Financial Risk Management Software Market Revenue | CAGR of 14.42%

04 Oct 2024

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Table of Content

1. Financial Risk Management Software Market Revenue and Trends 2. Market Overview 3. Growth Factors 4. Top Companies in the Financial Risk Management Software Market 5. Regional Insights 6. Market Potential and Growth Opportunity 7. Financial Risk Management Software Highlights 8. Financial Risk Management Software Market News

Financial Risk Management Software Market Revenue and Trends

The global financial risk management software market revenue surpassed USD 3.27 billion by 2023 and predicted to be worth around USD 12.58 billion by 2033 with a CAGR of 14.42% during the forecast period. The increasing demand for the automation in the streamlining the risk management and predicts the forthcoming challenges in the finance industry is driving the growth of the market.

Market Overview

Financial risk management software is a technology that can analyze and identify the decision-making process for investment purposes. Financial risk management software is widely accepted by several financial institutes for risk mitigation and appropriate decision-making, including investment managers, insurance companies, and the baking sector. There are several types of financial risk management software used by the financial sectors, including treasury and payment management software, that help mitigate risks related to fraud and liquidity. Risk management for investment management software, credit risk management software, fraud detection software, and internal compliance software.

Growth Factors

• The rising population across the world and the increasing economic development in the countries and the per capita income in the population is driving the growth of the financial sector which causes the demand for the risk mitigating solution software that boosts the growth of the financial risk management software market.
• The increasing interventions of the government in the enhancements of the financial security and in the financial sectors and the technological evaluation in the industries and the integration of technologies in the financial institutions accelerate the growth of the market.
• The integration of the artificial intelligence, IoT (internet of things), sensors, machine learning, and other technologies in the several financial institutes such as banks, credit unions, insurance companies, and others which helps in making decision making and real time monitoring in the risk assessment drives the growth of the market.

The increasing demand for real-time risk monitoring in the financial sector is driving the growth of the financial risk management software market

The increasing cases of real-time challenges in the financial sectors such as high volume and velocity of data, complexities of financial instruments, regularity compliances, market volatility, cybersecurity threats, and global and 24/7 operations cause the demand for financial risk management software for addressing the real-time risks associated with the finances that driving the growth market.

On the other hand, the increased costs associated with the installation and maintenance of financial risk management software and the unavailability of skilled professionals are hampering the growth of the market.

Top Companies in the Financial Risk Management Software Market

• Oracle
• Temenos
• Riskconnect
• Experian Information Solution, Inc.
• Ncontracts
• Accenture
• Logicmanager, Inc.
• LogicGate, Inc.
• SAS Institute Inc.
• CompatibL

Recent Innovation by Oracle in the Financial Risk Management Software Market

Recent Innovation by Riskconnect in the Financial Risk Management Software Market

Regional Insights

Asia Pacific is expected to grow at the fastest rate during the forecast period. The growth of the market is attributed to the rising population, and the increasing financial sector is driving the demand for the financial risk management software market. The rising adoption of the technologies in the industries and the financial sectors of the regional countries are adopting advanced risk analytics, which helps in getting core insights into the risk profiles.

North America dominated the financial risk management software market in 2023. The region is known as the early adopter of technologies such as artificial intelligence, machine learning, internet of Things, and others that are fueling the demand for financial risk management software. The rising cases of cyberattacks and data breaches in finance create the demand for flexible software to mitigate, which fuels the growth of the market across the region.

Market Potential and Growth Opportunity

Technological integration in the financial sector

The continuous research and development activities in the technological evaluation in the industries and the financial sector as well. There is a rise in the integration of smart technologies such as artificial intelligence, machine learning, and IoT in financial risk management for faster, easier, and smarter operations. Furthermore, automation plays a significant role in financial risk management for operating complex tasks, including risk assessment, decision-making, and data analysis, which results in the improvement of overall accuracy and efficiency.  Additionally, the rising intervention of the leading players in innovations and the launch of financial risk management software as per the requirements of the organizations are contributing to the growth of the financial risk management software market.

Financial Risk Management Software Highlights

Financial Risk Management Software Market News

• In August 2024, Nitrogen, the organization works on transforming the wealth management firm’s scale and the delivery of personalized advice, announced the launch of the integrated client engagement platform featuring three products, including Nitrogen Planning Center, Nitrogen Risk Center, and Nitrogen Research Center from the wealth tech innovator.
• In October 2023, Synechron, Inc., a leading provider in the digital transformation consulting firm that works on big technology organizations and financial services, launched the RiskTech.AI Accelerators program that suits five solutions that integrate Artificial Intelligence ('AI') or Generative AI ('GenAI') tools for offering Synechron's clients to identify, address, understand, and mitigate critical modern business risks more effectively, and rapidly.

Market Segmentation

By Deployment

• On-Premise
• Cloud

By Enterprise Type

• SMEs
• Large Enterprise

By End-user

• Banks
• Credit Unions
• NBFCs
• Insurance Companies

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