According to our latest market study on "Operational Risk Management Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Deployment, Enterprise Size, and Geography" the operational risk management solution market is projected to reach US$ 3098.0 million by 2028 from US$ 1656.4 million in 2021; it is expected to grow at a CAGR of 9.4% from 2021 to 2028.
Over the past few years, there has been a considerable rise in the number of Fintech companies worldwide, with the total number of global fintech startups tripling from 12,200 in 2019 to 26,000 in 2021. However, as these companies continue to innovate and introduce new technologies, they are also exposed to a range of risks such as fraud, regulatory compliance, data privacy, and credit risks. To effectively manage these risks, many Fintech companies are turning to operational risk management solutions, which are driving the growth of this market. Notably, the emergence of new Fintech companies has also increased the number of risks and challenges, which must be adequately addressed to avoid any negative impacts. While several companies, including MetricStream, CURA Software Solutions, CAREWeb, and SAP SE, provide operational risk management solutions for Fintech companies, many financial institutions and regulators are also taking steps to improve their risk management capabilities. For example, HDFC Bank recently adopted Bloomberg's multi-asset risk management system, while the Reserve Bank of India (RBI) has directed non-banking financial companies (NBFCs) and urban cooperative banks (UCBs) to implement a risk-based internal audit (RBIA) system. Overall, the increasing adoption of operational risk management solutions in Fintech companies is driven by the numerous benefits they offer, and this trend is likely to continue to support the growth of the operational risk management solution market.
The COVID-19 pandemic in 2020 led to a significant increase in the operational risk management solution market, as companies worldwide had to shift to remote work to ensure their employees' safety. This resulted in a surge in the use of third-party networks, digital platforms, and personal computing devices, which increased the risk of cyberattacks and other malware. The heightened digital traffic also presented opportunities for online fraud, phishing attacks, denial of inventory, and ransomware attacks. The Global DNS Threat report-2021 revealed that approximately 79% of organizations worldwide experienced domain name system (DNS) attacks in 2020, with DNS phishing, DNS malware, and distributed denial of service (DDoS) attacks being the most prevalent. Other types of DNS attacks included DNS hijacking/credential attacks, DNS tunneling, zero-day vulnerabilities, and cloud instance misconfiguration abuse. Consequently, enterprises are now turning to advanced operational risk management solutions to detect and manage any abnormal behavior in their networks, given the increased risks of cybercrimes.
Key Findings of Study:
The global operational risk management solution market is divided into two main categories based on deployment type: cloud and on-premises. Additionally, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises based on enterprise size. The market is also categorized into different regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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