Governance Risk and Compliance Platform Market size to grow at a CAGR of 11.8% from 2022 to 2027, Driven by the quick and easy deployment of GRC policies - Technavio
NEW YORK, March 28, 2023 /PRNewswire/ -- The global governance risk and compliance platform market size is estimated to grow by USD 28,294.42 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 11.8% during the forecast period. Quick and easy deployment of GRC policies drives the governance risk and compliance (GRC) platform market growth significantly. Business and legal regulations that regulate the use of sensitive information include the GRC policies. Because of evolving corporate needs, rising expenses, and governmental regulations, policies are continuously changing. Cloud-based GRC solutions help organizations in deploying policies across all applications and systems quickly. These apps create a single policy engine by centralizing all GRC policies across all information sources. The information sources include databases and data warehouses, workstations and shared services, email systems, enterprise content management systems, and cloud-based applications. Hence, policy modifications or enforcement are handled centrally at a lower cost and without interfering with normal business operations. For more insights on the historic market data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
What's New?
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!
Governance Risk and Compliance Platform Market - Segmentation Assessment
Segment Overview Technavio has segmented the market based on deployment (on-premise and cloud-based), component (software and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth of the on-premise segment will be significant for the market growth during the forecast period. On-premise GRC ensures that the products and services are in line with the established standards and automates risk management-related reporting and documentation procedures. Compliance and governance are closely related to each other as well as to business goals. Hence, the GRC platform is a structured and comprehensive solution that aids firms in putting in place a framework to reduce operational risks. The market witnesses the launch of on-premise GRC platforms. For instance, OneTrust GRC is a flexible and integrated GRC management platform that delivers a complete, measured view of businesses' risk portfolios. HighBond streamlines collaboration across organizations and automates repetitive tasks. It also delivers best practices in a seamless, award-winning interface. Hence, these launches are expected to drive the growth of the on-premise segment of the global GRC platforms during the forecast period.
Geography Overview The report provides actionable insights and estimates the contribution of all regions to the growth of the global governance risk and compliance platform market.
North America is estimated to account for 40% of the global market growth during the forecast period. Financial services in the US implement integrated data platforms, which streamline their internal and external data sources and help with the gathering of beneficial customer-related insights. Real-time targeting and rapid decision-making have improved as a result of some data virtualization solutions such as composite software and social analytics software. To control risks associated with credit cards and fraud detection, financial service organizations in North America began implementing risk management strategies in 2015. The SOX Act obliges public and private businesses to follow the necessary procedures when conducting financial audits.
Insights on the market contribution of various segments, including country- and region-wise data, historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Governance Risk and Compliance Platform Market ? Market Dynamics
Leading trends influencing the market
The emergence of social media governance is the key trend in the enterprise governance market. Social media is used by customers, staff members, and partners to communicate with businesses. Records management is necessary for social media content, and many businesses have included social media content in their policy definition and enforcement. It creates an effective management process. Moreover, a number of suppliers provide organizations with automated options for social media data collecting that aid them in the choice, implementation, configuration, and monitoring of tools used on social media platforms. This helps in automating adherence to social media policy at work and entails informing staff members about the use of sensitive data and monitoring any potential data loss via social media platforms. Hence, these factors will drive market growth during the forecast period.
Major challenges hindering the market growth
System integration issues for cloud-based and on-premises GRC solutions are the major challenges that may impede the risk and compliance platform market growth during the forecast period. Operations are severely hampered by the legacy system compatibility problem while switching to cloud-based GRC. The standards used by legacy systems differ from those of a cloud provider. To enable information interchange and system integration across many industries, standards-developing organizations (SDO) have established guidelines and standards. The compatibility issue that results from firms adhering to different standards and time-consuming transition processes is a problem that may influence the decision-making process to embrace GRC solutions and services. Hence, these factors may hinder the market growth during the forecast period.
Insights on market drivers, trends, & challenges, historic period (2017 to 2021), and forecast period (2023 to 2027)- Request a sample report!
What are the key data covered in this Governance Risk And Compliance Platform Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the governance risk and compliance platform market between 2023 and 2027
Precise estimation of the size of the governance risk and compliance platform market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the governance risk and compliance platform market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of governance risk and compliance platform market vendors
Gain instant access to 17,000+ market research reports.
The third-party risk management market size is expected to increase by USD 5.35 billion from 2021 to 2026. The growing number of alliances and partnerships is one of the key third-party risk management market trends contributing to the market growth.
The governance risk and compliance (GRC) platform market is estimated to grow at a CAGR of 11.8% between 2022 and 2027. The size of the market is forecasted to increase by USD 28,294.42 million. The emergence of social media governance is the key trend in the enterprise governance market.
Governance Risk And Compliance Platform Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 11.8%
Market growth 2023-2027
USD 28,294.42 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
11.0
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 40%
Key countries
US, China, India, UK, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
ACL Services Ltd. dba Galvanize, Check Point Software Technologies Ltd., Corporater AS, Fidelity National Information Services Inc., International Business Machines Corp., LogicManager Inc., Mega International SA, MetricStream Inc., Microsoft Corp., Mitratech Holdings Inc., NAVEX Global Inc., OneTrust LLC, Oracle Corp., Robert Half International Inc., SAI Global Pty. Ltd., SAP SE, SAS Institute Inc., Software AG, Wolters Kluwer NV, and Thomson Reuters Corp.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 162: Wolters Kluwer NV - Business segments
Exhibit 163: Wolters Kluwer NV - Key offerings
Exhibit 164: Wolters Kluwer NV - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 165: Inclusions checklist
Exhibit 166: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 167: Currency conversion rates for US$
13.4 Research methodology
Exhibit 168: Research methodology
Exhibit 169: Validation techniques employed for market sizing
Exhibit 170: Information sources
13.5 List of abbreviations
Exhibit 171: List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Regulatory News:
Sensorion (FR0012596468 ? ALSEN) a pioneering clinical-stage biotechnology company which specializes in the development of novel therapies to restore, treat and prevent within the field of hearing loss disorders, today announces...
The first-ever public auction of the epic satoshi held by CoinEx, the leading global cryptocurrency exchange, ended on April 25, 2024, at 16:00 (UTC). As the first example shown in history, the auction attracted global users for 35 bids, and the epic...
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Peugeot Sport, the motorsports division of Stellantis, today announced their partnership to simulate and optimize the aerodynamics of the PEUGEOT 9X8 Hybrid Hypercar for the 2024 endurance...
World Malaria Day is marked each year on April 25. World Health Organization (WHO) gave as the theme for World Malaria Day 2024 Accelerating the fight against malaria for a more equitable world. WHO stated that malaria not only continues to directly...
The Industrial Technology Research Institute (ITRI) convened the 2024 ITRI Net Zero Day in Taipei, accelerating industry's transition to net-zero emissions. The event highlighted key innovations and successful business cases, focusing on the...