According to a new report by Expert Market Research titled, “Global Enterprise Risk Management Market Share, Size, Report and Forecast 2024-2032″, the global enterprise risk management market size is projected to grow at a CAGR of 5.3% between 2024 and 2032. Aided by the expanding complexity of the business landscape and an escalating need for organisations to mitigate risks associated with their operations, the market is expected to grow significantly by 2032.
Enterprise Risk Management is a comprehensive framework that allows businesses to identify, evaluate, and prioritise potential risks. The aim of ERM is to provide strategic solutions, ensuring that the organisations are well-prepared to tackle any uncertainties, thus protecting their assets and reputation. ERM integrates risk management across all units of an organisation, enabling better decision-making and optimal resource allocation.
As per the enterprise risk management market analysis, the growing complexities of modern businesses, coupled with the uncertainties in the global market, have made risk management an indispensable part of strategic planning. The increasing frequency of cybersecurity threats, data breaches, operational risks, and compliance challenges have driven companies to invest more in ERM solutions.
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The swift digital transformation across sectors is another critical factor bolstering the enterprise risk management market growth. As businesses embrace the digital realm, they are exposed to a plethora of risks, from IT disruptions to data privacy concerns. ERM solutions, with their comprehensive approach, provide companies with the necessary tools and strategies to manage these digital risks effectively.
Additionally, regulatory bodies worldwide are emphasising the importance of risk management, with guidelines and standards being put in place. This regulatory push compels businesses to adopt ERM solutions, ensuring compliance and safeguarding against potential financial losses and further propelling the enterprise risk management market demand.
Financial institutions have been at the forefront of the adoption of ERM solutions. Given the volatile nature of financial markets and the vast array of financial products available, these institutions are perpetually exposed to credit risks, market risks, operational risks, and liquidity risks. ERM platforms offer them a holistic view of these risks, aiding in better decision-making and strategy formulation.
Furthermore, the advent of advanced technologies like AI, machine learning, and big data analytics is one of the crucial enterprise risk management market trends that is making ERM solutions more sophisticated by providing deeper insights and predictive analytics.
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Market Segmentation
The market can be divided based on component, institution, and region.
Market Breakup by Component
• Hardware
• Software
• Services
Market Breakup by Institution
• Banks
• Credit Unions
• Specialty Finance
• Thrifts
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global enterprise risk management market. Some of the major players explored in the report by Expert Market Research are as follows:
• SAI Global Pty Limited
• Capgemini SE
• Dell Inc.
• International Business Machines Corporation
• Infosys Limited
• LogicManager, Inc.
• Fidelity National Information Services, Inc.
• Others
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