Global Risk Advisory Service Market is valued at approximately USD 132.92 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 14.78% over the forecast period 2024-2032. Risk advisory services encompass professional consulting aimed at identifying, assessing, and managing diverse risks impacting organizational operations, finances, reputation, and regulatory compliance. Specialized firms offer expert solutions in risk management, cybersecurity, compliance, and financial auditing, aiding clients in navigating complex risk landscapes and regulatory challenges. The trend towards addressing climate change challenges through strategic acquisitions. For instance, Zurich Resilience Solutions partnered with KPMG Switzerland in 2023 to offer cutting-edge advisory services for climate change challenges. The COVID-19 pandemic underscored the importance of risk advisory services, with companies seeking expert guidance to navigate uncertainties, despite financial constraints limiting consulting service expenditures.
The escalating complexity in business operations has driven the demand for risk advisory services, helping companies manage diverse risks, including cyber threats. These services offer tailored strategies, ensuring businesses operate smoothly and mitigate costly disruptions. Furthermore, increasing regulatory compliance requirements and the global surge in unforeseen risks such as cyberattacks and data breaches propel the adoption of risk advisory services. Moreover, the rise in business complexity and regulatory compliance requirements are pivotal drivers of market growth. Several companies using various initiatives to expand its risk and compliance offerings. For instance, Cherry Bekaert's acquisition of Accume Partners in 2022 and expanded its risk and compliance offerings, particularly in the financial services industry. Furthermore, growing cybersecurity threats, driven by rapid digitization, significantly boost demand for risk advisory services, emphasizing the need for robust security strategies. However, a lack of awareness among businesses and regulatory challenges impedes market growth. Conversely, the rapid digitization of businesses and increasing cybersecurity threats present lucrative growth opportunities for the market.
The key regions considered for the Global Risk Advisory Service Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2023, North America dominate the market in terms of revenue, driven by stringent regulatory requirements and increasing cybercrimes. The region's highly developed financial sector, encompassing major industries such as banking, insurance, and capital markets, creates a robust demand for comprehensive risk management solutions. Companies in North America increasingly rely on specialized advisory services to navigate complex regulatory landscapes and mitigate financial, operational, and strategic risks effectively. The presence of leading advisory firms with extensive expertise in risk assessment and mitigation strategies further strengthens North America's position. These firms leverage advanced technologies and analytics to provide tailored risk advisory services, addressing emerging threats and enhancing organizational resilience. Thus, the region's SMEs and mid-size enterprises are significant contributors to the demand for risk advisory services. Furthermore, Asia-Pacific is projected to be the fastest-growing region, attributed to its developing economy and adoption of advanced technologies by SMEs, creating lucrative opportunities for market players.
Major market players included in this report are:
- Deloitte Touche Tohmatsu Limited
- PwC
- KPMG International Limited
- RSM International Ltd.
- Weaver and Tidwell, L.L.P.
- MBG Corporate Services
- Cherry Bekaert
- BDO Global
- Grant Thornton International Ltd (GTIL)
- CLA Global TS
- Protiviti Inc.
- Navigant Consulting, Inc.
- Crowe LLP
- Alvarez & Marsal Holdings, LLC
- FTI Consulting, Inc.
The detailed segments and sub-segments of the market are explained below:
By Type:
- Operational Risk
- Financial Risk
- Compliance and Regulatory Risk
- Others
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical:
- BFSI
- IT and Telecom
- Healthcare
- Retail and E-commerce
- Government and Public Sector
- Manufacturing
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market.
Table of Contents
Chapter 1. Global Risk Advisory Service Market Executive Summary
- 1.1. Global Risk Advisory Service Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Organization Size
- 1.3.3. By Industry Vertical
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Risk Advisory Service Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Risk Advisory Service Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Increase in Business Complexity
- 3.1.2. Growing Regulatory Compliance Requirements
- 3.1.3. Growing Cybersecurity Threats
- 3.2. Market Challenges
- 3.2.1. Lack of Awareness among Businesses
- 3.2.2. Regulatory Challenges
- 3.3. Market Opportunities
- 3.3.1. Growing Cybersecurity Threats
- 3.3.2. Rapid Digitization of Businesses
- 3.3.3. Increasing Reliance on Technology
Chapter 4. Global Risk Advisory Service Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top Investment Opportunity
- 4.4. Top Winning Strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Risk Advisory Service Market Size & Forecasts by Type 2022-2032
- 5.1. Segment Dashboard
- 5.2. Global Risk Advisory Service Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Operational Risk
- 5.2.2. Financial Risk
- 5.2.3. Compliance and Regulatory Risk
- 5.2.4. Others
Chapter 6. Global Risk Advisory Service Market Size & Forecasts by Organization Size 2022-2032
- 6.1. Segment Dashboard
- 6.2. Global Risk Advisory Service Market: Organization Size Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Large Enterprises
- 6.2.2. Small and Medium-sized Enterprises
Chapter 7. Global Risk Advisory Service Market Size & Forecasts by Industry Vertical 2022-2032
- 7.1. Segment Dashboard
- 7.2. Global Risk Advisory Service Market: Industry Vertical Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. BFSI
- 7.2.2. IT and Telecom
- 7.2.3. Healthcare
- 7.2.4. Retail and E-commerce
- 7.2.5. Government and Public Sector
- 7.2.6. Manufacturing
- 7.2.7. Others
Chapter 8. Global Risk Advisory Service Market Size & Forecasts by Region 2022-2032
- 8.1. North America Risk Advisory Service Market
- 8.1.1. U.S. Risk Advisory Service Market
- 8.1.1.1. Type breakdown size & forecasts, 2022-2032
- 8.1.1.2. Organization Size breakdown size & forecasts, 2022-2032
- 8.1.1.3. Industry Vertical breakdown size & forecasts, 2022-2032
- 8.1.2. Canada Risk Advisory Service Market
- 8.1.2.1. Type breakdown size & forecasts, 2022-2032
- 8.1.2.2. Organization Size breakdown size & forecasts, 2022-2032
- 8.1.2.3. Industry Vertical breakdown size & forecasts, 2022-2032
- 8.2. Europe Risk Advisory Service Market
- 8.2.1. U.K. Risk Advisory Service Market
- 8.2.2. Germany Risk Advisory Service Market
- 8.2.3. France Risk Advisory Service Market
- 8.2.4. Spain Risk Advisory Service Market
- 8.2.5. Italy Risk Advisory Service Market
- 8.2.6. Rest of Europe Risk Advisory Service Market
- 8.3. Asia-Pacific Risk Advisory Service Market
- 8.3.1. China Risk Advisory Service Market
- 8.3.2. India Risk Advisory Service Market
- 8.3.3. Japan Risk Advisory Service Market
- 8.3.4. Australia Risk Advisory Service Market
- 8.3.5. South Korea Risk Advisory Service Market
- 8.3.6. Rest of Asia Pacific Risk Advisory Service Market
- 8.4. Latin America Risk Advisory Service Market
- 8.4.1. Brazil Risk Advisory Service Market
- 8.4.2. Mexico Risk Advisory Service Market
- 8.4.3. Rest of Latin America Risk Advisory Service Market
- 8.5. Middle East & Africa Risk Advisory Service Market
- 8.5.1. Saudi Arabia Risk Advisory Service Market
- 8.5.2. South Africa Risk Advisory Service Market
- 8.5.3. Rest of Middle East & Africa Risk Advisory Service Market
Chapter 9. Competitive Intelligence
- 9.1. Key Company SWOT Analysis
- 9.2. Top Market Strategies
- 9.3. Company Profiles
- 9.3.1. Deloitte Touche Tohmatsu Limited
- 9.3.1.1. Key Information
- 9.3.1.2. Overview
- 9.3.1.3. Financial (Subject to Data Availability)
- 9.3.1.4. Product Summary
- 9.3.1.5. Market Strategies
- 9.3.2. PwC
- 9.3.3. KPMG International Limited
- 9.3.4. RSM International Ltd.
- 9.3.5. Weaver and Tidwell, L.L.P.
- 9.3.6. MBG Corporate Services
- 9.3.7. Cherry Bekaert
- 9.3.8. BDO Global
- 9.3.9. Grant Thornton International Ltd (GTIL)
- 9.3.10. CLA Global TS
- 9.3.11. Protiviti Inc.
- 9.3.12. Navigant Consulting, Inc.
- 9.3.13. Crowe LLP
- 9.3.14. Alvarez & Marsal Holdings, LLC
- 9.3.15. FTI Consulting, Inc.
Chapter 10. Research Process
- 10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
- 10.2. Research Attributes