Global Governance, Risk and Compliance Platform Market to Reach US$ 119.8 Billion by 2032, Fueled by Expanding Product Adoption Across Various Sectors

According to the latest report by IMARC Group, titled “­­Governance, Risk and Compliance Platform Market Report by Deployment Model (On-Premises, Cloud), Solution (Audit Management, Risk Management, Policy Management, Compliance Management, and Others), Component (Software, Services), Service (Integration, Consulting, Support), End-User (Small Enterprise, Medium Enterprise, Large Enterprise), Industry Vertical (BFSI, Construction and Engineering, Energy and Utilities, Government, Healthcare, Manufacturing, Retail and Consumer Goods, Telecom and IT, Transportation and Logistics, and Others), and Region 2024-2032,” the global governance, risk and compliance (GRC) platform market size reached US$ 44.0 Billion in 2023. The governance, risk and compliance (GRC) platform is a software solution that provides an integrated approach to managing an organization's risk and compliance activities. It allows businesses to streamline their GRC processes, reduce the likelihood of compliance breaches, and improve decision-making across all levels of the organization. It also helps increase profitability, monitor and analyze performance and control in real-time, identify trends and potential issues, evaluate outcomes, and ensure and strengthen compliance with industry regulations, laws, and standards through regular internal audits. A GRC platform also increases optimal investments and reduces fragmentation among various divisions and departments. As a result, it is widely utilized across numerous industries to minimize the complexity for supervisors and manage costs effectively.

Global Governance, Risk, and Compliance Platform Market Trends:

The increasing demand for GRC platforms to improve operational activities as businesses expand their operations globally is primarily driving the market growth. Besides this, the large-scale product adoption among enterprises to enable effective strategic planning and quickly respond to changing business environments to gain a competitive edge is contributing to the market growth. Moreover, with the increasing digitization of business processes, there has been an extensive demand for the GRC platform to counter and prevent the rising incidence of cyber threats and security breaches, which, in turn, is creating a positive outlook for the market. Concurrent with this, the expanding product deployment to provide a detailed understanding of the prevailing market scenarios and help organizations take calculated risks and achieve a strong market position is aiding in market expansion. In addition to this, the implementation of stringent regulations by numerous governing agencies to ensure fair trade practices and eliminate monetary and reputational penalties associated with non-compliance in corporate functioning is presenting remunerative growth opportunities for the market. Furthermore, the expanding trends of remote working patterns, the adoption of mobility solutions, and the increasing integration of advanced technologies, such as big data analytics, cloud, and the internet of things (IoT), are strengthening the market growth. Looking forward, the market value is projected to reach US$ 119.8 Billion by 2032, expanding at a CAGR of 11.65% during 2024-2032. 

Market Summary:

• Based on the deployment model, the market is bifurcated into on-premises and cloud. Between these, the on-premises deployment model represents the most popular segment.
• On the basis of the solution, the market has been segregated into audit management, risk management, policy management, compliance management, and others. Amongst these, compliance management holds the largest share.
• Based on the component, the market is divided into software and services. Between these, software represents the largest market segment.
• On the basis of the service, the market has been classified into integration, consulting, and support.
• Based on the end user, the market is differentiated into small, medium, and large enterprises. Presently medium enterprises are the biggest end-user.
• On the basis of the industrial vertical, the market has been categorized into BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, and others. Among these, BFSI accounts for the majority of the global share.
• Based on the region, the market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Currently, North America enjoys the leading position in the market.
• The competitive landscape of the market has also been examined, with some of the key players being SAP SE, Dell Technologies, Inc., Microsoft Corporation, SAS Institute Inc., IBM Corporation, Fidelity National Information Services Inc., Thomson Reuters Corporation, Newport Consulting Group, LLC, Oracle Corporation, and BWise BV.

Report Coverage:

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