The global risk management services (RMS) market was valued at almost USD 86 billion in 2016 and is expected to surpass USD 121 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on risk management services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global risk management services market during the forecast period. Some of the top vendors listed in this industry analysis include Deloitte, PwC, Accenture, EY, and KPMG.
In terms of geographical analysis, the Americas led the global market by accounting for around 35% of the overall market share. The growth of the risk management services market in the Americas is attributable to the presence of large number of MNCs, large-scale businesses, and multiple listed companies in the region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Businesses, especially financial services firms, are giving importance to RMS as it helps in easy identification of risks depending on the business and communicating the same to the business. According to industry analysts at Technavio, the adoption of RMS in the banking sector has increased by around 46% since 2010.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Need for business continuity and enterprise resilience
Prominent vendors across industry sectors often face the need to insulate themselves from uncertainties such as economic or political crises that may impact their operations and business. As a result, a large number of companies are outsourcing their business continuity development plan to risk management service providers to mitigate the crisis.
Change in global political scenario
Changes in global leadership especially in countries such as the UK and the US is creating uncertainty in business scenarios like scrapping of trade agreements. For example, the Donald Trump administration planned to scrap the NAFTA agreement. This would affect the trade in this region, which will directly impact the existing trade relations prevalent in the region. Such changes might lead to severe financial losses for both suppliers and buyers. Such developments are propelling the demand for risk management service providers in the global market.
Increasing importance of data
The growing volume and threat of data security generated by corporates along with the increasing cyber security risks have forced companies to implement a strong risk management framework. The implementation of a risk management framework helps mitigate any reputational or financial loss incurred by a firm in case of a breach or loss of data.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Risk Management Services – Procurement Market Intelligence 2017’.
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