The Global Risk Analytics market is expected to grow from $7.13 billion in 2015 to $15.05 billion by the end of 2020 at a CAGR of 13.26%.
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The Global Risk Analytics market is valued at USD 8.08 billion in 2016 and is expected to reach a value of USD 17.06 billion by the end of 2022, growing at a projected CAGR of 13.26% during the forecast period of 2017 – 2022. Increasing competition and uncertain economic conditions has led to increased adoption of risk analytics solutions which helps organizations which are trying to expand their operations or launch new products by estimating the potential, giving insights into the different business scenarios.
North America and the APAC region are expected to lead the market with increasing investments in the manufacturing and service industries. Advances in Risk Analytics techniques have made it possible to measure, quantify and predict risk with more certainty than ever before.
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Emphasis is shifting from intuition based risk analytics to quantifiable data based analysis. With the increasing scale of businesses worldwide, intuition based decisions make it an unviable option for enterprise level businesses no matter how sound the executive making the decisions are.
This is where analytics comes into the picture with advanced tools to identify and understand risk with great clarity. In this fast paced and highly volatile market conditions, the advent of real time risk analytics and on-demand analytics has enabled early detection and mitigation mechanisms to prevent jeopardizing of cash flows, serving as an opportunity.
With the increasing amounts of data being generated and utilized by companies in the form of structured databases and unstructured data from sources like Social media and blogs, there is an immediate need to streamline this data and leverage it in the decision making process.
The increasing application in sensitive sectors like Banking, Finance and Insurance is driving the market ahead. Evolution of big data, uncertain economic conditions and increasing competitive pressure are further driving the market.
Lack of skilled personnel for operating on the risk analytics software and high costs of investments thump a toll on the demand of this particular market
The report focuses on the various applications of Risk Analytics Solutions like Fraud detection and analysis, Credit risk management, liquidity risk analysis and Product Portfolio management while providing a detailed analysis of the application across various fields like Healthcare, BFSI, Government services, Manufacturing and Telecommunication.
The market in the report has also been segmented and explained based on the kind of services it provides such as information extraction, analytical engines, score card generation, data visualization, risk reporting, compliance and more.
Read more details of the report at: Global Risk Analytics Market (2017-2022)
Some of the major players mentioned in the report are IBM, Oracle and SAS among others.
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