The global risk analytics market is expected to witness significant market traction, and is projected to reach USD 35.92 billion by 2022, by growing at a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period of 2017–2022. The volatility of global credit market has certainly raised urgency among the financial conglomerates to develop and design systems that would be accountable to evaluate exact and reliable credit risk exposures. An internal risk scoring methodology helps financial institutions to categorize the risk appropriately, and facilitates risk reduction while maintaining a focus on core business functions.
The reporting and Online Analytical Processing (OLAP) software allows enterprises to explore all dimensions of data, harness the capability of risk measurement, and comprehend the results using dashboards and reports. The global risk analytics market is expected to gain unprecedented traction, owing to stringent government rules and regulations related to enterprise risks management across various industries.
The risk analytics market is expected to be a lucrative market in the future with an increasing demand for risk prediction and its benefits in making in quick strategic business decisions. Increasing interest in on-demand services, intensifying market competition, and globalization are expected to be major growth opportunities for the risk analytics market. However, the high initial cost associated in deploying the risk analytics solution is anticipated to be a major restraining factor for the market growth.
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A significant increase in demand has been observed for risk analytics solutions and services. They are extensively implemented in diverse industry verticals, including data-centric industry verticals such as Banking, Financial Services, and Insurance (BFSI), healthcare and life sciences, government and defense, and manufacturing. The customer-focused industry verticals using risk analytics solutions such as retail and consumer goods, travel and hospitality, and transportation and logistics, are realizing the benefits.
On-premises deployment of risk analytics solutions is expected to hold the largest market size during the forecast period. This is mainly owing to data security issues within data sensitive enterprises in BFSI and healthcare and life sciences verticals, as data is the most valuable asset for them.
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