New York, Global Operational Risk Management Solution Market was valued at US$ 1.7 billion in 2021 and it is anticipated to grow up to US$ 3.6 billion by 2031, at a CAGR of 8.1% during the forecast period.
The global operational risk management solution market report from Global Insight Services is the single authoritative source of intelligence on Operational Risk Management Solution Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Operational risk management solutions enable an organization to develop and implement strategies to effectively manage the risk of loss resulting from inadequate or failed internal processes and systems. Operational risk management solutions are the new differentiator. Digitally transforming and integrating operational risk management (ORM) strategies, processes & tools provide plant leaders with intelligence to navigate risks, maintain governance & controls, and drive continuous performance improvements. Additionally, ORM software solution helps create an automated, repeatable risk assessment system that mitigates human error factors or external events.
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Market Drivers and Trends
Over the past few years, the financial sector has emerged and grown rapidly. For instance, according to the article published by the Milan Fintech Summit, the number of global fintech startups tripled in the past 2 years, increasing from over 12,200 in 2019 to 26,000 in 2021. Also, due to the continuous technological changes and innovation, new risks are constantly emerging in the fintech companies, such as merchant risk, fraud risk, regulatory risk, countering terrorist financing & anti-money laundering, credit risk, data privacy, consumer risks, and outsourcing risk. All these risks can be effectively handled with the help of operational risk management solutions. The increase in the new fintech companies has also increased the risks and challenges, which must be appropriately addressed as they may represent themselves in several types
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Global Operational Risk Management Solution Market Segmental Overview
The report analyses the global operational risk management solution market based on deployment type, enterprise size, and region.
Global Operational Risk Management Solution Market by Deployment Type
Based on deployment type, it is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to have the largest operational risk management solution market share in 2021. Over the years, the demand for cloud-based systems is expected to grow substantially due to the cloud-based operational risk management solution offering enhanced flexibility, scalability, and security to its users. Further, it allows the end users to receive automatic software updates without additional capital expenditures, improving technology competitiveness. Due to these factors mentioned above, the cloud-based operational risk management solution is expected to receive the main market attraction resulting in market growth.
Global Operational Risk Management Solution Market by Enterprise Size
Based on enterprise size, it is bifurcated into large enterprises and SMEs. The large enterprises segment is expected to be the largest segment in the operational risk management solution market in 2021. Due to the increasing expansion of large banks globally is supporting the market growth. Further, in August 2019, according to the article published by the Zinnov, Large enterprises form the backbone of the Indian economy and contribute revenues equivalent to as much as 40% of the country’s gross domestic product (GDP). Thus, large enterprises segment is likely to hold the major share of the market in 2021.
Geographical Analysis of Global Operational Risk Management Solution Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. North America has the presence of several prominent ORM market players, delivering advanced solutions to all the industry verticals in the regions. Apart from this factor, the geographical presence, partnerships, strategic investments, and significant research & development activities contribute to the hefty deployments of effective solutions. Such factors are expected to fuel the growth of the operational risk management solution market in North America. This, in turn, boosts the demand for operational risk management solutions in the North American region.
Major Players in the Global Operational Risk Management Solution Market
The key players studied in the global operational risk management solution market are Corporater AS (Norway), Cura Global GRC Solutions PTE LTD (Singapore), MasterControl Inc. (US), MetricStream, Inc. (US), Northern Trust Corporation (US), RSA Security LLC (US), SAP SE (Germany), Shell (UK), Sphera Solutions, Inc. (US), and TenForce (Belgium).
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