Wellesley, Mass, Feb. 16, 2017 (GLOBE NEWSWIRE) -- As technology continues to evolve, the trend in enterprise risk management (ERM) is toward greater efficiency and monitoring risk at the enterprise level. BCC Research reveals in its new report that the market for ERM technologies has transformed from a tactical focus to meet regulatory compliances to a more strategic approach on enterprise-wide risk management.
The global risk management market should reach $17.1 billion by 2021 from $11.0 billion in 2016 at a five-year compound annual growth rate (CAGR) of 9.2%. The stand-alone solutions market should reach $4.5 billion and $5.0 billion in 2016 and 2021, respectively, demonstrating a five-year CAGR of 2.5%. Integrated risk management, the fastest-growing technology type with a five-year CAGR of 14.8%, should reach $5.7 billion by 2021, up from $2.9 billion in 2016. Advanced analytics and reporting is expected to reach nearly $6.4 billion by 2021, growing at a CAGR of 11.5%.
With the introduction of risk management into the corporate world, companies can devise strategies and make high impact, complex decisions that involve multiple objectives and uncertainty. Factors such as economic slowdown, regulatory changes, rising competition, disruptive technologies, unavailability of capital, fraud, cyber threats, natural calamities, drop in oil prices and market volatility have driven organizations toward implementation of ERM programs. Enterprise risk management enables organizations to have a robust and comprehensive enterprise-wide view of potential events that are likely to negatively impact their ability to achieve their business objectives.
Because risk grows in proportion to organizational growth, demand is high for relevant and timely information. Risk managers are tasked with delivering low cost, high value risk management services; technology can enhance their effectiveness and productivity. Enterprise risk management calls for consistency that can only be delivered through the right technological solutions. Moreover, organizations are seeking advanced risk management technology-based solutions in order to address their need for a real-time and reliable risk management program to predict future risks.
"The pursuit of achieving a sustainable responsive risk management and governance has boosted the demand for real-time reporting and identification of risk early on," says BCC Research analyst Yash Singh. "Dynamic and real-time alerts are replacing the traditional audit-based snapshot approach to operational risk management. Workflow automation is vital to creating sustainable integrated warning systems that can deliver early risk signs in a comprehensive manner."
Technologies for Assessing Risk Management: Global Markets (IFT133A) analyzes factors such as economic slowdown, regulatory changes, rising competition, disruptive technologies, capital unavailability, fraud, cyber threat, natural calamities, oil prices, and market volatility. The report also examines the influences of mobile technology, cloud computing, social media, (e.g., social media data and/ or analytics), artificial intelligence, and real-time and high-performance computing. Global market drivers and trends, with data from 2015 and 2016, and CAGR projections through 2021 also are provided.
About BCC Research BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com . Follow BCC Research on Twitter at @BCCResearch .
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
