Operational Risk Management Solution Market Report 2024 - Operational Risk Management Market Demand And Size

"The Business Research Company recently released a comprehensive report on the Global Operational Risk Management Solution Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The operational risk management solution market size has grown rapidly in recent years. It will grow from $1.86 billion in 2023 to $2.05 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growing demand for operational risk management solutions, increasing adoption of these solutions by large enterprises, demand to meet operational risks and stringent regulatory requirement.

The operational risk management solution market size is expected to see strong growth in the next few years. It will grow to $2.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to rising instances of cyber attacks in various organizations, rising government compliance with stringent industry regulations, growing incidences creating the need for risk analytics, rise in impact of poor risk management. Major trends in the forecast period include developing technologies driving, new product launches, product upgradations, implementation of hybrid working styles, integration of artificial intelligence in operational risk management.

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Market Drivers and Trends:
Rising instances of cyber attacks are expected to propel the growth of the operational risk management solution market going forward. A cyber attack is a malicious and deliberate attempt to exploit vulnerabilities in computer systems, networks, or digital infrastructure with the intent to compromise, damage, or gain unauthorized access to data or disrupt normal operations. Cyber attacks use operational risk management solutions to proactively identify, assess, and mitigate potential vulnerabilities within an organization's digital infrastructure, aiming to enhance resilience, protect sensitive data, and minimize the impact of cyber threats on operational continuity. For instance, in July 2023, according to the International Business Machines Corporation, a US-based technology company, the total number of cybersecurity vulnerabilities tracked increased from 21,518 in 2021 to 23,964 in 2022, indicating a considerable increase of 11%. Therefore, the rising instances of cyber attacks are driving the operational risk management solution market.

Major companies operating in the operational risk management solution market are focusing on product innovation, such as risk-based monitoring solutions, to enable intelligent decision-making, increase compliance, and enhance study efficacy. The risk-based monitoring solution is a data-driven approach that uses machine learning and AI to remotely monitor study and site risks in clinical trials. For instance, in April 2022, Tata Consultancy Services (TCS), an India-based information technology company, launched TCS ADD suite, a risk-based monitoring solution for clinical trials that enables to transform clinical operational analytics and enhance study quality. The solution uses machine learning and AI to remotely monitor study and site risks and improve study efficacy. It enables biopharmaceutical and contract research organizations (CROs) to identify study and site risks through advanced statistical algorithms and drive intelligent data-driven decisions. The data science-led risk-based monitoring solution precisely predicts outcomes pertaining to site workload and risks, thereby enabling stakeholders to lay out proactive monitoring strategies.

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Major Key Players of the Market:
International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, SAP SE, Fidelity National Information Services Inc., Wolters Kluwer N.V., Genpact Limited, SAS Institute Inc., Verint Systems Inc., Diligent Corporation, NAVEX Global Inc., Sphera Solutions Inc., MetricStream Inc., ACL Services Ltd., Ideagen Plc, Riskonnect inc., MEGA International Srl, Ncontracts LLC, Archer Technologies LLC, Resolver Inc., Origami Risk LLC, LogicManager Inc., Cura Global GRC Solutions Pte Ltd., TENFORCE, Quantivate LLC, SAI Global Pty Limited, ProcessUnity Inc., RiskWatch International LLC

Operational Risk Management Solution Market 2024 Key Insights:
• The Major Key Players of the Market:
International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, SAP SE, Fidelity National Information Services Inc., Wolters Kluwer N.V., Genpact Limited, SAS Institute Inc., Verint Systems Inc., Diligent Corporation, NAVEX Global Inc., Sphera Solutions Inc., MetricStream Inc., ACL Services Ltd., Ideagen Plc, Riskonnect inc., MEGA International Srl, Ncontracts LLC, Archer Technologies LLC, Resolver Inc., Origami Risk LLC, LogicManager Inc., Cura Global GRC Solutions Pte Ltd., TENFORCE, Quantivate LLC, SAI Global Pty Limited, ProcessUnity Inc., RiskWatch International LLC is expected to grow toOperational Risk Management Solution Market 2024 Key Insights:
• Escalating Cyber Threats Drive Demand for Operational Risk Management Solutions In Organization
• Cutting-Edge Risk-Based Monitoring Solution With Advanced AI And Machine Learning Capabilities
• North America was the largest region in the operational risk management solution market in 2023.

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