Emerging Trends to Drive Governance, Compliance And Risk Management Software Market Growth at 14.3% CAGR Through 2029

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Governance, Compliance And Risk Management Software Market Size Growth Forecast: What to Expect by 2025?
The market for software related to governance, compliance, and risk management has seen a rapid expansion in its size in the past few years. The market, which was valued at $46.02 billion in 2024, is projected to rise to $50.72 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.2%. Factors contributing to the growth during the historic period include the intricacy of regulations, the necessity for risk mitigation, the focus on corporate governance, concerns about data security, and the effects of globalization.

How Will the Governance, Compliance And Risk Management Software Market Size Evolve and Grow by 2029?
In the succeeding years, the market size for governance, compliance and risk management software is anticipated to experience a swift expansion. It is predicted to balloon to $86.63 billion in 2029 with an annual growth rate (CAGR) of 14.3%. This forecasted expansion during the period can be linked to the changing regulatory environment, increased cyber security risks, the emphasis on environmental, social, and governance (ESG) practices, and the drive for digital transformation. Noteworthy trends projected in this period encompass automated third-party risk monitoring, solutions aimed at data privacy and protection, constant monitoring with real-time reporting, evolving ESG (environmental, social, governance) compliance solutions, and more user-friendly and intuitive interfaces.

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What Drivers Are Propelling the Growth of Governance, Compliance And Risk Management Software Market Forward?
The upsurge in cloud-based networking utilization is set to stimulate the expansion of the governance, compliance, and risk management software market in the future. Cloud networking, which comprises of on-site and public cloud, handles the network capabilities within organizations. Risk managers, accounts officers and auditors make use of this technology to streamline their tasks within a company. For example, Eurostat, the statistical office of the European Union based in Luxembourg, reported that the embrace of cloud computing among medium-sized enterprises escalated to 59% in 2023 from 53% in 2021. Therefore, the increasing application of cloud-based networking propels the growth of the governance, compliance, and risk management software market.

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Which Emerging Trends Are Transforming the Governance, Compliance And Risk Management Software Market in 2025?
Specialized software applications for the automation of GRC programs are significantly influencing the governance, risk, and compliance software market. These software aid businesses in managing all pertinent documentation and processes for utmost productivity and readiness. For example, in August 2022, NAVEX Global, Inc., an American company specializing in GRC software, pioneered the NAVEX One platform. This platform represents a first-of-its-kind advancement in governance, risk, and compliance (GRC) technologies and will facilitate businesses with international operations to overcome language barriers and ensure accurate risk and compliance-related communication among employees, external partners, and program managers. NAVEX is setting a precedent for the future of machine interpretations in the GRC sector, directly tackling multilingual communication problems. By integrating secure machine translation into NAVEX One, GRC practitioners can effortlessly translate provided information, evaluations, and feedback, contributing to enhanced interaction and quicker problem-solving. The employment of dynamic machine translations resolves these issues, and additionally enhances communication efficiency. This shared service, backed by robust artificial intelligence technology, allows users to translate directly from the NAVEX One interface.

What Are the Key Segments in the Governance, Compliance And Risk Management Software Market?
The governance, compliance and risk management softwaremarket covered in this report is segmented -

1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud, Hybrid
3) By Enterprise Type: Small And Medium Enterprise (SME), Large Enterprise
4) By Industry Vertical: BFSI, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecom And IT, Transportation And Logistics, Other Industry Verticals

Subsegments:
1) By Software: Governance, Risk, And Compliance (GRC) Software, Risk Management Software, Compliance Management Software, Policy Management Software, Audit Management Software, Incident Management Software, Other Specialized Software
2) By Services: Consulting Services, Implementation Services, Training and Support Services, Managed Services, Other Professional Services

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Who Are the Key Players Shaping the Governance, Compliance And Risk Management Software Market's Competitive Landscape?
Major companies operating in the governance, compliance and risk management software market include International Business Machines, Oracle Corporation, SAP SE, ServiceNow Inc., NICE Ltd., Software AG, Workiva Inc., OneTrust LLC, NAVEX Global Inc., MetricStream, Microsoft Corporation, MEGA International, SAI Global, Riskonnect Inc., Galvanize Inc., Lockpath Inc., Resolver Inc., LogicGate Inc., Quantivate LLC, ProcessUnity Inc., ReadiNow Corporation, ProcessGene Ltd., LogicManager, Sword GRC, ZenGRC, Convercent Inc., Cura Software Solutions, Ideagen Plc, MasterControl Inc.

What Geographic Markets Are Powering Growth in the Governance, Compliance And Risk Management Software Market?
Asia-Pacific was the largest region in the governance, compliance and risk management software market in 2024. The regions covered in the governance, compliance and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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