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Risk Advisory Service Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Organizartion Size, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2024-2032

Risk Advisory Service Market Size, Share, Competitive Landscape and Trend...

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Risk Advisory Service Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Organizartion Size, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2024-2032
Risk Advisory Service Market Size,...
Report Code
RO9/128/1219

Publish Date
30/Apr/2024

Pages
200
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The global risk advisory service market revenue was around US$ 132.9 billion in 2023 and is estimated to reach US$ 460.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.8% during the forecast period from 2024 to 2032.
Risk advisory services are a kind of experienced consulting service offered by companies or professionals. In addition, they assist organizations assess, identify, and manage different threats that could affect their finances, operations, reputation, or compliance with regulations.
Factors Influencing Market Growth
- A surge in business complexity is estimated to drive market growth. In today's fast-paced business world, businesses face a multitude of threats, from cyber risks to regulatory modifications. These threats are becoming more complicated and interconnected, making it challenging for companies to manage them effectively. As a result, risk advisory services offer expertise in assessing, identifying, and mitigating these threats.

- Increasing cybersecurity threats are predicted to boost the market expansion. Cyber risks have become a major concern due to the rapid digitization of enterprises and the growing reliance on technology. Cybercriminals and hackers are continuously evolving their tactics, making it essential for organizations to protect their systems and data. This heightened cybersecurity threat created an increase in demand for risk advisory services.

- Increasing regulatory compliance needs is predicted to fuel the market growth. Governments and industry regulators are constantly introducing new regulations and rules that firms must adhere to. Non-compliance results in legal issues, and damage to a company's reputation. As a result, risk advisory services aid organizations in staying compliant with these evolving regulations.

- The high price of risk advisory services is a main factor hampering the market growth.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a moderate impact on the market. This is attributed to supply chain disruptions, widespread adoption of remote work, and financial uncertainties. This led to an increased demand for risk advisory services, as companies sought professional guidance to navigate these insecure times. However, as the pandemic continued, some businesses faced financial restraints and decreased their spending on consulting services, including risk advisory.
Regional Insights
In 2023, North America dominated the market in terms of the largest share. This is attributed to the increased regulatory needs for risk advisory services in nations, such as the Canada and U.S., which surged demand from SMEs and mid-size enterprises (MSMEs). Additionally, surged cybercrimes have led to an increase in demand for risk advisory services in the region due to raised awareness of customers related to their financial data theft incidents.
Asia-Pacific dominates the market in terms of the fastest growth rate. This is due to its developing economy coupled with the surge in the adoption of cutting-edge technologies by SMEs operating within the region. Therefore, this factor is predicted to create lucrative opportunities for the key players in this region.
Leading Competitors
The leading competitors in the global risk advisory service market are:
- Grant Thornton International Ltd
- KPMG International Limited
- MBG Corporate Services
- Cherry Bekaert
- Weaver and Tidwell L.L.P.
- PwC
- CLA Global TS
- RSM International Ltd
- BDO Global
- Deloitte Touche Tohmatsu Limited
- Others
Segmentation Analysis
The global risk advisory service market segmentation focuses on Type, Organization Size, Industry Vertical, and Region.
Segmentation based on Type
- Operational Risk
- Financial Risk
- Compliance and Regulatory Risk
- Others
Segmentation based on Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Segmentation based on Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail and E-commerce
- Government and Public Sector
- Manufacturing
- Others
Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa

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