Wheelhouse Advisors, a leading risk management and market analysis authority, published its groundbreaking IRM Navigator™ Technology Market Map Report today. The report reveals that the Integrated Risk Management (IRM) technology market is projected to grow from $41 billion in 2023 to $93 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 10.8%. The comprehensive report details the IRM market size, forecast, and key segments. It also features a technology market map that categorizes technology vendors as Leaders, Accelerators, and Pace Setters with detailed profiles of 46 technology vendors in the space.
The rapid growth in the IRM technology market is fueled by today’s complex and interconnected business environment. As organizations face increasing challenges posed by cyber threats, regulatory changes, and global supply chain disruptions, there is a rising demand for advanced IRM technology solutions to help businesses navigate these uncertainties. The IRM market is highly dynamic, with constant innovations and technological advancements ensuring that companies are better equipped to mitigate risks and maintain a competitive edge.
The IRM technology market is divided into four primary segments: Operational Risk Management (ORM), Information Technology Risk Management (ITRM), Enterprise Risk Management (ERM), and Governance, Risk, and Compliance (GRC). The report provides a deep dive into each of these segments, identifying their unique characteristics and the key players in the market. Recent events, such as high-profile bank failures, cryptocurrency mismanagement, transportation network obsolescence/disasters, and regulatory inconsistencies, have further highlighted the need for robust IRM technology solutions across industries. This has increased the demand for tools and services to help organizations identify, assess, and manage risks more effectively.