Governance Risk and Compliance (GRC) Platform Market by Deployment, Component, and Geography - Forecast and Analysis 2023-2027

Governance Risk and Compliance Platform Market Forecast 2023-2027      

The governance risk and compliance (GRC) platform market is forecast to increase by USD 28.29 billion at a CAGR of 11.8% between 2022 and 2027. 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. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Governance Risk And Compliance Platform Market During the Forecast Period?

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The market is shaped by various factors, including increasing information technology (IT) investments and the need to streamline business processes. With managers prioritizing cost reduction and compliance requirements amidst a changing regulatory environment, GRC platforms become essential for addressing cyberthreats and managing intellectual property. Moreover, in the era of globalization, boards and executives seek technology integration to meet stakeholder expectations while ensuring cost and operational efficiency, despite high implementation expenses and the complexity of integration.

Market Segmentation

This report extensively covers market segmentation by deployment (on-premise and cloud-based), component (software and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The deployment segment of the market is witnessing significant advancements driven by the growing demand for compliance solutions across various sectors. Key players like SAP SE are leveraging advanced software solutions to offer Enterprise Governance Risk and Compliance (EGRC) platforms tailored to the needs of financial institutions and other industries. The integration of artificial intelligence and machine learning technologies into GRC software is enhancing risk management capabilities, ensuring compliance with board and stakeholder expectations. Despite the benefits, challenges such as high implementation expenses, complexity of integration, and the lack of skilled workforce remain concerns for organizations seeking cost and operational efficiency through GRC solutions.

By Deployment

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 GRC 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 11.54 billion in 2017 and continued to grow until 2021.  The market has witnessed 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. 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 GRC platforms during the forecast period.

Key Regions

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North America is estimated to contribute 40% to the growth of the global enterprise governance market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Financial services in the US are implementing 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. In order 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, also known as the Corporate and Auditing Accountability and Responsibility Act, obliges public and private businesses to follow the necessary procedures when conducting financial audits.

Market Dynamics and Customer Landscape

The market is witnessing substantial growth driven by increased Information Technology (IT) investments and the need for efficient business processes. Managers are increasingly concerned about costs and addressing cyberthreats, while navigating the complexities of social media governance and intellectual property protection in a changing regulatory environment. Globalisation has heightened compliance requirements, leading to investments in technology integration for enhanced efficiency and accountability. However, challenges persist, including high implementation expenses and the scarcity of skilled workforce. Risk management solutions, compliance solutions, and innovative platforms like SAP SE, Oracle's eGRC suite, and Azure Purview are pivotal in addressing these concerns for various sectors, including financial institutions and IT & Telecom. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Quick and easy deployment of GRC policies is notably driving the governance risk and compliance (GRC) platform enterprise governance market growth. Business and legal regulations that regulate the use of sensitive information are included in GRC policies. Due to evolving corporate needs, rising expenses, and governmental regulations, policies are continuously changing.

Cloud-based GRC solutions help the organization to deploy policies across all applications and systems quickly. These apps create a single policy engine by centralizing all GRC policies across all information sources, including databases and data warehouses, workstations and shared services, email systems, enterprise content management systems, and cloud-based applications. Therefore, policy modifications or enforcement are handled centrally at a lower cost and without interfering with normal business operations. During the forecast period, these factors are anticipated to fuel the worldwide GRC platform market's expansion.

Significant Market Trends

The emergence of social media governance is the primary trend in the enterprise governance market. Social media is being 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, thereby creating an effective management process.

Additionally, 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. All of these aid in automating adherence to social media policy at work. Additionally, this entails informing staff members about the use of sensitive data and providing guidance in this regard, as well as keeping an eye on any potential data loss via social media platforms. To stay competitive in the market, many firms are attempting to digitize their operations. Such factors are expected to drive the growth of the global enterprise governance market during the forecast period.

Major Market Challenge

System integration issues for cloud-based and on-premises GRC solutions is the major challenge impeding risk and compliance platform market growth. Operations are severely hampered by the problem of legacy system compatibility 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, many 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 one of the problems that may influence the decision-making process to embrace GRC solutions and services. Data redundancy, backup procedures, compliance controls, and localization are additional challenges in the cloud context. During the anticipated period, these factors are anticipated to restrain the worldwide GRC platform market's expansion.

Customer Landscape

The report includes the adoption lifecycle of the risk and compliance platform market, 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 growth strategies.

Global Governance Risk and Compliance Platform Market Customer Landscape

Who are the Major Market Companies?

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 enterprise governance market.

SAS Institute Inc. - The company offers Governance Risk and Compliance documentation called SAS Enterprise GRC 6.1 version. Through this segment, the company offers advanced software services for wide range of industries, such as healthcare, education, insurance, life science, and others.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• 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
• Software AG
• Wolters Kluwer NV
• Thomson Reuters Corp.

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.

Market Analyst Overview

The market is witnessing significant growth driven by increasing Information Technology (IT) investments across industries. Businesses are recognizing the importance of aligning business processes with compliance requirements amidst a changing regulatory environment. Managers are prioritizing solutions to mitigate cyberthreats and protect intellectual property, understanding the legal and financial repercussions of non-compliance. With globalization intensifying, board and executive accountability is crucial, prompting a focus on technology integration for cost and operational efficiency. However, challenges persist, including high implementation expenses, complexity of integration, and a lack of skilled workforce. The market responds with risk management solutions, compliance solutions, and innovative platforms like Azure Purview and Oracle's eGRC suite, integrating artificial intelligence and machine learning to meet the evolving needs of financial institutions and IT & Telecom sectors.

The market is experiencing rapid growth as organizations prioritize automation of compliance processes to streamline operations and reduce costs. With various industries such as construction and engineering, retail and consumer goods, and transportation and logistics embracing digital transformation, the demand for compliance management solutions is on the rise. Businesses are adopting platforms offering robust audit management, policy management, and real-time monitoring capabilities to meet board and stakeholder expectations and adhere to globalization standards. Leveraging technologies like artificial intelligence (AI), machine learning (ML), and predictive analytics, GRC platforms enable proactive risk mitigation and enhance enterprise governance risk and compliance across diverse sectors. Deployment models, including on-premises deployment and cloud-based solutions, offer flexibility to cater to varying organizational needs.

The market is witnessing significant growth fueled by the increasing complexity of cybersecurity attacks and the proliferation of IoT devices. Organizations are seeking robust solutions to ensure regulatory compliance and mitigate risks associated with Globalisation. Platforms like those offered by the EC-Council provide comprehensive governance risk and compliance capabilities, empowering businesses to manage regulatory requirements effectively. With the exponential growth of Internet of Things, the need for cybersecurity measures has become paramount, driving the adoption of advanced GRC platforms. These platforms offer a wide range of regulatory compliance resources to assist organizations in navigating complex regulatory landscapes and safeguarding their operations in an increasingly connected world.

Segment Overview

This market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Deployment Outlook 
  • On-premise
  • Cloud-based

• Component Outlook 
  • Software
  • Services

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Governance Risk And Compliance Platform Market Scope
Report Coverage	Details
Page number	173
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 28.29 billion
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 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, 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, and Market condition analysis for the forecast period.
Customization purview	If our market 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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive market growth and forecasting between 2023 and 2027
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market growth analysis across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Market forecasting of factors that will challenge the growth of the key market companies

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