Negative attention of media to mismanagement of insurance-backed home mortgages and subsequent government regulation primarily brings enterprise risk management to the forefront. It instantly became of utmost importance amongst various enterprises due to the recent global recession. The global enterprise risk management market is likely to grow steadily during the assessment period due to large-scale adoption of enterprise risk management solutions and increased risk of data misuse.
Some of the prominent companies of the global enterprise risk management market are Fidelity National Information Services, Inc., IBM Corporation, SAP SE, Oracle Corporation, and Capgemini.
In a report by Transparency Market Research on global enterprise risk management market, it is projected that the market would expand clocking CAGR of about 5% during the forecast period, from 2019 to 2027. The global enterprise risk management market will reach US$ 5.8 bn through 2027 from US$ 3.9 bn in 2019.
North America to Remain Dominant Regional Force in the Global Market
The global enterprise risk management market is divided into the regions of North America, Europe, Middle East and Africa, Asia Pacific, and South America.
Regionally, North America accounts for a leading share of the global enterprise risk management market, and is likely to continue with the regional dominance during the appraisal timeframe, trailed by Europe. North America is the hub of Banking, Financial Services, and Insurance (BFSI) domain. BFSI domain is the major contributor of revenue of global enterprise risk management market.
Furthermore, a large concentration of leading market players such as IBM Corporation, Oracle Corporation is expected to propel market growth during the review period. North America is likely to remain the dominant region in the global enterprise risk management market, with revenues reaching US$ 2.4 bn in 2019.