Market Size And Forecast: Operational Risk Management Software Applications 2021-2026 (Global)

Published 12 July 2022 by Joseph O'Brien & Malavika Tohani &
Connected Worker Solutions Control Of Work Digital Transformation Strategy Digital Twin Enterprise Risk Management Industrial IoT Industrial Wearables Operational Excellence Operational Risk Management Software Predictive Maintenance Process Safety Management Real-Time Risk Management Market Size & Forecast

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Executive Summary

In this report, Verdantix provides detailed analysis of the current market size and future prospects of the operational risk management (ORM) software application market. This analysis finds that the ORM software application market will grow from $1.75 billion in 2021, at a CAGR of 14.6%, to $3.46 billion in 2026. The ORM software market – and the control of work (CoW) software subsegment in particular – are showing strong growth despite recent global economic conditions. To maximize growth, ORM software providers must enhance software capability through advanced visualizations and integration with wearables and industrial internet of things devices (IIoT), consider partnerships with asset management software providers and expand their offerings to provide an integrated platform for process safety management (PSM).

Table of contents

Forecasting The Operational Risk Management Software Application Market 
Model Updates Reflect The Impact Of Current Global Economic Conditions And Market Factors 
The ORM Software Application Market Was Worth $1.7 Billion In 2021 
The ORM Software Market Is Experiencing Strong Growth Despite Recent Economic Events 
ORM Software Market Will Be Worth $3.46 billion In 2026 
ORM Software Suppliers Can Do Three Things To Expand Their Current Market Share 

Table of figures

Figure 1. 2021 ORM Software Application Market By Region 
Figure 2. 2021 ORM Software Application Market Size By Industry 
Figure 3. ORM Software Market Drivers 
Figure 4. 2021 ORM Software Application Market Forecast (2021-26) 
Figure 5. ORM Software Application Market Forecast By Region (2021-26) 
Figure 6. ORM Software Application Market Forecast By Industry (2021-26) 
Figure 7. ORM Software Application Market Forecast By Category (2021-26) 
 

Organisations mentioned

Adapt IT, Central Petroleum, CGE Risk, Delek US, DevonWay, Enablon, Energy Information Administration, Engica, European Union (EU), GOARC, Google, Hexagon, Incitec Pivot, Intelex, International Association of Oil & Gas Producers (IOGP), International Monetary Fund (IMF), j5 International, Occupational Safety and Health Administration (OSHA), Organisation for Economic Co-operation and Development (OECD), Petrotechnics, ProcessMAP, Prometheus Group, Rombit, Sphera, TenForce, Ultimo, VelocityEHS, Yokogawa RAP

About the authors

Joseph O'Brien

Senior Industry
Joe is a Senior Industry Analyst in the Verdantix Operational Excellence practice. His current research agenda focusses on emerging solutions and global market trends across the process industries. Prior to joining Verdantix, Joe was a Market Analyst at Altra Industrial Motion where he gained expertise in a variety of industrial technology markets on a global scale. Joe holds a BS in Marketing from Roger Williams University and a Graduate Certificate in Applied Business Analytics from Boston University.

Malavika Tohani

Research Director, Operational Excellence
Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins and software solutions for industrial risk and asset management. Malavika has over 15 years’ experience in research and strategy consulting. Malavika previously worked at Frost & Sullivan, managing and delivering advisory projects for clients involving expansion, acquisition, benchmarking and product development strategies. Malavika holds a MSc in Economics from Madras School of Economics.

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