Risk Management Software Market Outlook for 2020-2024
Updated: Mar 15
The future is bright for risk management software. As of 2021, it’s expected to play an even larger role in organisations than it did in 2020, a year in which many Australians switched to work-from-home positions due to the global pandemic.
What this means is that, as of 2021, anyone getting on board with cloud-based risk management software such as Risk Wizard is an early adopter in for an exciting ride into the future. Whether your organisation already uses risk management software or you’re looking for a sleek, modern package with a clean user interface yet packed with functionality, consider yourself an early adopter.
Market Outlook 2020-2024
Technavio’s report titled Global Treasury and Risk Management Software Market 2020-2024 estimates an impressive $975.62 million USD (about $1.25 billion AUD) between 2020-2024. The compound annual growth rate (CAGR) is about 5 per cent, with about 34 per cent of the market concentrated in North America.
It shouldn’t come as a surprise that cloud-based risk management software is increasingly useful in our modern, digital world where more employees than ever are working remotely. The convenience that many risk management packages provide, combined with their superb functionality, enable risk management professionals to leverage the myriad advantages of this technology.
What’s Driving Growth?
The main drivers behind this explosive, parabolic growth are capital risk mitigation and the increase in demand for on-premises and cloud-based risk management software in response to the global pandemic.
Furthermore, risk management software aligns well with the increasingly automated, collaborative workplaces in Australia and elsewhere. The ability to send quick notifications to relevant stakeholders on a project is no longer a ‘nice’ feature to have, but rather a necessity in the rapidly-evolving workplace to manage risks.
Growth in risk management software can also be attributed to the increased demand from the healthcare industry for cost-effective solutions with the ability to mitigate risk during the pandemic. Logistics providers and all downstream supply chain activities from our hospitals and long-term care facilities depend on reliable and consistent deliveries, for example, resulting in a strong demand for superb and robust risk management strategies.
Take the Pfizer vaccine, for instance. As more and more people seek vaccination, this particular vaccine poses a unique challenge in that it must be maintained at refrigerated temperatures lest it lose its potency. This alone is a massive risk that can cost millions if the pieces of the supply chain and distribution puzzle don’t align perfectly.
How Do You Mitigate and Manage Risk?
Every organisation today takes advantage of data analytics to improve the customer experience as well as internal operations. In a similar fashion, every organisation today requires robust, modern risk management software that’s built to provide excellent functionality, reporting capabilities, and instant notifications, to name a few key features.
Cloud-based licensed risk management software is likely to boom in the coming years and reach mainstream adoption by cutting-edge businesses looking to minimise and mitigate risk, so give Risk Wizard a go to see if it’s right for you.
Risk Wizard is completely free to try out. We’re confident that you’ll find our risk management software to be robust, flexible, and reliable for your business. Enquire with us if you’d like to know more about how we can adapt our software to meet the needs of your business.
FREE TRIAL: Visit https://www.riskwizard.com/freetrial or email to: email@example.com