(MENAFN- IMARC Group)
IMARC Group's report 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 platform market size reached US$ 44.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 119.8 Billion by 2032, exhibiting a growth rate (CAGR) of 11.65% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/governance-risk-compliance-platform-market/requestsample
Factors Affecting the Growth of Governance, Risk and Compliance Platform Industry:
Regulatory Compliance Requirements:
Regulatory compliance is a primary driver for the adoption of GRC platforms across various industries. With an ever-evolving regulatory landscape, organizations face increasing pressure to comply with stringent regulations and standards set forth by government bodies and industry authorities. Compliance mandates such as GDPR, HIPAA, SOX, and PCI-DSS necessitate robust GRC solutions to ensure adherence to complex requirements. Failure to comply can result in severe penalties, legal repercussions, and reputational damage. GRC platforms offer functionalities such as compliance tracking, audit management, and risk assessment, enabling organizations to streamline compliance processes, mitigate risks, and demonstrate adherence to regulatory requirements. As regulatory complexity continues to grow, the demand for comprehensive GRC platforms equipped with advanced compliance features is expected to rise, driving market growth.
Risk Management Imperatives:
Effective risk management is vital for safeguarding organizational assets, ensuring business continuity, and protecting stakeholders' interests. In the dynamic business environment characterized by rapid technological advancements, globalization, and emerging threats, organizations face diverse risks across various fronts, including cybersecurity, operational disruptions, financial instability, and reputational risks. GRC platforms play a pivotal role in empowering organizations to proactively identify, assess, monitor, and mitigate risks across the enterprise. These platforms offer integrated risk management capabilities, including risk identification, analysis, mitigation planning, and risk monitoring, facilitating informed decision-making and proactive risk mitigation strategies. As organizations prioritize risk management initiatives to enhance resilience and sustain competitive advantage, the demand for robust GRC platforms equipped with comprehensive risk management functionalities is expected to escalate, driving market expansion.
Increasing Complexity of Business Operations:
The modern business landscape is characterized by increasing complexity stemming from factors such as digital transformation, globalization, supply chain intricacies, and organizational expansion. As businesses grow and diversify, they encounter multifaceted challenges related to governance, risk, and compliance management. Traditional manual approaches and disparate systems are inadequate to address the complexities and scale of modern GRC requirements, leading organizations to seek integrated GRC platforms. These platforms offer centralized control, visibility, and automation capabilities, enabling organizations to streamline GRC processes, enhance collaboration, and optimize resource utilization. By providing a unified framework for managing governance, risk, and compliance activities, GRC platforms help organizations navigate complexity more effectively, improve operational efficiency, and bolster resilience in the face of evolving challenges.
Leading Companies Operating in the Global Governance, Risk and Compliance Platform Industry:
SAS Institute Inc. IBM Corp SAP SE Dell Technologies Microsoft Corporation Fidelity National Information Services Inc. Oracle Corporation Thomson Reuters Corporation Newport Consulting Group, LLC BWise BV
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=1163&flag=C
Governance, Risk and Compliance Platform Market Report Segmentation:
By Deployment Model:
On-premises holds maximum number of shares due to concerns over data security, regulatory compliance, and the need for greater control over sensitive information within organizations.
By Solution:
Audit Management Risk Management Policy Management Compliance Management Others
Compliance management represents the largest segment due to the increasing stringency of regulatory requirements across industries, driving organizations to prioritize the implementation of comprehensive compliance solutions.
By Component:
Software dominates the market due to its central role in providing comprehensive functionality for governance, risk, and compliance management, including features such as compliance tracking, risk assessment, audit management, and policy management.
By Service:
Integration Consulting Support
Based on the service, the market has been divided into integration, consulting, and support.
By End User:
Small Enterprise Medium Enterprise Large Enterprise
Medium enterprise holds maximum number of shares due to their substantial size, which often necessitates comprehensive governance, risk, and compliance solutions to effectively manage operational complexities and regulatory requirements.
By Industry Vertical:
BFSI Construction and Engineering Energy and Utilities Government Healthcare Manufacturing Retail and Consumer Goods Telecom and IT Transportation and Logistics Others
BFSI dominates the market due to its stringent regulatory requirements, complex risk landscape, and critical need for robust governance, risk, and compliance solutions.
Regional Insights:
North America: (United States, Canada) Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America: (Brazil, Mexico, Others) Middle East and Africa
Key highlights of the report:
Market Performance
Market Outlook
Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
North America's dominance in the governance, risk, and compliance platform market is attributed to its mature regulatory landscape, high adoption of advanced technology, and robust focus on risk management and compliance initiatives across various industries.
Global Governance, Risk and Compliance Platform Market Trends:
The proliferation of cyber threats poses significant challenges to organizations worldwide, necessitating robust cybersecurity measures to protect sensitive data, critical assets, and brand reputation. GRC platforms play a crucial role in strengthening cybersecurity postures by providing capabilities for continuous monitoring, threat intelligence integration, incident response planning, and vulnerability management. As cyber threats evolve in sophistication and frequency, organizations are increasingly investing in GRC platforms equipped with advanced cybersecurity functionalities to detect, mitigate, and respond to cyber risks effectively.
The rising awareness about cybersecurity risks and the need for comprehensive risk management solutions are driving the demand for GRC platforms, particularly in sectors handling sensitive information such as finance, healthcare, and government. Additionally, corporate governance practices are integral to ensuring transparency, accountability, and ethical conduct within organizations. In an era marked by corporate scandals and heightened stakeholder scrutiny, businesses are under pressure to enhance their governance frameworks and promote ethical business practices. GRC platforms enable organizations to establish robust governance structures by facilitating board oversight, policy management, internal controls, and compliance monitoring.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
MENAFN13022024004122016232ID1107844312