ORM - Operational Risk Management of the Control system of operational risks

2020: Operating Risk Management Software Market Estimated at $1.5 Billion

The volume of the global market software for operational risk management (ORM) in 2020 reached $1.5 billion, the research company Verdantix said without indicating the dynamics relative to 2019. Analysts only noted that sales of such software are on the rise, but the coronavirus pandemic COVID-19 has led to a decrease in dynamics.

As expected, the COVID-19 pandemic significantly slowed the nominal growth rate of the ORM market during 2020, but it turned out to be quite stable, says Verdantix analyst Malavika Tohani. - In order to maximize the growth of the ORM software provider, its offerings should be expanded to include Process Security Management (PSM), have an open architecture to support greater integration with industrial systems, and include digital twins to visually communicate risks.

Operating Risk Management Software Market Estimated at $1.5 Billion in 2020

These are solutions used to manage relationships and dependencies in the business hierarchy and operating infrastructure of the enterprise, support strategic management programs, risk management and compliance.

According to experts, the COVID-19 pandemic can provide additional impulses to the software market for managing operational risks, including in connection with the trend towards remote work and Accelerate digitalization to support cost-effective operations, manage real-time risk, and increase transaction security.

The oil and gas industry in 2020 accounted for more than one third (34%) of ORM software costs. It is followed by production (25%) and the electric power industry (18%).

Analysts included AdaptIT, CONFORMiT, Enablon, Go-Arc, MODS Management, NiSoft, RiskPoynt, SAP, Sphera, Tenforce and Yokowaga RAP among the leading vendors.^[1]

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