Regulatory Compliance Management Software Market Expected to Reach $48.8 Billion by 2025

Regulatory Compliance Management Software Market is expected to reach $48.8 billion by 2025 at a CAGR of 12.0% during the forecast period 2020-2025. Increasing adoption of regulatory management solutions by various enterprises to overcome monetary and reputational risk of non-compliance is anticipated to be the key growth driver. Moreover, the rising complexity of compliance and regulatory management environment in businesses has paved the way to implement governance this Software across various industries. In addition, Regulatory Compliance Management Software is designed to help companies to understand what regulations, policies and obligations are applicable to them globally or at the site level, and to manage changes to applicable environmental, health and safety regulations. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.

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Regulatory Compliance Management Software Market Segment Analysis - By Deployment

Cloud deployment is growing at the highest CAGR of 16.5% in the forecast period owing to its operational flexibility and real-time deployment ease to companies than on-premises deployment. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources. Additionally, the cost-effective cloud-based solutions ease installation when compared to the on-premises solutions. The highest level of data security and reliability offered by the cloud deployment are increasing the share of this deployment in the forecast period. Several companies are providing solutions related to this deployment. For instance In 2019, AssurX has introduced cloud based regulatory compliance Software is designed to extend quality processes across the enterprise in a single-core platform of unified processes. Hence these kinds of deployment are analysed to drive the market in the forecast period 2020-2025.

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Regulatory Compliance Management Software Market Segment Analysis - By Industry Vertical

Regulatory Compliance Management Software in Telecom and IT is growing at a CAGR of 15.71% in the forecast period. Telecom & IT companies are highly regulated owing to the nature of the data they collect, store, and process. The GDPR, HIPPA, Sarbanes-Oxley Act (SOX), Federal Information Security Management Act (FISMA), and PCI-DSS are some of the regulations the IT companies comply with and use the customer data in the prescribed manner. A coherent Regulatory Compliance Management Software platform is capable of sensing and interpreting risks, adopting new data formats, and using technology to produce meaningful and actionable insights, thus supporting the market growth in the forecast period 2020-2025.

Regulatory Compliance Management Software Market Segment Analysis - By Geography

North America dominated the market by a market share of more than 34% in 2019, early adoption of advanced technologies, increasing cyber security attacks and stringent government regulations are analyzed drive the market. The organizations in the region are opting for agile and advanced Software solutions that entail fewer resources due to veritable staffing drought and cyber threats. Regulatory Management Software helps to manage the general activities of organizations. Various organizations have adopted different compliance and risk management Softwares by 2019 to avoid monetary losses. Moreover, higher adoption of big data, IoT, and cloud Software technologies in North America is anticipated to propel the growth of this Software over the forecast period. In 2020, MetricStream has released 5.5 version of Regulatory Compliance Management Software which enables companies to understand what regulations, policies and obligations are applicable to them globally or at the site level. Hence these developments and regulations are analysed to drive the market in the forecast period 2020-2025.

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Regulatory Compliance Management Software Market Drivers

Stringent regulations by government and other governing bodies

The increasingly complex regulatory environment and need to comply with various regulations imposed by the governing bodies are expected to create a demand for Regulatory Compliance Management Software. Staying compliant with the regulations, such as Control Objectives for Information and Related Technologies (COBIT),), Sarbanes-Oxley Act (SOX), The Federal Financial Institutions Examination Council (FFIEC), The General Data Protection Regulation (GDPR), The National Institute of Standards and Technology (NIST), and other federal and state mandates are becoming critical for organizations to avoid any further loss. Failure to meet the compliance requirements and regulations can result in huge business loss, usually in the form of penalties.

Integration of Regulatory Compliance Management Software with AI and other technologies

The increasing need to analyse the data silos for identifying risk, as well as to present it to the stakeholders at the right time, has become crucial. Therefore, to help organizations meet these requirements, various companies have started providing AI-powered solutions to help enterprises meet different regulatory and compliance requirements. AI-powered solutions and platforms integrated with analytical tools and business intelligence help enterprises extract insights from large volumes of data and thereby make informed decisions. Moreover, AI technology can automate various tasks that deal with risk management. On the other hand, blockchain technology can help organizations accelerate the process of this Software data management and sharing. Hence these advancements are analysed to drive the market in the forecast period 2020-2025.

Regulatory Compliance Management Software Market Challenges

Addressing demands from governments and regulatory organizations

Structure of regulatory policies changes from country to country and business to business. Various countries do not have an assigned body to govern these policies; these need to be regulated and executed by considering multiple factors, such as micro-economic risk factors along with the business requirements. In addition no clear standard that needs to be followed, is considered as one of the restraining factors for the growth of the Regulatory Compliance Management Software market. These factors are also making it difficult for Regulatory Compliance Management Software solution providers to cater to the various end-user requirements. In some of the regions, where there is no regulatory structure and standard imposed by governing bodies, organizations focus on executing in-house regulatory guidelines and policies. Hence these factors hamper the market growth in the forecast period 2020-2025.

Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Regulatory Compliance Management Software market. In 2019, the market of Regulatory Compliance Management Software industry outlook has been fragmented by several companies. Regulatory Compliance Management Software top 10 companies include MetricStream, MasterControl, Intelex, SAP SE, IBM Corporation, Sparta Systems, Quantivate, BWise, Kofax Software Company, Computer Services, RSA Security among others.

Acquisitions/Technology Launches

In February 2018, Microsoft launched a new compliance tool, Compliance Manager. It helps organizations meet compliance obligations, such as the EU GDPR, ISO 27001, ISO 27018, NIST 800- 53, NIST 800- 171, and HIPAA.

Key Takeaways

North America dominated the market by a market share of more than 34% in 2019, early adoption of advanced technologies, increasing cyber security attacks and stringent government regulations are analysed drive the market.

Cloud deployment is growing at a highest CAGR of 16.5% in the forecast period owing to its operational flexibility and real-time deployment ease to companies than on-premises deployment.

The increasingly complex regulatory environment and need to comply with various regulations imposed by the governing bodies are expected to create a demand for Regulatory Compliance Management Software.

Regulatory Compliance Management Software top 10 companies include MetricStream, MasterControl, Intelex, SAP SE, IBM Corporation, Sparta Systems, Quantivate, BWise, Kofax Software Company, Computer Services, RSA Security among others.

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Venkat Reddy
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