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The governance risk and compliance (GRC) platform market is forecast to increase by USD 37.63 billion at a CAGR of 13.64% between 2023 and 2028. The market is experiencing significant growth driven by the heightened demand for regulatory compliance solutions. With exponential growth in corporate data, organizations seek robust GRC platforms to manage risks effectively. Additionally, the market benefits from the quick and easy deployment of GRC policies, enabling businesses to adapt swiftly to evolving regulatory landscapes. It also includes an in-depth analysis of drivers, trends, and challenges.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including 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, Thomson Reuters Corp., and Wolters Kluwer NV . Additionally, ACL Services Ltd. dba Galvanize offers governance Risk and Compliance software to identify and mitigate risk and ensure compliance for companies.
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In today's business landscape, the importance of a robust Governance, Risk, and Compliance (GRC) platform cannot be overstated. Businesses, especially those in regulated industries, require a comprehensive solution to manage and mitigate risks, ensure regulatory compliance, and maintain good governance practices. The Market for GRC platforms is growing rapidly, with an increasing number of organizations recognizing the benefits of integrating these solutions into their operations. Costs, Procurement, Socialize, Managers, Cybersecurity, Regulatory, Environment, Compliance, Requirements, Technology, Intelligence, and Implementation are all crucial aspects of a GRC platform. Costs are a significant consideration when selecting a GRC platform. Procurement processes must ensure that the chosen solution meets the organization's needs while being cost-effective. Socialize and Managers play a vital role in the successful implementation of a GRC platform, requiring effective communication and buy-in. Cybersecurity is a major concern for businesses today, and a GRC platform must provide robust cybersecurity features to protect sensitive data. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Quick and easy deployment of GRC policies is notably driving the governance risk and compliance (GRC) platform enterprise governance market growth. In today's business landscape, adhering to regulatory requirements is crucial for managing corporate data effectively. The US government enforces acts such as SOX and HIPAA, which provide guidelines for handling financial information and protected health information, respectively. Compliance with regulations like FINRA, Gramm-Leach-Bliley, Fair Credit Reporting Acts, and PCI is essential for the BFSI sector and other industries. Advancements in technology, including AI and machine learning, have led to the development of Governance Risk and Compliance (GRC) platforms in the cloud.
Moreover, these platforms help organizations navigate complex regulatory landscapes, such as the Sarbanes-Oxley Act, GDPR, COBIT, and HIPAA. In developing nations, the adoption of IoT and digital transformation necessitates robust GRC solutions to ensure data security and privacy. Wolters Kluwer, a leading regulatory and compliance solutions provider, offers a range of resources to help businesses stay compliant with various regulations. During the forecast period, these factors are anticipated to fuel the worldwide market's expansion. Hence, such factors are driving the market growth during the forecast period.
The emergence of social media governance is the primary trend in the enterprise governance market. As a content expert, I'd be happy to discuss the role of advanced technologies like AI and machine learning in the market. Cloud-based GRC solutions, such as those offered by Wolters Kluwer, enable organizations to manage and enforce policies across various applications and systems, including databases, desktops, email systems, and cloud-based applications.
Moreover, this centralization is crucial in today's complex business landscape, where GRC policies must adapt to new business requirements, increasing costs, and regulatory demands. The Internet of Things (IoT) and emerging technologies add another layer of complexity to GRC. Such factors are expected to drive the growth of the global enterprise governance market during the forecast period.
System integration issues for cloud-based and on-premises GRC solutions is the major challenge impeding risk and compliance platform market growth. In today's digital landscape, organizations across sectors are undergoing significant transformations, driven by the adoption of advanced technologies such as AI and machine learning. This shift towards digitization has resulted in an unprecedented surge in corporate data, particularly in industries like BFSI, healthcare, and others.
Moreover, the exponential growth of data poses unique challenges, including ensuring regulatory compliance and managing risks. Cloud-based Governance, Risk, and Compliance platforms have emerged as a critical solution for organizations seeking to navigate this complex data environment.During the anticipated period, these factors are anticipated to restrain the worldwide platform market's expansion. Hence, such factors are hindering the market growth during the forecast period.
The market share growth of the on-premise segment will be significant during the forecast period. On-premise GRC ensures that the organization offers products and services in line with the established standards. Additionally, it automates risk management-related reporting and documentation procedures. Compliance and governance are closely related to each other as well as to business goals. Thus, the platform is a structured and comprehensive solution that aids firms in putting in place a framework to reduce operational risks.
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The on-premise segment was valued at USD 12.66 billion in 2018 and continued to grow until 2022. The market has witnessed the launch of on-premise platforms. For instance, OneTrust GRC is a flexible and integrated management platform that delivers a complete, measured view of businesses' risk portfolios. Similarly, HighBond is an end-to-end platform that brings together security, risk management, compliance, and audit professionals. HighBond streamlines collaboration across organizations automates repetitive tasks and delivers best practices in a seamless, award-winning interface. Such launches are expected to drive the growth of the on-premise segment of the global platforms during the forecast period.
The growing focus on software segment will increase the market.Business processes in various industries, including construction and engineering, transportation and logistics, IT & Telecom, and financial institutions, require effective Governance, Risk, and Compliance management. Managers utilize platforms, also known as Enterprise Risk Management (ERM) systems, to address financial, strategic, operational, and hazard risks. These platforms incorporate technologies like artificial intelligence (AI), machine learning (ML), and predictive analytics for real-time monitoring and risk assessment. The market caters to social media governance, cyberthreats, intellectual property protection, and adapting to the changing regulatory environment. Such launches are expected to drive the growth of the software segment of the global platforms during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have provided an extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The Global Governance, Risk, and Compliance platform market is significantly driven by North America, with the US being a major adopter of solutions. Following the 2008 financial crisis, risk management became a priority in the US financial sector. Businesses are implementing integrated data platforms, utilizing tools like composite software and social analytics software, to streamline data sources and gain valuable customer insights.
Moreover, the changing regulatory environment and compliance requirements have led to the deployment of various solutions. These include audit management, risk management, policy management, and compliance management systems. Industries such as construction and engineering, transportation and logistics, IT & Telecom, and financial institutions are major consumers. Advancements in technology, like artificial intelligence (AI), machine learning (ML), predictive analytics, and real-time monitoring, are integral to these solutions. Hence, suhc factors are driving the market growth in North America during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Check Point Software Technologies Ltd: The company offers Governance Risk and Compliance Platform through audit ready reports, quick onboarding, security infrastructure and monitoring gateways, blades, policies, and other configuration.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In today's business landscape, the importance of a robust Governance, Risk, and Compliance (GRC) platform cannot be overstated. Businesses across industries are increasingly adopting GRC solutions to manage complex regulatory environments, mitigate risks, and ensure compliance. The Market for GRC platforms is growing rapidly, with key players such as SAP, IBM, and Oracle leading the charge. These solutions provide a centralized platform for managing policies, risks, and compliance across the organization. The market landscape depends on Globalisation, Board and Executive Accountability, Technology Integration, Cost and Operational Efficiency, Board and Stakeholder Expectations, High Implementation expenses, Complexity of Integration, Lack of Skilled Workforce, Risk Management Solutions.
Moreover, they offer features like real-time risk analysis, automated workflows, and integrated reporting, enabling organizations to respond effectively to regulatory changes and mitigate risks in a proactive manner. The market landscape depends on Azure Purview, Enterprise Governance Risk and Compliances, Financial institution, Oracle's eGRC suite, EC-Council, IoT devices, Cybersecurity attacks, Risk management solutions, Regulatory compliance resources. Additionally, GRC platforms help organizations adhere to industry-specific regulations and standards, such as HIPAA, SOX, and GDPR. The future of GRC platforms lies in their ability to provide advanced analytics and machine learning capabilities, enabling organizations to gain deeper insights into their risk profiles and make data-driven decisions.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.64% |
Market growth 2024-2028 |
USD 37.63 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.73 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, UK, China, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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, Thomson Reuters Corp., and Wolters Kluwer NV |
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 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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