LONDON – (BUSINESS WIRE) – Nov. October 2021–
The global market for software applications for operational risk management (ORM) will grow from 1.5 billion US dollars in 2020 at a CAGR of 9% to 2.6 billion US dollars in 2026, according to a new study by independent research firm Verdantix . Research by Verdantix has shown that the post-COVID-19 ORM software market is being driven by the maturation of the market, the surge in remote operations, the pandemic growth of digitization to support lean operations, the enabling of real-time risk management and the rise Safe operation is driven to the top by executive priority lists. Vendors who can benefit from this growth include ORM software providers such as AdaptIT, CONFORMiT, Enablon, Go-Arc, MODS Management, NiSoft, RiskPoynt, SAP, Sphera, Tenforce and Yokowaga RAP.
“As expected, the COVID-19 pandemic slowed the nominal growth rate of the ORM software market significantly in 2020, but it turned out to be quite resilient,” commented Malavika Tohani, Research Director, Operational Excellence. “To maximize growth, ORM software vendors need to expand their offering to process safety management (PSM), have an open architecture to support greater integration with industrial systems, and incorporate digital twins to visually communicate risk.”
The Verdantix Report, Market Size & Forecast: Operational Risk Management Software Applications 2020-2026 (Global) provides ORM software vendor executives, systems integrators and financial investors with the information they need for business planning and strategy. The model breaks down the market size and forecasts trends in 16 industry segments, which are specified by asset class and 10 economic regions. The oil and gas industry accounted for more than a third (34%) of ORM software spending in 2020, followed by manufacturing (25%) and power distribution and generation (18%). The ORM software market is forecast to see the highest spending growth from South Asia and China from 2020 to 2026 with double-digit annual growth and increasing adoption in all fastest growing chemical industries.
“The market will grow strongly between 2021 and 2026,” commented Hugo Fuller, Verdantix analyst. “To take advantage of the attractive market opportunity, ORM software vendors need to add an integrated solution for PSM, integrate digital twins to collect risks in a single source and communicate visually, and have an open architecture to easily integrate with external systems to be supported. “
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CONTACT: Isobel Calisse
KEYWORD: UNITED KINGDOM OF EUROPE
INDUSTRY KEYWORD: OIL / GAS CHEMICALS / PLASTICS SAFETY DATA MANAGEMENT ENERGY PRODUCTION TECHNOLOGY PERSONNEL PROFESSIONAL SERVICES OTHER TRANSPORTS TRANSPORT OTHER MANUFACTURING SOFTWARE LOGISTICS / SUPPLY CHAIN MANAGEMENT
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PUB: 10/4/2021 6:25 a.m. / DISC: 10/4/2021 6:26 a.m.
Copyright Business Wire 2021.