Governance Risk And Compliance Platform Market on Track for Strong Growth, Estimated to Grow at 14.8% CAGR Through 2029

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What Is the Expected CAGR for the Governance Risk And Compliance Platform Market Through 2025?
The market for governance risk and compliance platforms has seen swift expansion in recent years. There is a projection for this market to expand from a value of $50.04 billion in 2024 to $57.61 billion in 2025, which represents a compound annual growth rate (CAGR) of 15.1%. The growth observed in the past period is a response to factors such as the rise of ESG and sustainability directives, third-party risk management difficulties, initiatives in digital transformation, enhancements in corporate governance, and the essential needs of risk management.

What's the Projected Size of the Global Governance Risk And Compliance Platform Market by 2029?
The market size for the governance risk and compliance platform is projected to experience a swift expansion in the forthcoming years. By 2029, it is anticipated to rise to $99.98 billion, registering a compound annual growth rate (CAGR) of 14.8%. This growth during the forecast period can be ascribed to factors such as a surge in regulatory complexity, a heightened adoption of cloud services, growing stakeholder expectations, the necessity for analytics and reporting, and the demand for integrated risk management. Noteworthy trends in the forecast period encompass AI and automation integration, interfaces that are easy to use, the management of vendor risk, predictive analytics and reporting, and scalability and flexibility.

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Top Growth Drivers in the Governance Risk And Compliance Platform Industry: What's Accelerating the Market?
The growth of the governance risk and compliance platform market is projected to be spurred by the escalating count of cyber threats. These perils are essentially harmful activities targeting computer networks, systems, and digital data, with potential risks of data breaches, malware infiltrations, and unauthorized access. The surge in cyber threats is tied to numerous factors like heightened connectivity, digital transformation within businesses, technological dependence, sophisticated cybercriminals, as well as vulnerabilities in software and hardware systems. Such platforms offer a helping hand to organizations by offering centralized monitoring, control, and response mechanisms for cybersecurity risks and compliance prerequisites. For illustration, in April 2023, as per the data from the Department for Science, Innovation, and Technology, in 2022, 11% of businesses and 8% of charities were affected by cybercrime. However, these statistics rose in 2023 to 26% for mid-sized businesses, 37% for large scale businesses, and 25% for high-income charities. Moreover, in February 2023, as reported by the Australian Cyber Security Centre, an agency based in Australia, there was a 13% increase in the cybercrime reports received in 2022, with a total of 76,000 confirmed cases. Hence, this escalating trend of cyber threats fuels the expansion of the governance risk and compliance platform market.

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What Trends Will Shape the Governance Risk And Compliance Platform Market Through 2029 and Beyond?
Leading firms participating in the governance risk and compliance platform market are striving to develop platforms for digital transformation integrated with AI tools to boost risk management, streamline compliance procedures, and refine decision-making skills. AI solutions represent software applications and systems that employ artificial intelligence tech to carry out tasks usually demanding human intellect. Incorporating AI tools promotes intelligent automation and analytics, thus supporting businesses to adjust to evolving requirements. For instance, ReadiNow Corp, a company based in Australia, unveiled in February 2024 NOVA UI, a platform for governance risk and compliance. NOVA UI introduces a modern, uncluttered navigation interface that eases user experience. Switching from traditional screens to the new design enhances user-friendliness. The platform's objective is to benefit users not only in GRC management but also in the broader business applications through advanced technology application.

What Are the Main 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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Which Top Companies are Driving Growth in the Governance Risk And Compliance Platform Market?
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

Which Regions Will Dominate the Governance Risk And Compliance Platform Market Through 2029?
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.

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