Risk Analytics Market Share

North American Market Forecast

Risk analytics market in North America is predicted to account for the largest share of 35% by 2037 impelled by the growing cases of cyber-attacks. For instance, in 2021, over 30,000 US businesses were hit by a widespread attack on Microsoft Exchange email servers, one of the worlds largest email servers and it was one of the largest cyberattacks in US history. The hackers used four separate zero-day vulnerabilities to obtain unauthorized access to emails from small enterprises to municipal governments. This may increase the demand for risk analytics in the region as this method helps in identifying, analyzing, evaluating, and concentrating on the resources that are likely to create loss.

APAC Market Statistics

The APAC risk analytics market is estimated to be the second largest, during the forecast timeframe led by growing risk of patient death owing to medication errors. Pharmaceutical errors are responsible for around 7,000 deaths per year. Drug errors and drug-related difficulties in India are primarily caused by inappropriate medication use. Moreover, the rate of adverse medication events was as high as 82 per 1,000 prescriptions in the country, while national statistics show that up to 5 million medical errors occur each year. Therefore, there is an urgent need to improve risk minimization and medication error prevention in the region which may create a huge demand for risk analytics.