Governance Risk And Compliance Platform Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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What Will the Governance Risk And Compliance Platform Industry Market Size Be by 2025?
The market size of the governance risk and compliance platform has seen a sharp surge in the previous years. The market is projected to expand from $50.04 billion in 2024 to $57.37 billion in 2025, with a compound annual growth rate (CAGR) of 14.7%. The historical growth of this market could be traced back to factors such as the advent of ESG and sustainability regulations, issues in third-party risk management, the push for digital transformation, enhancements in corporate governance, and demands in risk management.

What's the Long-Term Growth Forecast for the Governance Risk And Compliance Platform Market Size Through 2029?
The market for the governance risk and compliance platform is anticipated to experience significant expansion in the coming years. By 2029, its worth is projected to reach $95.73 billion, with a compound annual growth rate (CAGR) of 13.7%. The predicted growth in this period can be linked to multiple factors such as the growing regulatory intricacy, the escalating adoption of cloud services, elevated stakeholder expectations, the need for analytics and reporting, and the necessity for integrated risk management. Key trends during this forecast period encompass the embedding of AI and automation, the use of user-friendly platforms, management of vendor risks, predictive analytics and reporting, as well as scalability and adaptability.

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What Are the Key Growth Drivers Fueling the Governance Risk And Compliance Platform Market Expansion?
The escalation in cyber threats is anticipated to foster the expansion of the governance risk and compliance platform market. Cyber threats encompass malevolent activities aimed at computer systems, networks, and digital data, introducing risks such as data violations, malware intrusions, and unauthorized access. Various components contribute to the growth of cyber threat risks, such as enhancing connectivity, digital transformation of business operations, reliance on technology, the complexity of cyber criminals, and susceptibilities in software and hardware systems. Governance risk and compliance platforms aid businesses in countering the surge in cyber threats by offering centralized control, observance, and response systems for cybersecurity risks and conformance obligations. For instance, as per the Department for Science, Innovation, and Technology, a government entity based in the UK, in April 2023, cybercrime impacted 11% of businesses and 8% of charities overall in 2022. This figure increased to 26% for medium businesses, 37% for large businesses, and 25% for high-income charities in 2023. Additionally, in February 2023, as reported by the Australian Cyber Security Centre, a cybersecurity agency situated in Australia, the cybercrime complaints received in 2022 were 76,000, a growth of 13% from the previous year. As a result, the escalation in cyber threats is promoting the expansion of the governance risk and compliance platform market.

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What Are the Key Trends Driving Governance Risk And Compliance Platform Market Growth?
Leading enterprises involved in the governance risk and compliance platform market are channeling their efforts towards creating digital transformation platforms, incorporating AI tools, to optimize risk management, refine compliance procedures, and boost decision-making proficiency. The term "AI tools" pertains to software applications and systems that employ artificial intelligence technologies to carry out roles that typically necessitate human intellect. Introducing AI tools grants intelligent automation and analytics, thereby making business adaptation to varying requirements more straightforward. For example, ReadiNow Corp, an entity based in Australia, rolled out NOVA UI in February 2024. NOVA UI is a governance risk and compliance platform that presents a neat and contemporary navigational interface that eases user interactions. The shift from traditional displays to the novel design improves usability. The platform is intended to enable users not only in GRC management but also in exploiting sophisticated technologies for wider business purposes.

How Is the Governance Risk And Compliance Platform Market Segmented?
The governance risk and compliance platformmarket 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 Companies Are Leading the Charge in Governance Risk And Compliance Platform Market Innovation?
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 Are Leading the Global Governance Risk And Compliance Platform Market in Revenue?
North America was the largest region in the governance risk and compliance platform market in 2024. 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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