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Compliance Management Software Market Analysis, Trends, Growth, Research And Forecast 2033
Compliance Management Software Market Outlook
According to The Business Research Company's, The compliance management software market size has grown rapidly in recent years. It will grow from $46.35 billion in 2023 to $52.85 billion in 2024 at a compound annual growth rate (CAGR) of 14%. The growth in the historic period can be attributed to increasing demand for regulatory compliance, increasing adoption of iot, growing adoption of cloud based solutions, increasing business agility.
The compliance management software market size is expected to see rapid growth in the next few years. It will grow to $89.93 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to growing demand for it security and privacy, increasing demand for digital solutions, rising risk of cyber attacks, growing demand for regulatory compliance solutions. Major trends in the forecast period include customization and scalability, blockchain for compliance tracking, collaboration and communication tools, ecosystem integration and regulatory sandboxes and regulatory technology.
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Market Drivers and Trends:
The rising risk of cyberattacks is expected to propel the growth of the compliance management software market going forward. A cyber attack is a malicious attempt to compromise, disrupt, or gain unauthorized access to computer systems, networks, or digital devices. The rising risk of cyberattacks is due to the increasing digitalization of business operations, sophistication of attack techniques, data monetization, and supply chain vulnerabilities. Compliance management software is crucial in enhancing cybersecurity resilience by facilitating proactive risk management, ensuring regulatory compliance, streamlining incident response processes, and reducing the likelihood and impact of cyberattacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cyber crime reports received were 76,000, up from 13% from the previous year. Therefore, the rising risk of cyberattacks is driving the growth of the compliance management software market.
Major companies operating in the computer-aided facility management market are focused on developing solutions that leverage artificial intelligence to gain a competitive advantage. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, including learning, reasoning, and problem-solving. For instance, in March 2024, Auberon Technologies Private Limited, an India-based technology company, launched Optima, a third-generation computer-aided facility management (CAFM) solution. The AI-driven features of Optima advance operational efficiency and decision-making. This next-gen CAFM solution introduces a comprehensive suite of features to enhance the efficiency and effectiveness of asset, facility, and maintenance management. With this AI-driven service management feature, Optima optimizes service delivery and improves customer satisfaction through meticulous service level agreement (SLA) tracking and management.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Microsoft Corporation, Dell Technologies Corporation, International Business Machines Corporation, Oracle Corporation, Systems Applications And Products in Data Processing Societas Europaea, ServiceNow Inc., Diligent Corporation, Qualys Inc., NAVEX Global Inc., MetricStream Inc., Alcumus Group Limited, SAI Global Pty Limited, Enablon, Galvanize Inc., Resolver Inc., ComplianceQuest Inc., Convercent Inc., AssurX Inc., Onspring Technologies LLC, ProcessGene Ltd., Compli Inc., LogicManager Inc., ConvergePoint Inc., Accupoint Software Solutions, 360factors Inc.
Compliance Management Software Market 2024 Key Insights:
• The compliance management software market size is expected to see rapid growth in the next few years. It will grow to $89.93 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%.
• Driving Growth of Compliance Management Software Market Amid Rising Cybersecurity Risks
• Innovative solutions in compliance management software
• North America was the significant region in the compliance management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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