United states Governance, Risk and Compliance Platform Market Size to Hit US$ 38.7 Billion by 2028, CAGR of 11.2%

The United States governance, risk and compliance platform market size reached US$ 20.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.

Governance, risk, and compliance (GRC) platform is a comprehensive system that enables organizations to manage and mitigate risks, ensure compliance with regulations, and improve governance practices. It is a software solution that assists businesses in streamlining and integrating their risk management, compliance, and governance processes into a centralized framework. It offers a unified approach and allows organizations to identify, assess, monitor, and address risks and compliance obligations effectively. It promotes accountability and transparency within an organization by centralizing data and documentation, offering better communication, and enabling real-time monitoring and reporting.

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Current Trends Shaping the United States Governance, Risk and Compliance Platform Market

The market is experiencing growth on account of the rising complexity of regulatory frameworks and the increasing need for organizations in the US to comply with laws and regulations. Governance, risk, and compliance (GRC) platforms offer a systematic approach to ensure adherence to legal requirements, internal policies and industry standards. Apart from this, organizations in the country are recognizing the importance of proactive risk identification, assessment, and mitigation to safeguard their reputation, financial stability, and long-term success. Their rising focus on risk management and corporate governance is impelling the market growth as GRC platforms provide tools for effective risk management practices, and ensure timely identification, monitoring, and response to potential risks. Furthermore, due to the rising prevalence of data breaches and cyber threats, businesses are prioritizing measures to protect sensitive information and ensure data privacy compliance. As a result, there is a rise in the demand for GRC platforms in the country as they provide functionalities like data governance, privacy management, and cybersecurity controls.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Deployment Model:

On-Premises
Cloud

Breakup by Solution:

Audit Management
Risk Management
Policy Management
Compliance Management
Others

Breakup by Component:

Software
Services

Breakup by Service:

Integration
Consulting
Support

Breakup by End User:

Small Enterprise
Medium Enterprise
Large Enterprise

Breakup by Vertical:

BFSI
Construction and Engineering
Energy and Utilities
Government
Healthcare
Manufacturing
Retail and Consumer Goods
Telecom and IT
Transportation and Logistics
Others

Breakup by Region:

Northeast
Midwest
South
West

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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