Integrated Risk Management IRM Software Market Report 2024 (Global Edition)

Global Integrated Risk Management IRM Software Market Report 2024 Market Size Split by Component (Solution, Services), by Vertical (BFSI, IT & ITES, Healthcare, Government, Aerospace & Defense, Retail...

Integrated Risk Management IRM Software Market Report Description

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Competitive Landscape of the Integrated Risk Management IRM Market

Emerging players like Riskonnect, LogicManager, and Resolver are gaining prominence by providing specialized solutions tailored to specific industries or risk domains. With a focus on innovation and customer-centricity, these key players compete to capture market share and meet organizations' diverse risk management needs across various sectors globally.

Integrated Risk Management IRM industry news

In April 2021, MetricStream, renowned for its governance, risk, and compliance (GRC) solutions, unveiled its Arno software release, integrating numerous features and innovations into its platform and products.

(Source: https://www.prnewswire.com/news-releases/metricstream-unveils-arno-release-of-its-platform-and-products--enables-organizations-to-thrive-on-risk-301262914.html)

In February 2024, Riskonnect, a premier risk management technology provider, introduced new functionality to expedite the creation of business continuity plans. The company, renowned for its integrated risk management solutions, announced AI-powered enhancements to its Business Continuity & Resilience solution.

(Source: https://riskonnect.com/company/press/)

Top Companies Market Share in Integrated Risk Management IRM Software Industry: (In no particular order of Rank)

• IBM (US)
• SAP (Germany)
• LogicManager (US)
• Rapid7 (US)
• LogicGate (US)
• Galvanize (Canada)
• CyberSaint (US)
• Archer (US)
• ServiceNow (US)
• MetricStream (US)
• Diligent (US)
• Riskonnect (US)
• Acuity Risk Management (UK)
• SAI360 (US)
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Integrated Risk Management IRM Market

Which Region will dominate the Integrated Risk Management IRM Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The integrated risk management IRM market is dominant in North America, boasting a major market share. This is attributed to the region's robust regulatory framework, technologically advanced infrastructure, and the proactive approach of organizations towards risk management. With industries such as finance, healthcare, and manufacturing leading the way, North American businesses have quickly adopted IRM solutions to address complex and evolving risks. This trend is expected to continue as companies prioritize resilience and compliance in the face of dynamic challenges.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is the fastest-growing market for integrated risk management IRM solutions. The region's diverse economy, stringent regulatory environment, and increasing awareness of cyber threats have propelled the adoption of IRM platforms across industries. With sectors like banking, insurance, and healthcare embracing IRM to enhance risk visibility and resilience, Asia Pacific is witnessing rapid growth in demand for advanced risk management technologies. This trend will persist as organizations prioritize proactive risk mitigation strategies to safeguard their operations and reputation.

The current report Scope analyzes Integrated Risk Management IRM Software Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Integrated Risk Management IRM Software Market

According to Cognitive Market Research, the global Integrated Risk Management IRM market size was estimated at USD 11512.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 4604.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031. In North America, the integrated risk management IRM market is thriving, driven by stringent regulatory requirements and a proactive approach to risk management. Industries such as finance, healthcare, and technology lead the adoption of IRM solutions to address complex risk landscapes, including cyber security threats, compliance challenges, and operational risks. With a mature market ecosystem, North American organizations prioritize investments in advanced IRM technologies to enhance resilience, agility, and decision-making capabilities in the face of evolving risks and uncertainties.

• According to Cognitive Market Research, the US had a major share in the integrated risk management IRM market with a market size of USD 3633.25 million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. The integrated risk management IRM market in the USA is highly dynamic and competitive, characterized by a strong focus on innovation and technology adoption.
• The Canada integrated risk management IRM market had a market share of USD 552.59 million in 2024 and is projected to grow at a CAGR of 15.0% during the forecast period. The integrated risk management IRM market in Canada is rapidly growing, spurred by increasing awareness of cybersecurity threats and regulatory compliance requirements across various sectors.
• Mexico's integrated risk management (IRM) market is projected to grow at a CAGR of 14.7% during the forecast period, reaching a market size of USD 419.04 million in 2024.

 

Europe Integrated Risk Management IRM Software Market

According to Cognitive Market Research, with a market value of USD 11512.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 14.5%from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 3453.66 million. The integrated risk management IRM market in Europe is experiencing robust growth, driven by stringent regulatory frameworks and increasing awareness of cybersecurity threats. Industries such as finance, healthcare, and manufacturing lead the adoption of IRM solutions to enhance risk visibility and compliance. With a diverse economic landscape and evolving risk, European organizations prioritize investments in advanced IRM technologies to strengthen resilience and adaptability. The European market for IRM solutions is characterized by innovation, collaboration, and a proactive approach to risk management.

• The United Kingdom integrated risk management (IRM) market had a market share of USD 580.21 million in 2024 and is projected to grow at a CAGR of 15.3% during the forecast period. The UK's strong focus on data protection, evidenced by regulations like GDPR, drives demand for IRM platforms that ensure compliance and mitigate data-related risks.
• France's integrated risk management IRM market is projected to grow at a CAGR of 13.7%during the forecast period with a market size of USD 317.74 million in 2024.
• According to Cognitive Market Research, the German integrated risk management IRM market size was valued at USD 683.82 million in 2024 and is projected to grow at a CAGR of 14.7% during the forecast period. With a highly regulated business environment and stringent data protection laws like the GDPR, German organizations invest in IRM platforms to achieve compliance and mitigate data security risks.
• The Italy integrated risk management IRM market is projected to grow at a CAGR of 13.9% during the forecast period, with a market size of USD 297.01 million in 2024.
• The Russia-integrated risk management IRM market is projected to grow at a CAGR of 13.5% during the forecast period, reaching a market size of USD 535.32 million in 2024.
• The Spanish integrated risk management IRM market is projected to grow at a CAGR of 13.6% during the forecast period, reaching a market size of USD 283.20 million in 2024.
• The Luxembourg integrated risk management IRM market is projected to grow at a CAGR of 14.6% during the forecast period, reaching a market size of USD 107.06 million in 2024.
• The Portugal integrated risk management IRM market is projected to grow at a CAGR of 14.3% during the forecast period, with a market size of USD 72.53 million in 2024.
• The Greece integrated risk management IRM market is projected to grow at a CAGR of 14.8% during the forecast period, with a market size of USD 41.44 million in 2024.
• The rest of Europe's integrated risk management (IRM) market is projected to grow at a CAGR of 13.2% during the forecast period, reaching a market size of USD 535.32 million in 2024.

 

Asia Pacific Integrated Risk Management IRM Software Market

According to Cognitive Market Research, the global Integrated Risk Management IRM market size was estimated at USD 11512.2 Million, out of which Asia Pacific held the market ofaround23% of the global revenue with a market size of USD 2647.81 million in 2024 and will grow at compound annual growth rate (CAGR) of 18.0%% from 2024 to 2031. In the Asia-Pacific region, the Integrated Risk Management (IRM) market is experiencing rapid growth, fueled by the region's dynamic economic landscape and increasing awareness of risk management best practices. Industries such as banking, healthcare, and manufacturing lead the adoption of IRM solutions to address diverse risk factors, including regulatory compliance, cybersecurity threats, and supply chain disruptions. With countries like China, Japan, and India driving innovation and digital transformation, the Asia-Pacific IRM market is poised for continued expansion as organizations prioritize resilience and agility in the face of evolving risks.

• According to Cognitive Market Research, the China integrated risk management (IRM) market was valued at USD 1191.51 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. In China, IRM solutions hold a significant market share, driven by the country's rapidly evolving business landscape and growing emphasis on risk mitigation.
• The Japan integrated risk management IRM market is projected to grow at a CAGR of 16.5%during the forecast period with a market size of USD 365.40 million in 2024.
• The India integrated risk management (IRM) market had a market share of USD 317.74 million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period. India emerges as the fastest-growing market for IRM solutions, driven by the country's burgeoning economy, increasing digitization, and evolving regulatory landscape. 
• The South Korean integrated risk management IRM market is projected to grow at a CAGR of 17.1%during the forecast period with a market size of USD 264.78 million in 2024.
• The Australian Integrated Risk Management IRM market is projected to grow at a CAGR of 17.7% during the forecast period, with a market size of USD 137.69 million in 2024.
• The South East Asia integrated risk management IRM market is projected to grow at a CAGR of 19.0% during the forecast period, reaching a market size of USD 182.70 million in 2024.
• The Rest of the Asia Pacific integrated risk management IRM market is projected to grow at a CAGR of 17.8% during the forecast period, reaching a market size of USD 187.99 million in 2024.

 

South America Integrated Risk Management IRM Software Market

According to Cognitive Market Research, the global Integrated Risk Management IRM market size was estimated at USD 11512.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 575.61 million in 2024 and will grow at compound annual growth rate (CAGR) of 15.4% from 2024 to 2031. In Latin America, the integrated risk management IRM market is experiencing steady growth, fueled by the region's expanding economy, increasing globalization, and rising awareness of risk management practices. Industries such as banking, healthcare, and energy lead the adoption of IRM solutions to mitigate various risks, including regulatory compliance, cybersecurity threats, and supply chain disruptions. With countries like Brazil, Mexico, and Argentina driving technological innovation and regulatory reform, Latin America presents significant opportunities for IRM solution providers to address the evolving risk landscape in the region.

• According to Cognitive Market Research, the Brazil integrated risk management IRM market size was valued at USD 246.36 million in 2024 and is projected to grow at a CAGR of 16.0% during the forecast period. Brazilian organizations prioritize investments in IRM platforms to enhance resilience and ensure sustainable growth in the face of evolving risks.
• The Argentina integrated risk management IRM market had a market share of USD 96.70 million in 2024 and is projected to grow at a CAGR of 16.3%during the forecast period. With a proactive approach towards risk mitigation and a growing emphasis on adopting innovative technologies, Argentina presents significant opportunities for IRM solution providers to expand their footprint and support businesses in navigating the evolving risk landscape.
• The Colombia integrated risk management IRM market is projected to grow at a CAGR of 15.2% during the forecast period and reach a market size of USD 51.23 million in 2024.
• The Peru integrated risk management IRM market is projected to grow at a CAGR of 15.6% during the forecast period, reaching a market size of USD 47.20 million in 2024.
• The Chile integrated risk management IRM market is projected to grow at a CAGR of 15.7%during the forecast period with a market size of USD 41.44 million in 2024.
• The Rest of Latin America's integrated risk management (IRM) market is projected to grow at a CAGR of 14.5% during the forecast period, with a market size of USD 92.67 million in 2024.

 

Middle East and Africa Integrated Risk Management IRM Software Market

According to Cognitive Market Research, the global integrated risk management IRM market size was estimated at USD 11512.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 230.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.7% from 2024 to 2031. In the Middle East and Africa (MEA) region, the integrated risk management IRM market is experiencing steady growth, driven by the region's expanding economy, increasing digitalization, and evolving regulatory landscape. Industries such as banking, oil and gas, and telecommunications lead the adoption of IRM solutions to manage diverse risks, including cybersecurity threats, regulatory compliance, and geopolitical instability. With countries like the UAE, Saudi Arabia, and South Africa investing in technology and regulatory reform, the MEA region presents significant opportunities for IRM solution providers to address the growing demand for effective risk management solutions.

• According to Cognitive Market Research, the GCC Countries integrated risk management IRM market size was valued at USD 98.54 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. GCC countries prioritize investments in IRM platforms to enhance resilience and ensure sustainable growth in the face of evolving risks.
• The Egypt-integrated risk management IRM market is projected to grow at a CAGR of 16.0% during the forecast period, reaching USD 24.18 million in 2024.
• The South African integrated risk management (IRM) market is projected to witness growth at a CAGR of 16.7% during the forecast period, reaching a market size of USD 36.38 million in 2024. The country's dynamic economy, increasing regulatory requirements, and growing awareness of risk management practices are driving this market's growth. 
• The Turkey-integrated risk management IRM market is projected to grow at a CAGR of 15.2% during the forecast period, reaching a market size of USD 19.80 million in 2024.
• The Nigeria integrated risk management IRM market is projected to grow at a CAGR of 14.8% during the forecast period, with a market size of USD 24.18 million in 2024.
• The Rest of the MEA integrated risk management IRM market is projected to grow at a CAGR of 14.7% during the forecast period, with a market size of USD 27.17 million in 2024.

 

Integrated Risk Management IRM Software Market Analysis

Integrated Risk Management IRM Market Component Segment Analysis

According to Cognitive Market Research, the services segment holds a significant share in the integrated risk management IRM market. This segment encompasses various offerings such as consulting, implementation, training, and support services tailored to meet diverse organizational needs. Its prominence underscores the crucial role of service providers in delivering comprehensive IRM solutions to clients across industries. Service providers contribute substantially to enhancing organizational resilience and agility in the face of evolving risk landscapes by offering expertise and support throughout the IRM lifecycle.

The solution segment within the integrated risk management IRM market is the fastest-growing segment. As organizations increasingly prioritize comprehensive risk management strategies, integrated solutions that offer holistic risk assessment, mitigation, and compliance capabilities are in high demand. The need for streamlined processes, real-time insights, and regulatory compliance adherence propels this surge in demand. Consequently, vendors are innovating rapidly to cater to this burgeoning market, offering advanced technologies and customizable solutions to address evolving risk landscapes.

• Solution
• Services

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Integrated Risk Management IRM Software Industry. Request a Free Sample PDF!

Integrated Risk Management IRM Market Vertical Segment Analysis

According to Cognitive Market Research, the banking, financial services, and insurance (BFSI) sector holds a significant share. This dominance is attributed to stringent regulatory requirements, complex risk profiles, and maintaining trust and stability within financial institutions. BFSI organizations extensively utilize IRM solutions to mitigate credit, market, operational, and compliance risks. The sector's reliance on robust risk management practices positions it as a major driver of innovation and growth in the IRM market.

In the integrated risk management IRM market, the information technology (IT) and IT-enabled services (ITES) segment emerges as the fastest-growing sectors. With the increasing digitization of business operations and the proliferation of data, organizations in the IT and ITES sectors face unique and evolving risks. Consequently, there's a heightened demand for comprehensive IRM solutions tailored to address the specific challenges and compliance requirements within this dynamic and rapidly expanding segment.

• BFSI
• IT & ITES
• Healthcare
• Government
• Aerospace & Defense
• Retail
• Manufacturing

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Integrated Risk Management IRM Software Deployment Mode Segment Analysis

According to Cognitive Market Research, the cloud-based IRM sector holds a significant share. The adoption of cloud-based IRM platforms has surged due to their scalability, flexibility, and cost-effectiveness. Organizations across various industries, including healthcare, finance, and manufacturing, leverage cloud-based IRM solutions to centralize risk management processes, enhance collaboration, and ensure data security. With the increasing trend towards digital transformation and remote work, the demand for cloud-based IRM solutions is expected to continue upward, cementing major vendors' dominance in this space.

The on-premises deployment model is experiencing significant growth within the integrated risk management IRM market. Certain industries, such as government, defense, and highly regulated sectors, have stringent data security and compliance requirements that necessitate on-premises solutions. Additionally, some organizations prefer maintaining control over their infrastructure and data by opting for on-premises deployments. As a result, vendors offering on-premises IRM solutions are witnessing increased demand from these sectors, driving rapid growth in this segment despite the overall trend towards cloud-based solutions in the broader IRM market.

• Cloud
• On-premises

Integrated Risk Management IRM Software Organization Size Segment Analysis

According to Cognitive Market Research, large enterprises command a significant market share in the integrated risk management IRM space due to their extensive resources and complex risk management needs. These organizations operate in diverse finance, healthcare, and manufacturing industries, facing multifaceted risks, including cybersecurity threats, regulatory compliance, and operational challenges. To address these complexities, large enterprises prioritize comprehensive IRM solutions that offer scalability, customization, and integration capabilities.

The small and medium-sized enterprises (SMEs) represent the fastest-growing segment in the integrated risk management IRM market. As SMEs face increasing pressure to manage risks effectively amidst evolving regulatory landscapes and cybersecurity threats, they recognize the importance of adopting IRM solutions. These solutions offer SMEs the ability to streamline risk assessment processes, enhance compliance, and improve decision-making without extensive resources or infrastructure. With the rise of cloud-based and affordable IRM platforms tailored to the needs of SMEs, this segment is experiencing rapid growth as organizations prioritize proactive risk management practices.

• Large Enterprises
• SMEs

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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