Technology

Risk Management Software Market size is set to grow by USD 11.05 billion from 2024-2028, Increase in data and security breaches among enterprises boost the market, Technavio

Published

2 months ago

July 18, 2024

NEW YORK, July 18, 2024 /PRNewswire/ — The global risk management software market size is estimated to grow by USD 11.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 18.69% during the forecast period. Increase in data and security breaches among enterprises is driving market growth, with a trend towards rising adoption of cloud-based risk management solutions. However, high cost and complexity in installation and configuration of the software poses a challenge. Key market players include Aravo Solutions Inc., Cura Global GRC Solutions PTE LTD., Dell Technologies Inc., Diligent Corp., Fusion Risk Management Inc., Ideagen, International Business Machines Corp., Intertek Group Plc, Kroll LLC, LogicGate Inc., LogicManager Inc., MetricStream Inc., NAVEX Global Inc., ProcessUnity Inc., Riskonnect Inc., RSM International Ltd., SAP SE, Stiftelsen Det Norske Veritas, Thomson Reuters Corp., and Wolters Kluwer NV.

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Risk Management Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 18.69%

Market growth 2024-2028

USD 11055 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

16.01

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 31%

Key countries

US, UK, Japan, Germany, and Canada

Key companies profiled

Aravo Solutions Inc., Cura Global GRC Solutions PTE LTD., Dell Technologies Inc., Diligent Corp., Fusion Risk Management Inc., Ideagen, International Business Machines Corp., Intertek Group Plc, Kroll LLC, LogicGate Inc., LogicManager Inc., MetricStream Inc., NAVEX Global Inc., ProcessUnity Inc., Riskonnect Inc., RSM International Ltd., SAP SE, Stiftelsen Det Norske Veritas, Thomson Reuters Corp., and Wolters Kluwer NV

Market Driver

Cloud-based risk management solutions are gaining popularity among organizations due to their advantages over traditional on-premises systems. These solutions enable real-time risk visibility, scalability, flexibility, and cost savings. For instance, RiskCloud and LogicManager are cloud-based risk management platforms that offer comprehensive risk management tools and services. They help identify, assess, mitigate, and monitor risks across business activities, providing real-time insights through reporting capabilities. These solutions are particularly beneficial for organizations with multiple locations or remote workers, enabling access from anywhere with an internet connection and promoting team collaboration. Additionally, cloud-based risk management solutions offer enhanced security and data protection through dedicated security teams and advanced security technologies. These factors are driving the growth of the global risk management software market.

The Risk Management Software Market is experiencing significant growth due to increasing trends in phishing attacks, extortion, and cybersecurity threats. Awareness towards data security is on the rise, driving the demand for innovative cybersecurity solutions. Economic uncertainties and financial constraints have led end-users to seek cost-effective solutions from risk management providers. Deployment modes vary from cloud-based and mobile solutions to on-premises, catering to diverse business needs. Component-wise, predictive analytics, machine learning, and natural language processing are key trends. The insurance sector, financial institutions, IT industry, and other end-users are adopting these solutions for risk assessment, decision making, and risk mitigation activities. Pre-loss prevention and post-loss management activities are crucial in the current digital age, with real-time capabilities, document storage, financial reporting, and integrated banking essential features. Product developers continue to focus on secure technology to combat identity theft and other cyber threats. The market’s growth prospects are promising, with rapid digitalization and the widespread use of smartphones driving demand.

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Market Challenges

Risk management software is a valuable tool for businesses to identify and mitigate potential risks and threats. However, the installation and configuration process can be costly and complex due to customization needs and system integrations. Every business has unique risk management requirements, necessitating a consultation process with vendors to ensure customization. Integration with existing systems, such as financial management or customer relationship management software, also adds complexity. Additionally, data security is a significant consideration, requiring secure installation and configuration, often involving encryption or access control. For instance, a healthcare provider implementing risk management software must consider data privacy and medical record confidentiality, necessitating customization and seamless integration with electronic medical records. These factors contribute to the high cost and complexity of risk management software, potentially hindering market growth.The Risk Management Software market faces several challenges that organizations must address to ensure effective risk mitigation. Security breaches pose a significant threat, requiring technological expertise to prevent cyber-attacks and data breaches. Developing economies present opportunities for expansion but also bring infrastructure challenges. Trade regulations and production analysis are critical issues, especially in association with legal liabilities and financial uncertainty. Risk management software is a primary driver for addressing these challenges, offering assessment, summarization, and visualization capabilities. However, software installation, configuration, and infrastructure requirements can be complex. Cloud-based applications offer flexibility but introduce security risks, particularly in the work-from-home culture. Moreover, natural disasters and data-related risks add to the complexity. Cybercriminals target digital media and communication networks, causing damage and loss. Strategic decisions regarding risk management software implementation require careful consideration of these challenges and the potential risks involved. The board must be aware of these issues and make informed decisions to mitigate risks and protect their organization.

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Segment Overview

This risk management software market report extensively covers market segmentation by

Component 1.1 Software1.2 ServicesDeployment 2.1 On-premises2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Software- The global risk management software market’s software segment is experiencing notable growth due to the rising demand for tools that mitigate risks and enhance organizational performance. This expansion is driven by technological advancements, escalating data volumes, and the necessity for proficient risk analysis and management. Two prominent software types in this market are quantitative risk assessment software and simulation software. Quantitative risk assessment software quantifies risks using statistical tools and algorithms, and it’s widely adopted in finance, healthcare, and insurance sectors. Simulation software predicts potential outcomes and evaluates risks’ impact on business operations, commonly used in various industries, including finance, healthcare, and energy. Risk management software’s advantages include automating complex processes, such as compliance management, which ensures regulatory adherence, streamlines the process, and eliminates manual errors. Additionally, predictive analytics software, a crucial software type, analyzes historical trends to identify potential risks and predict future outcomes, making it indispensable in finance, healthcare, and energy industries. These factors are anticipated to fuel the adoption of software in the global risk management software market throughout the forecast period.

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Learn and explore more about Technavio’s in-depth research reports

The global GRC platform market is poised for robust growth driven by increasing regulatory complexities and the need for streamlined risk management across industries. GRC platforms integrate governance, risk, and compliance management to enhance operational efficiency and ensure regulatory adherence, thereby mitigating organizational risks effectively.

The global treasury and risk management software market is experiencing significant expansion fueled by rising financial complexities and the imperative for efficient cash flow management. These software solutions empower organizations to optimize liquidity, manage financial risks, and enhance decision-making through advanced analytics and real-time insights, catering to diverse financial needs across sectors.

Research Analysis

The Risk Management Software market is experiencing significant growth due to the rapid digitalization of businesses and the increasing use of smartphones. Traditional administrative and financial tasks are being automated, making way for real-time risk assessment, decision making, and mitigation activities. Online, cloud-based applications are becoming the preferred choice for end-users, offering document storage and easy access to risks and issues from anywhere. Risk boards can monitor and manage legal liabilities, financial uncertainty, and security risks in real-time. The association between risk management and data security is becoming increasingly important, with the need for robust systems to protect sensitive information. Pre-loss prevention is a key focus area, with organizations seeking to minimize potential issues before they become major problems. Deployment types include on-premises, cloud-based, and hybrid solutions.

Market Research Overview

Risk management software is a critical tool for organizations to mitigate various risks in today’s digitally-driven world. With the increasing use of smartphones and digitization, administrative and financial tasks are being automated, leading to the growth of cloud-based, real-time risk management solutions. Document storage, financial reporting, integrated banking, and organizational data are some key features of these applications. Product developers are focusing on secure technology to address identity theft and cybersecurity issues in financial institutions and the IT industry. Cloud-based security solutions are primary drivers for growth, with cloud-based application deployment being a preferred mode. Growth segments include developing economies, work-from-home culture, and expanding operations in digital media and communication networks. Risk management software addresses various risks, including financial uncertainty, legal liabilities, security risks, natural disasters, and data-related risks. Innovative solutions for risk assessment, decision making, and mitigation activities are in high demand. End-users include various industries, with deployment types ranging from on-premises to cloud-based. Rapid digitalization and economic uncertainties are primary growth drivers, but cybercrimes, such as phishing attacks, extortion, and cyber-attacks, pose significant challenges. Pre-loss prevention and post-loss management activities are essential components of effective risk management.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareServicesDeploymentOn-premisesCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Email: media@technavio.com
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SOURCE Technavio

Technology

Relativity Spotlights Legal Industry Leaders at the 2024 Innovation Awards

Published

47 mins ago

September 26, 2024

Relativity’s annual Innovation Awards recognize the change agents of its user community

CHICAGO, Sept. 26, 2024 /CNW/ — Relativity, a global legal technology company, today announced the winners of this year’s Innovation Awards at Relativity Fest. The Innovation Awards celebrate the trailblazing individuals and teams building custom solutions, empowering their peers and forging new paths to improve the legal industry and its communities.

“Another year of the Innovation Awards signals another opportunity to celebrate our community’s dedication to making a positive impact– whether that be through developing new solutions, providing excellent customer service, or elevating and advocating for their peers in the legal industry,” said Laurie Usewicz, Chief Partner Officer at Relativity. “This year’s winners exemplify the impassioned and innovative spirit that makes the future of our industry a bright one.”

The winners hail from, or work directly with law firms, financial institutions and consultant management companies large and small, private and public. Through a combined process of a judging committee and a community vote, Best Innovation winners are selected based on how they’ve leveraged the Relativity application programming interfaces in creative ways to solve Relativity’s customers’ most unique challenges.

In addition to the standard six individual and two Best Innovation awards, a new Best Innovation category was added for this year, Developer Partner. This award recognizes solutions created by Relativity’s independent software vendor (ISV) community that are offered directly to customers. Eligibility is restricted to solutions that are not owned by an Enterprise or Solution, Advisor, or Provider Partner.

The 2024 Innovation Awards winners are:

Artificial Intelligence: Ben Sexton, Vice President, JND eDiscoveryCustomer Experience: Jenna Rooney, Director, Client Services, Arete Incident ResponseEducation & Mentorship: Deedra Smith, Managing Director, FTI ConsultingInclusion: Vazantha Meyers, Vice President, Discovery Services, Haystack IDSecurity: Jenna Rooney, Director, Client Services, Arete Incident Response Stellar Women: Stephanie L. Goutos, Lead Practice Innovation Attorney, Gunderson DettmerBest Innovation: Developer Partner: Redaction Suggestions in Blackout by MilyliBest Innovation: Enterprise: Flywheel by Troutman Pepper eMergeBest Innovation: Partner: GenAI Toolbox by EY Switzerland

Each of the award winners above exemplify what it means to be a changemaker at the individual, organizational and industry levels. All award winners are determined by a combination of Relativity judging committees unique to each category and a community vote.

Relativity congratulates all submissions for the innovative work delivered this past year.

About Relativity
Relativity makes software to help users organize data, discover the truth and act on it. Its SaaS product, RelativityOne, manages large volumes of data and quickly identifies key issues during litigation and internal investigations. Relativity has more than 300,000 users in approximately 40 countries serving thousands of organizations globally primarily in legal, financial services and government sectors, including the U.S. Department of Justice and 198 of the Am Law 200. Please contact Relativity at sales@relativity.com or visit www.relativity.com for more information.

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SOURCE Relativity

Technology

UniFab Launches Anime AI Model: Empowering Anime Content Creation

Published

48 mins ago

September 26, 2024

HONG KONG, Sept. 27, 2024 /PRNewswire/ — UniFab, a global leader in intelligent video editing, officially launches its latest anime AI model, designed to enhance anime video quality and redefine the anime content creation process.

The UniFab anime AI model leverages advanced deep learning and computer vision to automatically recognize and optimize uploaded materials, producing smooth, high-quality animations. It enables users to easily enhance old, low-resolution anime videos, offering a revolutionary solution for content creators and fans.

Key Features:

Quality Enhancement: Supports upgrades video resolution to 1080P and 4K, significantly enhancing clarity and detail.

Colorization and Detail Restoration: Enhances line definition, texture clarity, and color accuracy, restoring artistic styles and character details with precision.

Effortless Operation: The user interface is intuitive, and the operation process is straightforward. Users can simply upload videos and follow a few steps.

Multi-Function Video Editing: Offers editing features such as trimming, merging, and audio processing, enabling users to easily create personalized video content.

The UniFab anime AI simplifies the traditionally complex enhancement process, enabling both beginners and experienced professionals to quickly create stunning works with this innovative tool. This AI model is now officially available, further strengthening UniFab’s leadership in content creation technology.

About UniFab

This AI video enhancer software features a comprehensive suite of AI-powered tools for video and audio editing, delivering versatile capabilities and outstanding results in quality enhancement.

Video Upscaler AI: Boosts video resolution to 4K, restoring details for a clearer viewing experience.

HDR Upconverter AI: Converts videos from SDR to HDR10/Dolby Vision, delivering richer and more realistic colors.

Denoise AI: Eliminates noise and grain caused by various factors, resulting in cleaner videos.

Deinterlace AI: Converts interlaced video signals to progressive, effectively reducing flicker and visual artifacts.

Smoother AI: Utilizes frame interpolation to increase video frame rates by AI, delivering smoother and more fluid motion.

Video background Remover AI: Supports replacing or removing unwanted background and objects in videos to highlight the subject.

Audio Upmix AI: Upscales audio tracks from videos to EAC3 5.1/DTS 7.1 surround sound for a cinematic listening experience.

The era of AI-powered video editing has arrived, and we invite all industry partners and users to join us in experiencing the ultimate audiovisual experience.

Contact Information:

Company Name: UniFab

Official Website: https://unifab.ai

JP: https://ja.unifab.ai/

FR: https://fr.unifab.ai/

DE: https://de.unifab.ai/

ZH: https://zh.unifab.ai/

View original content:https://www.prnewswire.com/apac/news-releases/unifab-launches-anime-ai-model-empowering-anime-content-creation-302259689.html

SOURCE UniFab Technology

Technology

Monolith Announces Additional Funding from Investor Consortium

Published

48 mins ago

September 26, 2024

Latest round of financing will support Monolith’s commercial growth, as it continues to advance toward expanding operations

LINCOLN, Neb., Sept. 26, 2024 /PRNewswire/ — Monolith Materials, Inc. (Monolith), a global leader in clean hydrogen and carbon black, today announced a closed funding round from existing investors, including Azimuth V Energy Evolution Fund and Azimuth Capital Management’s Development Company Platform, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus. This is the latest round following Monolith’s capital raise in July 2022 and conditional approval for a loan from the Department of Energy Loan Programs Office to expand its production facilities in Nebraska.

“It is an exciting time for Monolith, and we are incredibly proud of the work we are doing to scale the business supported by world-class investors,” said Rob Hanson, co-founder and CEO of Monolith.

Monolith uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies carbon black and hydrogen production. The carbon black produced from Monolith’s low-emission process is an essential input for tires, plastics, inks, paints and other uses. Today, the carbon black that Monolith produces at its existing facility (OC1) goes into tires across North America. The clean hydrogen to be produced at Monolith’s expansion facility (OC2) will be converted to ammonia and is expected to be supplied as fertilizer to farmers in America’s Corn Belt to help feed and fuel the world.

“This funding continues our decade-long partnership with Monolith as the company builds a high energy, low emissions future,” said Roy Ben-Dor, Managing Director and Head of Energy Transition & Sustainability, Warburg Pincus. “The company’s proprietary approach to producing sustainable hydrogen, carbon black, and ammonia is critical to decarbonizing the energy and materials sectors.”

“The Monolith team continues to move at pace in tackling emissions from some of the most widely used, yet most difficult to decarbonize materials. Since our initial investment in 2022, we’ve seen strong demand from top brands in Monolith’s end markets and we look forward to continuing that momentum with our latest investment,” said Jonathan Garfinkel, a Managing Partner of TPG Rise Climate.

“Rob and the team at Monolith continue to successfully navigate the road toward launching their expansion, which will significantly scale their operations and put more clean tires on the road,” said Dr. Meghan Sharp, Global Head of Decarbonization Partners. “We look forward to continuing to support the company.”

About Monolith
Monolith is a next-generation cleantech company that uses clean energy to power a commercial-scale proprietary plasma pyrolysis process that electrifies the production of carbon black and hydrogen, which provides environmental advantages over conventional production processes. Monolith is backed by Azimuth Capital Management, Cornell Capital, Decarbonization Partners, Elda River Capital Management, LLC, Imperative Ventures, Mitsubishi Heavy Industries America, NextEra Energy Resources, LLC, Perry Creek Capital LP, SK Inc., TPG Rise Climate and Warburg Pincus. For more information on Monolith, visit www.monolith-corp.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.

About Azimuth Capital Management
Founded in 2000, Azimuth is an energy transition private equity manager focused on late stage growth equity and development opportunities in North America and Europe. Azimuth is an international leader in energy operating and project development experience, which enables differentiated results across five funds in addition to in-house development company origination. Azimuth V targets low carbon fuels, battery materials, and baseload clean power and storage with a focus on efficient carbon mitigation. For more information, please visit www.navigatingenergy.com.

About Cornell Capital
Cornell Capital is a U.S.-based private investment firm with ~$6 billion of AUM and offices in New York and Hong Kong. Leveraging decades of global investment experience, the firm takes a disciplined approach to investing across the consumer, financial services, and industrials/business services sectors, often in companies that can benefit from the firm’s Asia presence and cross-border expertise. Founded in 2013 by Senior Partner Henry Cornell, the former Vice Chairman of Goldman Sachs’ Merchant Banking Division, the firm is led by a highly seasoned team with significant shared investment experience. For more information, visit www.cornellcapllc.com.

About TPG Rise Climate
TPG Rise Climate is the dedicated climate investing strategy of TPG’s $19 billion global impact investing platform. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals, the strategic relationships developed across TPG’s existing portfolio of climate-focused companies, and a global network of executives and advisors. The fund takes a broad-based sector approach to investment types, from growth equity to value-added infrastructure, and focuses on climate solutions in the following thematic areas: clean electrons, clean molecules and materials, and negative emissions. Jim Coulter, TPG Founding Partner and Executive Chairman, serves as a Managing Partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate’s Executive Chairman. For more information, please visit www.therisefund.com/tpgriseclimate.

About Decarbonization Partners
Decarbonization Partners is a joint venture between Temasek and BlackRock focused on late-stage venture capital and early growth private equity investing in next-generation companies that provide solutions and technologies to help accelerate global efforts to achieve a net zero global economy by 2050. Decarbonization Partners combines Temasek and BlackRock’s complementary platforms and expertise in sourcing and underwriting private investments, portfolio and risk management, and sustainable technology and analytics. Decarbonization Partners invests in a wide range of companies that have proven technology and need capital to scale. The partnership attracted $1.40bn in capital from a diverse set of over 30 institutional investors across North America, Europe and Asia Pacific.