Spending on operational risk management software applications to achieve

The global market for operational risk management (ORM) software applications will grow from $1.5 billion in 2020, at a CAGR of 9%, to $2.6 billion in 2026, according to a new study by the company. Verdantix independent research.

Verdantix Research Reveals Post-COVID-19 ORM Software Market is Driven by Market Maturation, Rise in Remote Operations, Pandemic-Driven Growth in Digitization to Support Lean Operations, Enabling real-time risk management and the surge of safe operations executive priority lists. Vendors positioned to benefit from this growth include ORM software vendors such as AdaptIT, CONFORMiT, Enablon, Go-Arc, MODS Management, NiSoft, RiskPoynt, SAP, Sphera, Tenforce and Yokowaga RAP.

“As expected, the COVID-19 pandemic significantly slowed the nominal growth rate of the ORM software market throughout 2020, but it has proven to be quite resilient,” commented Malavika Tohani (pictured), Research Director , operational effectiveness. “To maximize growth, ORM software vendors must expand their offerings to cover process safety management (PSM), have an open architecture to support greater integrations with industrial systems, and incorporate twin tools to visually communicate risks.”

The Verdantix report, Market Size And Forecast: Operational Risk Management Software Applications 2020-2026 (Global), provides executives at ORM software vendors, systems integrators, and financial investors with the information they need to inform planning and company strategy. The model breaks down market size and forecasts trends in 16 industry segments specified by asset class and 10 economic regions. Oil and gas industries accounted for over a third (34%) of ORM software spending in 2020, followed by manufacturing (25%) and power distribution and generation (18%). ORM software market is expected to experience the highest spending growth in South Asia and China with a double-digit CAGR from 2020 to 2026 and will see increased adoption across all industries, with the fastest growth in chemicals .

“The market is expected to experience strong growth between 2021 and 2026,” said Hugo Fuller, analyst at Verdantix. “To tap into the attractive market opportunity, ORM software vendors need to expand their offerings to provide an integrated solution for PSMs, incorporate digital twins to gather risks in a single source and communicate them visually, and have a open architecture to facilitate integration with systems”.

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Verdantix, COVID-19, Risk Management, Operational Risk Management (ORM), Technology, Insurance, Reinsurance, Malavika Tohani, Hugo Fuller, North America

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