Westford, USA, April 02, 2023 (GLOBE NEWSWIRE) -- The forecast period from 2022 to 2030 is expected to see the AI for Risk Management market reach USD 68.5 billion with a CAGR of 11.3%, according to a recent SkyQuest analysis. The market is being driven by the growing demand for precise risk assessment, the increasing volume of data, advancements in AI technology, and regulatory compliance. The North America and Asia Pacific regions are anticipated to experience significant growth in this market. AI-powered risk management solutions can analyze large amounts of data to identify potential risks more accurately and quickly than traditional methods. As a result, there is an increasing demand for AI-based risk management solutions in the finance, healthcare, and cybersecurity industries. According to a report by Deloitte, AI-powered risk management solutions can help organizations reduce losses by up to 60%, further highlighting the potential benefits and driving the growth of this market.
According to SkyQuest's global research findings, 39% of organizations currently utilize AI for risk management, while 24% plan to do so within the next two years. PwC estimates that AI in the risk management market will experience a CAGR of 33.8% from 2019 to 2026, owing to the increasing demand for real-time risk assessment and management. Additionally, a report by McKinsey & Company highlights the potential of AI-powered risk management solutions to reduce the probability of a risk event by 30% to 50% and lessen the impact of risk events by up to 80%.
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In today's increasingly complex and risky business environment, the significance of AI in risk management is on the rise. With the ability to analyze large datasets, AI-powered risk management solutions enable organizations to quickly and accurately identify potential risks and provide valuable insights for risk assessment. As a result, businesses can mitigate losses, achieve better regulatory compliance, and improve their overall risk management strategies.
Prominent Players in AI For Risk Management Market
- IBM
- Microsoft
- Amazon Web Services
- Oracle
- SAS Institute
- FICO
- Wolters Kluwer
- Deloitte
- PwC
- EY (Ernst & Young)
- KPMG
- Accenture
- Capgemini
- Aon
- Allianz
- Zurich Insurance Group
- Swiss Re
- Munich Re
- Liberty Mutual Insurance
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Financial risk management application Segment to Drive Higher Sales as There is Growing Demand for Real-Time Risk Assessment
A recent analysis reveals that the Financial risk management segment significantly contributes to the rapid development of the AI for Risk Management market in 2021. This trend is expected to continue from 2022 to 2030. The financial services industry faces increasing regulatory pressure to improve its risk management practices. As a result, there is growing demand for real-time risk assessment and management solutions. SkyQuest reports that 76% of financial services organizations currently use AI-powered solutions for risk management, with credit risk assessment and fraud detection being the most common applications..
North America will dominate the AI For Risk Management market from 2022 to 2030. SkyQuest forecasts that the region will experience a CAGR of 16.82% during this period. This growth is driven by the presence of major market players and the surging demand for AI-based solutions in the region. The healthcare industry could save up to $159 billion annually by 2026 by leveraging AI technology to improve risk management and reduce fraudulent activities.
Cloud-based solutions Segment to Exhibit Strong Growth due to Demand in Various End-Use Industries
According to recent analysis, the Cloud-based solutions segment has emerged as the leading method in the AI for Risk Management market in 2021, and it is expected to maintain its dominance from 2022 to 2030. The increasing acceptance of cloud-based solutions for risk management in the financial services industry, as well as other sectors like healthcare and retail, is driving the market's growth. SkyQuest's research reveals that 68% of financial services organizations are planning to enhance their usage of cloud-based risk management solutions in the next two years.
The Asia Pacific region has also emerged as a significant AI For Risk Management market force and is poised to retain its leading position by 2030. SkyQuest has forecasted significant growth in the AI For Risk Management market for the Asia Pacific region, with a projected CAGR of 24.97% during the forecast period. This expansion can be attributed to the growing population, with many businesses and organizations facing complex and evolving risks. In addition, several countries in the region, such as China and India, are investing heavily in AI technology and infrastructure in the region.
A comprehensive analysis of the major players in the AI For Risk Management market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in AI For Risk Management Market
- Sphera, a company that offers ESG performance and risk management solutions, has successfully acquired risk methods, a Munich-based software firm specializing in supply chain risk management. This acquisition will bolster Sphera's growth and innovation in the ESG sector. riskmethods uses advanced technologies such as AI, big data, and machine learning to detect, analyze, and mitigate various types of supply chain risks, including monitoring the adherence of sustainability practices and ESG compliance in the supply chain. The software is available as a service (SaaS) solution.
- The National Institute of Standards and Technology (NIST) under the US Department of Commerce has introduced the initial version of its AI Risk Management Framework (AI RMF 1.0), which serves as a reference document for organizations involved in the creation, implementation, or utilization of AI systems to manage the numerous risks associated with AI technology. Additionally, a corresponding playbook is provided to guide and facilitate the integration of trustworthy practices in the development, deployment, and application of AI systems.
Key Questions Answered in AI For Risk Management Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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