Market Size And Forecast: Operational Risk Management Software 2019-2024 (Global)

Executive Summary

This report provides detailed analysis of the current market size and future prospects of the operational risk management (ORM) software market. The analysis provides executives at ORM software vendors, practice leaders in systems integrators and financial investors with market data to inform business planning and strategy. In 2019 the ORM software market was worth $1.4 billion and forecasted to reach $2.2 billion in 2024. Growth in 2020 will only reach 4.0% due to the COVID-19 pandemic and ensuing economic recession but will pick up again quickly as managers leverage ORM software capabilities to achieve their operational excellence objectives. ORM vendors need to do four things to exploit the attractive market opportunity: manage current customer relationships during the COVID-19 period, develop simplified functionality for low to medium       EHS-risk markets, provide greater integration with industrial systems for process industries and leverage emerging technologies to enhance real-time risk management.