Integrated Risk Management Solution Market Overview
The global IRM market is increasing with more number of industry leaders gaining awareness about the various benefits of IRM programs. This includes reduction in financial losses and performance variability, and improvement in resource deployment and new business opportunities. As more number of organisations today are expanding their global footprint including operations, and expatriate assignments overseas, enterprise identity is getting exposed to new and greater risks. As organizations struggle to adapt and integrate new risk management programs, vendors in the market are developing effective IRM programs which are backed by repeatable, tested practices so that clients can focus more on growth opportunities without being blind-sided by unexpected risks.
IRM refers to an advanced and sophisticated approach that enables businesses to identify, manage, and monitor risks affecting the objectives of a business or entity. IRM is a new generation combination of technology, processes and data, which serves to fulfil the objective of enabling automation, simplification, and integration of operational, strategic, and IT risk management, across an organization. In the complete security and risk management software ecosystem, IRM market is the largest of all the solutions provider markets, as it includes wider segments and deep risk coverage in complete global risk management landscape.
The global IRM market is segmented on the basis of solution, service, deployment type, enterprise size, industry vertical, and region. The enterprise size category is further bifurcated into small & medium enterprise (SME), and large enterprise. Of the two sizes, large enterprise accounted for a larger market in terms of revenue generation and is also expected to generate the higher demand for IRM solutions, during the forecast period. Based on deployment type, the market is segmented into cloud and on-premise. In 2016, the on-premise deployment dominated the global market and accounted for a major share of the overall market, however, the market for cloud deployment is expected to higher demand during the forecast period. On the basis of service, the market is classified into implementation, integration, consulting, training, and maintenance. These services find application on various industries, including energy & utilities, engineering, BFSI, healthcare & pharmaceuticals, retail & manufacturing, IT & telecom, transportation & logistics, and others.
Integrated Risk Management Solution Market Geographical Analysis
Geographically, the market is categorised into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America has been the largest revenue generator for this industry. Early adoption, robust IT infrastructure, and increasing demand for risk management solutions from regional players is enhancing the IRM interest among businesses in the region. The market in Asia-Pacific is expected to grow at a considerable rate during the forecast period, owing to high development and rise of many integrated risk management programs for enterprises in the region.
Integrated Risk Management Solution Market Dynamics
Factors driving the growth of global IRM industry include cloud based IRM solutions, increasing volatility in modern business environment, and drastic effects of financial and economic crises, globally. Lack of adequate integration support and technical constraints in implementing IRM solutions within the current running business infrastructure, are some of the factors which are expected to hinder the growth of the global market during the forecast period. However, increasing demand for real time risk management technologies promise a strong growth of the market in near future.
Integrated Risk Management Solution Market – Competitive Landscape
The market competitiveness in IRS industry is currently on the rise with product and service extensions and technological innovations by major players. For instance, MetricStream, a provider of governance, risk and compliance (GRC), announced the release of its new M7 platform and application for risk, audit, compliance, IT security, and other GRC professionals. Some of the key players in this industry include Dell Technologies (RSA), MetricStream, Convercent, Proviti, Enablon, IBM Corporation, Enigma, ThreatMetrix, and Carbon Analytics.