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Risk Management

Evolving risks for the middle market

businessman looking out the window

Partnering with the National Center for the Middle Market (NCMM), we surveyed 1,000 executives from middle market companies. Our spearheading research helps middle market business owners take advantage of forecasted business trends and be prepared for emerging risks.


What we learned from the latest release

According to the year-end survey, middle market companies reported double digit revenue growth last year, but look to 2024 with cautious optimism. Inflation, recession and talent shortage/employee retention were seen as top emerging risks.

  • 8.1% mean revenue growth expected in the next year
  • 73% expressed confidence in the U.S. economy
  • 72% will consider increasing insurance coverage due to inflation


Findings from Industry Spotlight Reports


Coming off of another strong performance in 2023, middle market manufacturers have a cautiously optimistic outlook. Supply chain issues are more of a challenge for middle market manufacturers. More than a third of these companies have been directly impacted by recent disruptions or constraints in their supply chains, significantly higher than other industries.


Growth was mixed for middle market technology companies. With innovation in the DNA of this sector, more than two in five of these companies are actively testing or already using AI, significantly higher than the overall middle market, and their primary uses include working with data and improving efficiencies. Additionally, two in five middle market technology companies noted that they had experienced a cyber or data disruption in the past two years.

Financial Services

Strong performance continues for middle market financial services companies. Revenue growth for these companies was well ahead of the middle market overall, and employment growth was even better. Inflation has been a lingering concern for these companies, and the costs that have challenged them most – marketing, wages, and services – are showing little sign of abating anytime soon.

Life Sciences

Performance ramped lower for middle market life sciences companies in 2023, after a pandemic-fueled surge. Three in five middle market life sciences companies, particularly biotechnology companies, are actively testing or already using AI, and their most common uses include customer service and analyzing data. Changes in leadership or control, such as from CEO successions or mergers and acquisitions activity, led the emerging risks for this sector.



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