North America Financial Risk Management Software Market Size, Share & Industry Trends Analysis Report By Component, By Deployment Mode (On-premise and Cloud), By Enterprise Size, By End User, By Country and Growth Forecast, 2023 - 2029

The North America Financial Risk Management Software Market should witness market growth of 12.0% CAGR during the forecast period (2023-2029).

Risk modeling, risk reporting, scenario analysis, risk assessment, stress testing, and risk mitigation techniques are typical aspects of financial risk management software. Additionally, the software can assist in automating multiple financial risk management tasks, like ensuring that rules and policies are being followed.

Financial risk management software solutions assist institutions in managing the complexity of financial instruments by providing cutting-edge analytics tools and risk modeling capabilities. The complexity of financial instruments is increasing, which is a major factor driving the market growth for financial risk management software.

Additionally, as institutions look for ways to cope with their risks and comply with regulatory requirements efficiently and effectively, the rise in financial industry volatility and the expansion of regulatory compliance requirements are fueling demand for financial risk management software solutions. Software programs for financial risk management hosted in the cloud are becoming increasingly popular since they provide more flexibility and scalability than on-premises alternatives. As more firms look to use these solutions for managing risk, this is expected to promote market growth.

People who use digital-only banks and online mobile phone payments have increased significantly. Many fintech businesses offer digital payment services to both customers and businesses. The digitization of Americans' daily lives contributes to the expansion of the fintech sector as more and more people rely on e-commerce platforms to buy goods for daily usage, particularly during the pandemic. Thus, the growing fintech solution and the digitalization of the banking sector are expected to increase the utilization of financial risk management software to streamline regulatory reporting and other financial activities, aiding the market growth in the region.

The US market dominated the North America Financial Risk Management Software Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1,683.9 million by 2029. The Canada market is poised to grow at a CAGR of 14.2% during (2023-2029). Additionally, The Mexico market should witness a CAGR of 13.9% during (2023-2029).

Based on Component, the market is segmented into Software (Without Services) and Services. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on End-user, the market is segmented into Banks, Insurance Companies, NBFCs and Credit Unions. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, SAP SE, SAS Institute, Inc., Experian PLC, Fiserv, Inc., Pegasystems Inc., CreditPoint Software, Optial UK Limited, Resolver Inc. (Kroll, LLC) and Lumivero, LLC.

Scope of the Study

By Component

• Software (Without Services)
• Services

By Deployment Mode

• On-premise
• Cloud

By Enterprise Size

• Large Enterprises
• Small & Medium-sized Enterprises (SMEs)

By End-user

• Banks
• Insurance Companies
• NBFCs
• Credit Unions

By Country

• US
• Canada
• Mexico
• Rest of North America

Key Market Players

List of Companies Profiled in the Report:

• Oracle Corporation
• SAP SE
• SAS Institute, Inc.
• Experian PLC
• Fiserv, Inc.
• Pegasystems Inc.
• CreditPoint Software
• Optial UK Limited
• Resolver Inc. (Kroll, LLC)
• Lumivero, LLC

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