[FURL=https://www.industryarc.com/Report/18635/risk-management-software-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Risk Management Software Market[/FURL] size was valued at $10.7 billion in 2020, and it is estimated to grow at a CAGR of 7.7% during 2021-2026. Adoption of Risk Management software in various industries such as manufacturing, transportation and logistics, pharmaceuticals, and food & beverages sectors drive the market, as this software assist industries in providing equilibrium between supply and demand. Supply chain management encompasses the integrated planning and execution of processes needed to optimize the flow of materials, information, and financial capital in the areas that include demand planning, sourcing, production, inventory management and storage, transportation or logistics and return for excess or defective products.Key Takeaways
North America dominated the Risk Management software market in terms of value in 2020 owing to the early adoption of advanced software solutions and increase in investments.
Adoption of cloud deployment mode for Risk Management software implementation owing to its increased availability and high scalability drives the market.
Increasing adoption of Risk Management software in transport and logistics sector for logistic management with increasing government initiatives is set to drive the market.
Data security issues is one of the major challenges that hampers the market growth.
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Risk Management Software Market Segment Analysis - By Geography
North America dominated the Responsible Sourcing Software market in 2020 with a market share of 36.9%, followed by Europe and APAC owing to the early adoption of advanced digital technologies and high investments in adopting them. The presence of large number of manufacturing plants and big retail chains drives the adoption of Risk Management software. In 2018, The Federal Energy Regulatory Commission (FERC) of U.S., approved new mandatory reliability standards for protection of transportation and logistics equipment and to strengthen Risk Management in manufacturing industries. Stringent regulations in manufacturing industries and strict adherence to these regulations due to covid-19 impact in 2020 drive the market in this region.
Risk Management Software Market Drivers
Government Initiatives in Supply Chain Management
Risk Management Software Market Landscape
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Risk Management Software market. Risk Management Software top 10 companies include SAP, Oracle, IBM, The AnyLogic Company, SAS Institute Inc, ServiceNow, RSA Security LLC, Thomson Reuters, Lockpath Inc, LogicManager Inc, and others.
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