Risk Advisory Service Market to Reach $448.9 Billion, Globally, by 2032 at 14.8% CAGR: Allied Market Research

The global risk advisory service market is experiencing growth due to several factors, including an increase in business complexity, growing regulatory compliance requirements, globalization, and digitalization

PORTLAND, Ore., Oct. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Risk Advisory Service Market by Type (Operational Risk, Financial Risk, Compliance and Regulatory Risk, and Others), Organization Size (Large Enterprises and Small and Medium-sized Enterprises), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, and E-commerce, Government and Public Sector, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global risk advisory service industry generated $115.8 billion in 2022 and is anticipated to generate $448.9 billion by 2032, witnessing a CAGR of 14.8% from 2023 to 2032.

A risk advisory service (RAS) is an industry-specific consulting and advisory service that helps businesses identify, evaluate, and manage a variety of risks that may affect their business. These risks may be strategic and operational in nature, or more specific in nature, such as financial risks, legal risks, cybersecurity risks, compliance risks, and more. RAS providers provide expertise and advice to help organizations create effective risk management plans, improve internal control measures, and mitigate risks. They can also help with risk assessments, risk frameworks, risk mitigation plans, and more. The purpose of a risk advisory service is to help businesses make informed decisions about potential risks and proactively manage them, thereby protecting their reputation, financial stability, and long-term success.

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Prime Determinants of Growth:

The global risk advisory service market is experiencing growth due to several factors, including an increase in business complexity, growing regulatory compliance requirements, globalization, and digitalization. In addition, globalization and digitalization which give rise to risks such as cyberattacks, data breaches, and supply chain disruptions have been significant drivers for the adoption of risk advisory services. However, regulatory challenges hamper market growth. On the contrary, growing cybersecurity threats are anticipated to open new avenues for the growth of the risk advisory service market during the forecast period.

Report Coverage & Details:

COVID-19 Scenario:

• The COVID-19 pandemic had a moderate impact on the global risk advisory service market. This is due to the widespread adoption of remote work, supply chain disruptions, and financial uncertainties.
• This led to a surge in demand for risk advisory services, as companies sought expert guidance to navigate these uncertain times. However, as the pandemic continued, some businesses faced financial constraints and reduced their spending on consulting services, including risk advisory.  

The operational risk segment to maintain its leadership status throughout the forecast period-

Based on type, the operational risk segment held the highest market share in 2022, accounting for more than two-fifths of the global risk advisory service market revenue and is estimated to maintain its leadership status throughout the forecast period. Businesses are becoming more complex and reliant on technology, which increases the potential for operational failures. Furthermore, regulations and compliance requirements are becoming strict, making companies more focused on risk management. However, the compliance and regulatory risk segment is projected to manifest the highest CAGR of 18.3% from 2023 to 2032. The high-profile cases of regulatory breaches have raised awareness about the consequences of non-compliance, encouraging firms to invest in proactive risk management.

The large enterprises segment to maintain its leadership status throughout the forecast period-

Based on organization size, the large enterprises segment held the highest market share in 2022, accounting for nearly three-fourths of the global risk advisory service market industry revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that large enterprises have a more complex set of risks and vulnerabilities than SMEs which makes them susceptible to losses in case of crises such as market meltdowns, natural disasters, or cyber-attacks. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 17.6% from 2023 to 2032. This is attributed to the fact that SMEs are recognizing the benefits of proactive risk management in protecting their reputation and sustaining growth, prompting them to seek professional advisory services to navigate these challenges effectively which drives the growth of the risk advisory service market in SMEs.

The BFSI segment to maintain its lead position throughout the forecast period-

Based on industry vertical, the BFSI segment held the highest market share in 2022, contributing to more than one-fourth of the global risk advisory service market revenue, and is estimated to maintain its lead position throughout the forecast period. because the BFSI industry is highly regulated, and these regulations are constantly evolving, requiring specialized expertise to ensure compliance. However, the healthcare segment is projected to manifest the highest CAGR of 20.3% from 2023 to 2032. The growth of the healthcare segment is being driven by the increasing regulatory requirements and compliance standards that are making healthcare organizations seek expert advice to navigate complex rules and avoid penalties. 

Asia-Pacific to maintain its dominance by 2032-

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global risk advisory service market revenue. This is attributed to the rising regulatory requirements for risk advisory services in North American countries, such as the U.S. and Canada, which are driving demand from SMEs and mid-size enterprises (MSMEs). In addition, increasing cybercrimes have led to a rise in demand for risk advisory services in North America owing to growing awareness of customers related to their financial data theft incidents. However, Asia-Pacific is expected to maintain its dominance throughout the forecast period. The same region would also cite the fastest CAGR of 19.1% from 2023 to 2032. This is attributed to its developing economy coupled with the increased adoption of advanced technologies by SMEs operating within the Asia-Pacific region thereby creating lucrative growth opportunities for the risk advisory service market players in this region.

Leading Market Players: -

• MBG Corporate Services
• KPMG International Limited
• Deloitte Touche Tohmatsu Limited
• RSM International Ltd.
• Weaver and Tidwell, L.L.P.
• Cherry Bekaert
• CLA Global TS
• BDO Global
• PwC
• Grant Thornton International Ltd (GTIL)

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The report provides a detailed analysis of these key players in the global risk advisory service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the risk advisory service market analysis from 2022 to 2032 to identify the prevailing risk advisory service market opportunity.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• The Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the risk advisory service market segmentation assists to determine the prevailing risk advisory service market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as risk advisory service market trends, key players, market segments, application areas, and market growth strategies.

Risk Advisory Service Market Key Segments:

By Type

• Others
• Operational Risk
• Financial Risk
• Compliance and Regulatory Risk

By Organizartion Size

• Large Enterprises
• Small and Medium-sized Enterprises

By Industry Vertical

• BFSI
• IT and Telecom
• Healthcare
• Retail and E-commerce
• Government and Public Sector
• Manufacturing
• Others

By Region

• North America (U.S., Canada)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

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