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Governance, Compliance, and Risk Management Software Market Trends and Outlook 2024
Governance, Compliance, and Risk Management Software Market Trends
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According to The Business Research Company's, The governance, compliance and risk management software market size has grown rapidly in recent years. It will grow from $41.93 billion in 2023 to $47.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to regulatory complexity, risk mitigation needs, corporate governance emphasis, data security concerns, globalization impact.
The governance, compliance and risk management software market size is expected to see rapid growth in the next few years. It will grow to $76.44 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to evolving regulatory landscape, cybersecurity threats, focus on environmental, social, and governance (ESG) practices, and digital transformation initiatives. Major trends in the forecast period include automated monitoring of third-party risks, data privacy and protection solutions, continuous monitoring and real-time reporting, evolving ESG (environmental, social, governance) compliance solutions, user-friendly and intuitive interfaces.
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Market Drivers and Trends:
The rising use of cloud-based networking is expected to propel the growth of the governance, compliance, and risk management software market going forward. Cloud networking consists of on-premises cloud and public cloud which manages the network capabilities in organizations. Cloud networking is used by risk managers, accounts officers, and auditors to simplify their activities in an organization. For instance, Cisco Global Cloud Index (2016-2021), 94% of all workload runs on cloud networking and virtualized environment. Furthermore, according to Eurostat, a Luxembourg-based statistical office of the European Union, approximately 41 % of EU enterprises used cloud computing in 2021. Therefore, the rise in the use of cloud-based networking drives the governance, compliance, and risk management software market growth.
Automation of GRC programs through specialized software applications is shaping the governance, compliance, and risk management software market. GRC software assists firms in managing all of the relevant documentation and processes to ensure optimal productivity and preparation. For instance, in August 2022, NAVEX Global, Inc., a US-based GRC software company, launched the NAVEX One platform. The NAVEX One platform is a first-to-market innovation in the governance, risk, and compliance (GRC) area and will enable businesses with international operations to get over language hurdles and facilitate precise risk and compliance-related communication between staff members, outside partners, and program managers. NAVEX is paving the way for the future of machine interpretations in the GRC space, directly addressing the challenges of multilingual communication. By incorporating secure machine translation into NAVEX One, GRC professionals can easily translate information provided, assessments, and responses, resulting in improved interaction and faster resolution. The use of dynamic machine translations overcomes these concerns while also improving communication efficiency. This shared service, powered by powerful artificial intelligence technology, enables end users to translate straight from the NAVEX One user interface.
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Major Key Players of the Market:
Dell Technologies, International Business Machines, Oracle Corporation, SAP SE, ServiceNow Inc., Check Point Software Technologies, NICE Ltd., Software AG, Workiva Inc., OneTrust LLC, NAVEX Global Inc., MetricStream, Microsoft Corporation, MEGA International, SAI Global, Riskonnect Inc., Galvanize Inc., ACL Services Ltd., Lockpath Inc., Resolver Inc., LogicGate Inc., Quantivate LLC, ProcessUnity Inc., ReadiNow Corporation, ProcessGene Ltd., Compliance 360, LogicManager, Sword GRC, ZenGRC, Convercent Inc., Cura Software Solutions, Ideagen Plc, MasterControl Inc.
Governance, Compliance And Risk Management Software Market 2024 Key Insights:
• The governance, compliance and risk management software market size is expected to see rapid growth in the next few years. It will grow to $76.44 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Cloud-Powered Momentum Fueling Growth In The Governance, Compliance, And Risk Management Software Market
• Pioneering Language Solutions In Governance, Risk, And Compliance (GRC) Software
• Asia-Pacific was the largest region in the governance, compliance and risk management software market in 2023
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