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Compliance Management Solution Market: Major Key Players, Growth And Analysis, Forecast To 2033
Compliance Management Solution Market
As per the report, the compliance management solution market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.28 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The compliance management solution market size is expected to see strong growth in the next few years. It will grow to $4.75 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
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Increasing Cyber Threats on Compliance Management Solutions Market
The rising risk of cyber threats is expected to propel the growth of the compliance management solution market going forward. Cyber threats refer to malicious activities that target computer systems, networks, and digital data, posing risks such as data breaches, malware infections, and unauthorized access. The risk of cyber threats is growing due to the increasing digitalization of business processes, reliance on technology, and software and hardware systems vulnerabilities. The compliance management solution employed in organizations helps to mitigate risks and cyber security threats, ensure data security, and adhere to evolving regulatory requirements in an increasingly complex digital landscape. For instance, in April 2023, according to the Identity Theft Resource Center, a US-based non-profit organization, the number of data breach incidents reported increased by 68% in 2022, with 1,862 breaches reported compared to 1,108 breaches in 2021. Therefore, the rising risk of cyber threats is driving the growth of the compliance management solution market.
Advanced Features To Simplify Regulatory Adherence For Businesses
Major companies operating in the compliance management solution market are developing AI-enabled compliance solutions to help organizations streamline their compliance processes, reduce manual effort, and mitigate the risk of non-compliance. AI-enabled compliance management solutions to help organizations reduce the burden of manual compliance processes, improve accuracy and efficiency, and enhance overall compliance posture. For instance, in April 2024, Securiti, a US-based software development company, introduced Securiti's compliance management platform, an automated compliance management solution. It is designed to simplify the intricate landscape of artificial intelligence (AI) and data regulations for enterprises. The solution can efficiently adhere to rapidly changing regulations, such as the European Union AI Act, the NIST AI risk management framework, and the Singapore model AI governance framework. It also aids businesses in navigating overlapping regulations, reducing compliance costs, and fostering seamless collaboration across organizational divisions.
The compliance management solution market covered in this report is segmented -
1) By Type: Regulatory Compliance Solution, Americans With Disabilities Act (ADA) Compliance Solution, Health Insurance Portability and Accountability Act (HIPAA) Compliance Solution, Website Accessibility Services, Web Content Accessibility Guidelines (WCAG) Compliance
2) By Platform: Website, Mobile Application
3) By Storage Based: Third Party Management, Policy And Procedure Management, Product And Service Offer Management, Governance, Risk And Compliance Management
4) By Application: Financial Industry, Medical Industry, Legal Industry, Real Estate Industry, Manufacturing Industry
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Major companies operating in the compliance management solution market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer NV, RSA Security LLC, Workiva Inc., Diligent Corporation, NAVEX Global, Riskonnect Inc., MetricStream Inc., ComplyAdvantage, Resolver Inc., LogicGate Inc., Convercent Inc., LogicManager Inc., Healthicity LLC, SAI Global, Quantivate LLC, Compliancy Group LLC, ProcessGene Ltd., Compliance.ai Inc., Reciprocity Inc., Hiperos LLC
Contents of the report:
1. Executive Summary
2. Compliance Management Solution Market Report Structure
3. Compliance Management Solution Market Trends And Strategies
4. Compliance Management Solution Market - Macro Economic Scenario
5. Compliance Management Solution Market Size And Growth
…..
27. Compliance Management Solution Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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