DUBLIN, March 22, 2022 (GLOBE NEWSWIRE) — The Operational Risk Management Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Deployment and Enterprise Size report has been added ResearchAndMarkets.com Offer.
The global operational risk management solutions market size is expected to grow from US$1,656.4 million in 2021 to US$3,098.0 million in 2028; The market share of operational risk management solutions is estimated at a CAGR of 9.4% from 2021 to 2028.
In the wake of the COVID-19 pandemic, business stakeholders have introduced changes to their operations by enabling flexible work schedules, enabling remote work, and improving the employee experience. The hybrid working models are defined as a more flexible, digital and rewarding future for their employees.
According to an article published by GENESIS INTEGRATION, 55% of US workers want a work pattern that allows for a mix of home and office work. The article data also shows that more than 2 in 5 working adults (42%) are willing to give up some percentage of their salary for more flexibility at work. Additionally, 74% of the newer generation would prefer to either work from home or split work hours between home and work, according to the article published by GENESIS INTEGRATION. The increasing adoption of a potentially permanent hybrid workforce has led to a proliferation of operational risk management solutions due to the increase in cybersecurity attacks involving remote work.
In addition, companies must also address the increasing risk of internal fraud. According to Risk Management Intelligence’s October 2021 article, cases of employee fraud in Asia Pacific have increased over the past year amid the COVID-19 pandemic. Key risks include procurement fraud, cash theft and falsification of expense reports. In addition, business processes in hybrid work environments will continue to change, increasing the demand for solutions for operational risk management due to high risks. Internal controls and business continuity plans need to be reassessed and reviewed to ensure operational and process risks are properly mapped and mitigated. With increasing reliance on third-party vendors, including technology and business process outsourcing vendors, organizations need to strengthen their third-party risk management strategy.
Therefore, with the increasing adoption of the hybrid workforce model in the current scenario, several risks also increase, such as: B. Cyber security, internal fraud and business process risks. Therefore, the increasing implementation of hybrid work culture creates significant opportunities for the future growth of the industry players in the operational risk management solutions market.
In 2020, the COVID-19 pandemic had contributed to the growth of the operational risk management solutions market as millions of employees started working remotely. Such default protections have led to increased use of third-party networks, digital platforms, and personal computing devices. Additionally, such network connectivity solutions increase the risk of cyber attacks and other malware. Additionally, the surge in digital traffic has provided opportunities for numerous online fraud, phishing, denial-of-inventory, and ransomware attacks.
According to the Global DNS Threat Report, 79% of global organizations experienced DNS (Domain Name System) attacks in 2021. Additionally, the most common DNS attacks included DNS phishing (~39%), DNS malware (~34%), distributed denial of service (DDoS) attacks (~27%), DNS hijacking/credential attacks ( ~12%), DNS tunneling (~17%), zero-day vulnerabilities (~16%) and misconfiguration abuse of cloud instances (~13%). Organizations deploy advanced operational risk management solutions to detect and manage anomalous behavior in networks due to increased cybercrime risks.
In 2021 and 2022, the growth of operational risk management solutions market increased owing to the increasing trend towards hybrid working styles in companies. The post-COVID-19 pandemic has created a demand for these solutions to mitigate supply chain risks in the healthcare and pharmaceutical industries. Also, the digital transformation of businesses across multiple sectors such as banking, financial services and insurance (BFSI) and transportation and logistics is supporting the growth of the global market for operational risk management solutions.
Adapt IT Holdings Ltd.; MetricStream, Inc.; RSA Security LLC; TPSCO LLC; SAPSE; Shell International BV; Sphera Solutions, Inc.; TenForce; and Cura Global GRC Solutions PTE LTD are some key companies operating in the operational risk management solutions market. The report includes secondary research on other companies that hold significant market share in operational risk management solutions.
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Main topics covered:
1 Introduction
2. Key takings
3. Research methodology
4. Operational Risk Management Solutions Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEAS
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Opinion
5. Operational Risk Management Solutions Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing adoption of operational risk management in fintech companies
5.1.2 Increasing cases of cyber attacks in different organizations
5.2 Market Restrictions
5.2.1 Challenges related to the Operational Risk Management solution
5.3 Market Opportunities
5.3.1 Ongoing implementation of hybrid working styles
5.4 Future Trends
5.4.1 Integration of artificial intelligence into operational risk management
5.5 Impact Analysis of Drivers and Constraints
6. Operational Risk Management Solutions Market – Global Market Analysis
6.1 Global Operational Risk Management Solutions Market Overview
6.2 Global Operational Risk Management Solutions Market Forecast and Analysis
6.3 Market Positioning – Top Five Players
7. Operational Risk Management Solutions Market Revenue and Forecasts to 2028 – Deployment
7.1 Overview
7.2 Operational Risk Management Solutions Market by Deployment (2020 and 2028)
7.3 Local
7.3.1 Overview
7.3.2 On-Premise: Operational Risk Management Solutions Market Revenue and Forecast to 2028 (Million USD)
7.4 Cloud
7.4.1 Overview
7.4.2 Cloud: Operational Risk Management Solutions Market Revenue and Forecast to 2028 (Million USD)
8. Operational Risk Management Solutions Market Revenue and Forecasts to 2028 – Company Size
8.1 Overview
8.2 Operational Risk Management Solutions Market by Company Size (2020 and 2028)
8.3 SMEs
8.3.1 Overview
8.3.2 SME: Operational Risk Management Solutions Market Revenue and Forecast to 2028 (Million USD)
8.4 Large Companies
8.4.1 Overview
8.4.2 Large Enterprises: Operational Risk Management Solutions Market Revenue and Forecast to 2028 (Million USD)
9. Operational Risk Management Solutions Market – Geographical Analysis
10. Impact of COVID-19 Pandemic on Operational Risk Management Solutions Market
10.1 Overview
10.2 North America: Impact Assessment of the COVID-19 Pandemic
10.3 Europe: Impact Assessment of the COVID-19 Pandemic
10.4 APAC: Impact Assessment of the COVID-19 Pandemic
10.5 MEA: Impact Assessment of the COVID-19 Pandemic
10.6 SAM: Impact Assessment of the COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 Adapt IT Holdings Ltd
12.1.1 Important Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 MetricStream, Inc.
12.2.1 Important Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 RSA Security LLC
12.3.1 Important Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 TPSCO LLC
12.4.1 Important Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 SAPSE
12.5.1 Important Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Major Developments
12.6 Shell International BV
12.6.1 Important Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Major Developments
12.7 Sphera Solutions, Inc.
12.7.1 Important Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Major Developments
12.8 TenForce
12.8.1 Important Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Cura Global GRC Solutions PTE LTD
12.9.1 Important Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Major Developments
13. Appendix
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Global market for operational risk management solutions
