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Albany, New York, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Negative attention of media to mismanagement of insurance-backed home mortgages and subsequent government regulation primarily brings enterprise risk management to the forefront. It instantly became of utmost importance amongst various enterprises due to the recent global recession. The global enterprise risk management market is likely to grow steadily during the assessment period due to large-scale adoption of enterprise risk management solutions and increased risk of data misuse.
Some of the prominent companies of the global enterprise risk management market are Fidelity National Information Services, Inc., IBM Corporation, SAP SE, Oracle Corporation, and Capgemini.
In a report by Transparency Market Research on global enterprise risk management market, it is projected that the market would expand clocking CAGR of about 5% during the forecast period, from 2019 to 2027. The global enterprise risk management market will reach US$ 5.8 bn through 2027 from US$ 3.9 bn in 2019.
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North America to Remain Dominant Regional Force in the Global Market
The global enterprise risk management market is divided into the regions of North America, Europe, Middle East and Africa, Asia Pacific, and South America.
Regionally, North America accounts for a leading share of the global enterprise risk management market, and is likely to continue with the regional dominance during the appraisal timeframe, trailed by Europe. North America is the hub of Banking, Financial Services, and Insurance (BFSI) domain. BFSI domain is the major contributor of revenue of global enterprise risk management market.
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Furthermore, a large concentration of leading market players such as IBM Corporation, Oracle Corporation is expected to propel market growth during the review period. North America is likely to remain the dominant region in the global enterprise risk management market, with revenues reaching US$ 2.4 bn in 2019.
Increased Adoption of Risk Management Solutions by Banks to Spell Growth of the Market
An American multinational financial and investment banking service provider, JPMorgan Chase incurred loss of billions of dollars due to faulty risk management practices at the time of global recession of 2012. In another instance, the infamous Gulf of Mexico oil spill not only cost British Petroleum billions of dollars in revenue but also long-term depreciation of stock.
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Such reduced and ignored reputational and operational risks have adversely influenced enterprise revenue and performance. In addition to that, unwanted attention of media has generated negative sentiment amongst the people and has drawn attention toward the deregulation and irregularities of large enterprises in all of the industries.
It is important for various industries to have proper enterprise risk management solutions in place. Many organizations, particularly the BFSI domain, cannot bear substantial losses as they employed mechanisms lacking holistic view of enterprise risks. Various industries have finally started realizing that their financial processes are ineffective and have started working on employing effective enterprise risk management solutions to minimize risk and losses.
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However, for various banks, especially multinational ones, investments in enterprise risk management solutions that are driven by technology have become more of a strategy. Banks and other financial institutions are developing their risk operating culture through employment of enterprise risk management solutions.
In 2018, banks held around 55% of the total revenue share of the global enterprise risk management market. It is expected that this trend will keep on growing even stronger during the forecast period. Digital risk management software and services are being offered to the financial institutions and banks to enhance their sales figures.
The information shared in this review is based on a TMR report, bearing the title, “Enterprise Risk Management Market (Component- Hardware, Software, and Services; Institution - Banks, Credit Unions, Specialty Finance, and Thrifts) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025.”
The global enterprise risk management market is segmented based on:
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