Risk
analytics assist organizations in knowing the certain risk existing in
their businesses. Risk analytics tools help companies to derive risk-aware
decisions and thus improving their business performance. Alongside this, risk
analytics tools improve return on capital and reduces cost involved in
regulatory compliance. With enterprises thriving to reduce the catastrophic
losses, adoption of risk analytics tools have seen an uprising trend in recent
years. Moreover, risk analytics tools help in central clearing of
over-the-counter (OTC) derivatives.
Risk
analytics market is segmented on the basis of component type, enterprise size
and end-use verticals. Based on component type, risk analytics market is
further classified as on the basis of solution type and services. Solution type
segment include risk analytics software suites for regulatory compliance,
governance, risk & compliance, market risk management, trading risk, credit
risk management, liquidity risk management, and others (insurance risk
management and actuarial modeling).
Services segment include various software
services related to the risk analytics software such as systems integration,
risk assessment and maintenance & servicing. In terms of enterprise size,
risk analytics market is further classified as large organizations and small
and medium enterprises. On the basis of end-use verticals, risk analytics
market is categorized as banking, financial services and insurance (BFSI),
manufacturing and retail, telecom and IT, government, energy and utility and
others (transportation, healthcare, etc.).
The
increased market risk due to economic instability and market competitiveness is
one of the key drivers of risk analytics market. In addition to this, strong
regulations and policies such as Basel II/III, Comprehensive Capital Analysis
and Review/ Dodd-Frank Wall Street Reform, Consumer Protection Act (CCAR/DFAST)
and Internal Capital Adequacy Process (ICAAP) is pushing up the demand of risk
analytics software among all the business sizes. However, lack of awareness of
risk analytics tools especially among small and medium enterprises is likely to
result in sluggish growth of risk analytics market. Moreover, high installation
capital required for operation of risk analytics tools is expected to curb the
growth of risk analytics market. Real time risk analytics is likely to witness
strong demand in coming years and hold significant market opportunity for its
vendors.
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On
a global scale, North America is likely to hold significant market share in the
adoption risk analytics market. The developed IT ecosystem and significant
presence of large enterprises are some the prime factors fuelling the growth of
risk analytics market. In near term, Asia Pacific region is likely to witness
strong growth in risk analytics market. The increasing market competitiveness
and currency fluctuations is likely to result in improved demand of risk
analytics tools. In end-use industry verticals, risk analytics market is likely
to draw more revenue share from BFSI sector.
With global economy witnessing
paradigm shift as developing regions performing better than developed economy,
which is resulting in currency fluctuations and involving substantial risk,
BFSI sector is insisting for better risk analytics solution. Furthermore, BFSI
sector often needs to identify claims that are potentially fraudulent using
statistical models, thus requiring correct risk analytics tools.
Some
of the key vendors in risk analytics market are, IBM Corporation, SAP SE, Tata
Consultancy Services Ltd., SAS Institute, Inc., Oracle Corporation, SunGard
Data Systems Inc., Genpact, Accenture PLC, Intellect Design Arena Limited,
OpenGamma Limited, Numerix LLC, ACL Services, Riskdata S. A..
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