The research study on the risk analytics market utilized a wide range of sources, including secondary sources, directories, journals, and paid databases. Primary sources included industry experts from core and related sectors, preferred risk analytics providers, third-party service providers, consulting companies, end users, and other commercial enterprises. In-depth interviews with key industry participants and subject matter experts were conducted to collect and verify essential qualitative and quantitative information, as well as to evaluate the market's prospects.
Secondary Research
During the secondary research process, a variety of sources were utilized to gather information for the study. These sources included annual reports, press releases, investor presentations from companies, white papers, academic journals, certified publications, and articles authored by recognized experts. Additionally, directories and databases were consulted, along with insights obtained from AI conferences and relevant magazines. Data on risk analytics spending across different countries was collected from appropriate sources. Secondary research was employed to gather critical information about the industry's value chain and supply chain, helping to identify key players based on solutions, services, market classifications, and segmentations. This analysis focused on the offerings of major players, as well as industry trends concerning solutions, applications, verticals, and regions. Key developments were examined from both, market-oriented and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both, the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs); Vice Presidents (VPs); directors from business development, marketing, and risk analytics expertise; related key executives from risk analytics solution vendors, SIs, managed service providers, and industry associations; and key opinion leaders.
Primary interviews were conducted to gather insights, including market statistics, revenue data from solutions and services, market breakdowns, market size estimates, market forecasts, and data triangulation. This primary research also provided an understanding of various trends related to technologies, applications, data types, service types, software types, verticals, and regions. Stakeholders from the demand side, such as chief information officers (CIOs), chief technology officers (CTOs), chief strategy officers (CSOs), and end users of risk analytics solutions, were interviewed to gain insight into the buyers' perspectives on suppliers, products, service providers, and their current use of risk analytics. This information will impact the overall risk analytics market.
Note: Tier 1 companies account for annual revenue of >USD 10 billion; tier 2 companies' revenue ranges
between USD 1 and 10 billion; and tier 3 companies' revenue ranges between USD 500 million–USD 1 billion
Source: MarketsandMarkets Analysis
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Various methods were used to estimate and forecast the risk analytics market. The first method involves estimating the market size by summing the revenue generated by companies selling solutions and services.
Market Size Estimation Methodology: Top-down Approach
In the top-down approach, an exhaustive list of all the vendors offering solutions and services in the risk analytics market was prepared. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor's offerings were evaluated based on the breadth of solutions according to software type, service type, risk type, and vertical. The aggregate of all the companies' revenue was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its global market size and regional penetration. The markets were triangulated through both, primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets repository for validation.
Market Size Estimation Methodology: Bottom-up Approach
In the bottom-up approach, the adoption rate of risk analytics solutions and services among different end users in key countries with respect to their regions contributing the most to the market share was identified. For cross-validation, the adoption of risk analytics solutions among industries, along with different use cases with respect to their regions, was identified and extrapolated. Use cases identified in different regions were given weightage for the market size calculation.
Based on the market numbers, the regional split was determined by primary and secondary sources. The procedure included an analysis of the risk analytics market's regional penetration. Based on secondary research, the regional spending on information and communications technology (ICT), socio-economic analysis of each country, strategic vendor analysis of major risk analytics providers, and organic and inorganic business development activities of regional and global players were estimated. With the data triangulation procedure and data validation through primary interviews, the exact values of the overall risk analytics market size and segment size were determined and confirmed in the study.
Risk Analytics Market : Top-Down and Bottom-Up Approach
Data Triangulation
The market was split into several segments and subsegments after arriving at the overall market size using the market size estimation processes as explained above. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Market Definition
The risk analytics market comprises digital solutions that enable insurers to manage core processes such as policy administration, underwriting, claims management, and customer engagement. These platforms leverage cloud computing, automation, and data analytics to enhance operational efficiency, improve customer experiences, and support product innovation. They cater to insurers, brokers, and third-party service providers, facilitating seamless integration with ecosystems and regulatory compliance.
Stakeholders
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Risk analytics software providers
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Risk analytics service providers
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Third-party administrators
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Business analysts
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Cloud service providers
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Consulting service providers
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Enterprise end users
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Distributors and value-added resellers
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Government agencies
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Independent software vendors
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Managed service providers
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Market research and consulting firms
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Support & maintenance service providers
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System integrators/Migration service providers
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Technology providers
Report Objectives
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To define, describe, and forecast the risk analytics market by offering, risk type, and vertical
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To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing market growth
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To analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the total market
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To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the risk analytics market
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To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
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To forecast the market size across five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
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To profile key players and comprehensively analyze their market ranking and core competencies
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To analyze competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the risk analytics market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per your company's specific needs. The following customization options are available for the report.
Product Analysis
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Product quadrant, which gives a detailed comparison of the product portfolio of each company.
Geographic Analysis as per Feasibility
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Further breakup of the North American risk analytics market
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Further breakup of the European market
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Further breakup of the Asia Pacific market
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Further breakup of the Middle Eastern & African market
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Further breakup of the Latin American risk analytics market
Company Information
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Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Risk Analytics Market