1. Global Non-Financial Risk Management Consulting Market Analysis by Type
The global non-financial risk management consulting market will exhibit a steady growth trend from 2018 to 2023. The value of conduct Risk advisory services will reach US$4534 million in 2023, up from US$3645 million in 2018. Reputation risk advisory services grew from $3,175 million to $4,150 million during the same period. Growth in third-party risk advisory services is even more significant, growing from $4,394 million in 2018 to $6,572 million in 2023.
The growth of consulting services in the field of Operational Resilience Regulatory & Compliance is particularly prominent, growing from US$8,060 million in 2018 to US$12,810 million in 2023. The growth of digital risk consulting services is also quite significant, from US$5,514 million in 2018 Growth to $9077 million in 2023.
Overall, the global non-financial risk management consulting market grew from a total value of US$33,408 million in 2018 to US$49,212 million in 2023, demonstrating a significant increase in demand and value for the entire industry.
Table Global Non-Financial Risk Management Consulting Value (M USD) by Type (2018-2023)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Conduct Risk |
3645 |
3861 |
3642 |
3971 |
4284 |
4534 |
|
Reputational Risk |
3175 |
3329 |
3357 |
3639 |
3919 |
4150 |
|
Third-party Risk |
4394 |
4678 |
4737 |
5445 |
6082 |
6572 |
|
Enterprise Risk Management |
4132 |
4353 |
4399 |
4836 |
5271 |
5594 |
|
Financial Crime |
2603 |
2792 |
2831 |
3273 |
3674 |
3994 |
|
Operational Resilience Regulatory & Compliance |
8060 |
8784 |
9176 |
10165 |
11666 |
12810 |
|
Digital Risk |
5514 |
5945 |
6045 |
7119 |
8153 |
9077 |
|
Others |
1886 |
1982 |
2001 |
2169 |
2346 |
2481 |
|
Total |
33408 |
35725 |
36187 |
40618 |
45395 |
49212 |
The market share of consulting services in the field of Operational Resilience Regulatory & Compliance will increase from 24.13% in 2018 to 26.03% in 2023, showing a significant increase in the needs of enterprises to respond to regulatory requirements and improve business continuity. The market share of digital risk consulting services has also shown steady growth, increasing from 16.50% in 2018 to 18.44% in 2023, reflecting the growing need for enterprises to manage technology-related risks as digital transformation accelerates.
In contrast, the market shares of Conduct Risk and Reputation Risk show a downward trend. The share of conduct risk fell from 10.91% in 2018 to 9.21% in 2023, while the share of reputational risk fell from 9.50% in 2018 to 8.43% in 2023.
Figure Global Non-Financial Risk Management Consulting Value Share by Type (2018-2023)
The market value of digital risk management consulting is expected to grow significantly, from US$9,077 million in 2023 to US$14,482 million in 2028, demonstrating the increasing focus of enterprises on digital transformation and related risk management. Third-party risk management consulting is also expected to grow from US$6,572 million in 2023 to US$9,585 million in 2028,
Growth in the areas of enterprise risk management and operational resilience, supervision and compliance is also significant, growing from US$5,594 million and US$12,810 million in 2023 to US$7,608 million and US$18,913 million in 2028, respectively.
The overall market value is expected to grow from US$49,212 million in 2023 to US$71,408 million in 2028, demonstrating strong growth potential for the global non-financial risk management consulting market.
Table Global Non-Financial Risk Management Consulting Market Value (M USD) Forecast, by Type
|
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
|
Conduct Risk |
4534 |
4826 |
5147 |
5468 |
5759 |
6027 |
|
Reputational Risk |
4150 |
4443 |
4689 |
4925 |
5169 |
5431 |
|
Third-party Risk |
6572 |
7174 |
7751 |
8341 |
8935 |
9585 |
|
Enterprise Risk Management |
5594 |
6022 |
6411 |
6822 |
7205 |
7608 |
|
Financial Crime |
3994 |
4408 |
4791 |
5220 |
5673 |
6116 |
|
Operational Resilience Regulatory & Compliance |
12810 |
13946 |
15178 |
16383 |
17620 |
18913 |
|
Digital Risk |
9077 |
10022 |
11100 |
12200 |
13284 |
14482 |
|
Others |
2481 |
2631 |
2793 |
2933 |
3085 |
3246 |
|
Total |
49212 |
53472 |
57860 |
62292 |
66730 |
71408 |
2. Global Non-Financial Risk Management Consulting Market Analysis by Application
Non-financial risk management consulting services for large enterprises were valued at US$9,424 million in 2018, growing to US$13,643 million in 2023. This growth reflects continued demand and investment in risk management consulting services by large enterprises in the global economic environment.
The growth of small and medium-sized enterprises is even more significant, from US$23,985 million in 2018 to US$35,570 million in 2023. This indicates an increased awareness of risk management among SMEs in global markets, resulting in an increased reliance on professional advisory services due to their vulnerability to market fluctuations and specific risks.
Table Global Non-Financial Risk Management Consulting Value (M USD) by Application (2018-2023)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Large Business |
9424 |
10042 |
10186 |
11338 |
12657 |
13643 |
|
SMEs |
23985 |
25683 |
26001 |
29280 |
32738 |
35570 |
|
Total |
33408 |
35725 |
36187 |
40618 |
45395 |
49212 |
Small and medium-sized enterprises (SMEs) have been dominating the market share and their proportion is gradually increasing. In 2018, SMEs had a market share of 71.79%, and by 2023, this proportion has risen to 72.28%. At the same time, the market share of large enterprises is small and shows a downward trend, from 28.21% in 2018 to 27.72% in 2023.
Figure Global Non-Financial Risk Management Consulting Value Market Share by Application (2018-2023)
The market value of large enterprises is expected to grow from US$13,643 million in 2023 to US$19,369 million in 2028, indicating that the demand for risk management consulting services among large enterprises will increase significantly in the coming years. The market value of small and medium-sized enterprises will grow even more significantly, from US$355.7 million in 2023 to US$52040 million in 2028.
Table Global Market Value (M USD) Forecast by Application (2023-2028)
|
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
|
Large Business |
13643 |
14745 |
15780 |
16964 |
18069 |
19369 |
|
SMEs |
35570 |
38728 |
42080 |
45327 |
48661 |
52040 |
|
Total |
49212 |
53472 |
57860 |
62292 |
66730 |
71408 |
3. Global Non-Financial Risk Management Consulting Market Analysis by End Use
The value of banks’ non-financial risk management consulting services will grow from US$4,241 million in 2018 to US$5,996 million in 2023. Banks’ demand for risk management consulting services has increased significantly as they face changing market and regulatory environments.
The growth for non-financial companies is even more significant, from $24,028 million in 2018 to $35,349 million in 2023. Reflecting the increasing emphasis on risk management by non-financial companies in global markets and their increased reliance on professional advisory services.
The growth of insurance companies and asset management companies is also quite stable, from US$3142 million and US$1637 million in 2018 to US$4697 million and US$2591 million in 2023, respectively. This shows that these industries are also gradually recognizing the importance of non-financial risk management and making more investments in this area.
Table Global Non-Financial Risk Management Consulting Value (M USD) by End Use (2018-2023)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Banks |
4241 |
4510 |
4434 |
4971 |
5548 |
5996 |
|
Insurance Companies |
3142 |
3367 |
3430 |
3868 |
4331 |
4697 |
|
Asset Managers |
1637 |
1766 |
1797 |
2071 |
2346 |
2591 |
|
Non-Financial Corporations |
24028 |
25690 |
26127 |
29245 |
32646 |
35349 |
|
Others |
361 |
392 |
399 |
462 |
523 |
579 |
|
Total |
33408 |
35725 |
36187 |
40618 |
45395 |
49212 |
Non-Financial Corporations always occupy the largest market share, and the market share of non-financial companies has slightly decreased from 71.92% in 2018 to 71.83% in 2023, showing the continued high demand for risk management consulting services in this field. The market share of banks and insurance companies is relatively stable, with the share of banks slightly decreasing from 12.69% in 2018 to 12.18% in 2023, while the share of insurance companies has slightly increased from 9.40% to 9.54%. This shows that the investment of these traditional financial industries in risk management consulting remains stable. Although the market share of asset management companies is smaller, it also shows a slight growth trend, from 4.90% in 2018 to 5.27% in 2023. Overall, although the market share of non-financial companies has declined, they are still the main user group in the non-financial risk management consulting market, while banks and insurance companies have maintained a relatively stable consulting demand.
Figure Global Non-Financial Risk Management Consulting Value Market Share by End Use (2018-2023)
The market value of non-financial risk management consulting for banks is expected to grow from US$5,996 million in 2023 to US$8,591 million in 2028, with the market value of non-financial companies growing even more significantly, from US$35,349 million in 2023 USD 50,887 million by 2028. Insurance companies will grow from $4,697 million in 2023 to $7,001 million in 2028. Asset management companies will grow from US$2,591 million in 2023 to US$3,996 million in 2028.
Table Global Market Value (M USD) Forecast by End Use (2023-2028)
|
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
|
Banks |
5996 |
6547 |
7093 |
7592 |
8087 |
8591 |
|
Insurance Companies |
4697 |
5137 |
5576 |
6053 |
6484 |
7001 |
|
Asset Managers |
2591 |
2851 |
3114 |
3386 |
3679 |
3996 |
|
Non-Financial Corporations |
35349 |
38297 |
41372 |
44484 |
47630 |
50887 |
|
Others |
579 |
640 |
705 |
777 |
851 |
934 |
|
Total |
49212 |
53472 |
57860 |
62292 |
66730 |
71408 |
