerings, the company will create an industry leading Enterprise AI platform focused on creating value for financial institutions globally. 
Commenting on the acquisition, Ashish Rai, CEO of Aurionpro Solutions, stated, “The acquisition of Arya.ai marries Aurionpro’s portfolio of industry leading enterprise software with one of the most mature Enterprise AI platforms focused on Banks and Insurers. We are incredibly excited about working with Arya.ai and our wider ecosystem partners to build out the leading Enterprise AI platform, for the financial industry worldwide.”
“Our decade long experience in building tools/platform for deep learning helped us to build a truly verticalized AI Operating System for Banking and Insurance.” Says Vinay Kumar CEO/Founder of Arya.ai. “Together with Aurionpro, we are going to build a new generation of Enterprise AI software for Banks and Insurers that truly embeds AI, augmenting a task or Autonomous Agents that can take over entire transactions”. 
Founded in 2013 by Vinay Kumar and Deekshith Marla, Arya.ai has been one of the first ‘AI’ startups to use Deep Learning and deploy in enterprises. Arya.ai’s BFSI PaaS offerings include Arya API with 80+ ML models, Libra for fine-tuning SOTA ML models, and AryaXAI for AI governance.
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Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.

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NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform.  QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.

 
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR  HUD screen, when having some down time. 
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.

The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™.  Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
 
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies.  GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance.  Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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