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Governance Risk And Compliance Platform Market Size Forecasted To Achieve $99.98 Billion By 2029 With Steady Growth
Governance Risk And Compliance Platform
What Is the Governance Risk And Compliance Platform Market Size and Projected Growth Rate?
The governance risk and compliance platform market size has experienced rapid growth in recent years. It is expected to grow from $50.04 billion in 2024 to $57.61 billion in 2025, at a compound annual growth rate (CAGR) of 15.1%. Factors driving this growth include the rise of ESG and sustainability mandates, third-party risk management challenges, digital transformation initiatives, enhancements in corporate governance, and a growing emphasis on risk management.
The governance risk and compliance (GRC) platform market is projected to grow rapidly, reaching $99.98 billion by 2029 at a CAGR of 14.8%. This growth is driven by factors like increasing regulatory complexity, the growing adoption of cloud services, rising stakeholder expectations, a demand for analytics and reporting, and the need for integrated risk management. Key trends include AI and automation integration, user-friendly interfaces, vendor risk management, predictive analytics, and scalability and flexibility in platforms.
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What Are the Major Segments in the Governance Risk And Compliance Platform Market?
The governance risk and compliance platform market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Model: On-Premises, Cloud
3) By Application: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Industry Vertical: Banking, Financial Services, and Insurance, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecommunication And Information Technology, Transportation And Logistics, Other Industry Verticals
Subsegments:
1) By Software: Risk Management Software, Compliance Management Software, Audit Management Software, Policy Management Software, Third-Party Risk Management Software, Regulatory Change Management Software, Incident Management Software, Governance And Compliance Analytics Software, Internal Control Management Software, Integrated Grc Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Managed Services, Training And Development Services, Risk Assessment Services, Compliance Auditing Services, Data Privacy And Protection Services, Regulatory Compliance Services, Cloud Integration Services
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What Are The Driving Governance Risk And Compliance Platform Market Evolution?
The rise in cyber threats is driving demand for governance, risk, and compliance (GRC) platforms. As digital connectivity grows, so does the risk of cyberattacks, driven by technological reliance and increasingly sophisticated threat actors. GRC platforms help organizations monitor, control, and respond to cybersecurity threats. For example, the UK Department for Science, Innovation, and Technology reported in April 2023 that 11% of businesses and 8% of charities experienced cybercrime in 2022. In Australia, the Cyber Security Centre noted a 13% increase in cybercrime in 2022, with 76,000 reports filed. These risks are driving adoption of GRC solutions.
Which Firms Dominate The Governance Risk And Compliance Platform Market Segments?
Major companies operating in the governance risk and compliance platform market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer N.V., Informatica Inc., Workiva Inc., Diligent Corporation, OneTrust LLC, NAVEX Global Inc., MetricStream Inc., LogicGate Inc., Resolver Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Quantivate LLC, ComplianceQuest Inc., Optial Corporation, SAI Global Limited, ProcessGene Ltd., Enablon
What Are the Latest Developing Trends in the Governance Risk And Compliance Platform Market?
Leading corporations in the governance risk and compliance (GRC) platform market are concentrating on creating digital transformation platforms that incorporate AI tools. These tools aim to boost risk management, simplify compliance procedures, and better decision-making abilities. AI tools are software applications and systems that deploy artificial intelligence technology to execute tasks traditionally associated with human intelligence. The use of AI tools enables intelligent automation and analytics, allowing businesses to adjust more efficiently to evolving demands. For example, in February 2024, the Australia-based ReadiNow Corp launched a GRC platform called NOVA UI. This platform presents a clean, updated navigational interface that eases user interactions, transitioning from classic displays to a new design for improved usability. Furthermore, the platform endeavors to empower users in GRC management and utilising cutting-edge technologies for wider business applications.
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Which Is The Largest Region In The Governance Risk And Compliance Platform Market?
North America was the largest region in the governance risk and compliance platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the governance risk and compliance platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Governance Risk And Compliance Platform Market?
2. What is the CAGR expected in the Governance Risk And Compliance Platform Market?
3. What Are the Key Innovations Transforming the Governance Risk And Compliance Platform Industry?
4. Which Region Is Leading the Governance Risk And Compliance Platform Market?
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