Governance Risk and Compliance Platform Market Size, Share, Growth, and Industry Analysis, By Type (Cloud-based & On-premise), By Application (Large Enterprises & SMEs) and Regional Forecast to 2032

GOVERNANCE RISK AND COMPLIANCE PLATFORM MARKET REPORT OVERVIEW

The global Governance Risk and Compliance Platform Market Size was USD 17847.58 million in 2024 and the market is projected to touch USD 36994.42 million by 2032, exhibiting a CAGR of 11.0% during the forecast period.

Governances, risk and compliance (GRC) platform is an inclusive solution that enables organizations to effectively manage and oversee their operations. It ensures faithfulness to regulatory requirements and industry standards. It provides better decision-making and more accurate information technology (IT) investments. It assists in offering a centralized framework for assessing, monitoring, and mitigating risk across various business processes.

It aids in minimizing complexity for managers and decreases the costs of multiple installations which increases demand for GRC globally. Robust GRC standards are essential for long-term success in a fast-moving and demanding business environment that creates many avenues for market growth.

COVID-19 Impact: Market Growth Advanced by Pandemic due to Increase in Remote Working

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID-19 has acted as a substantial restraint on some markets. Businesses had disrupted due to global government lockdowns. National governments’ efforts to limit transfer have led to decrease in business growth and confined trade in goods and services, with nations entering a lock down state. The pandemic had a positive impact on the corporate sector’s working practices and choosing to implement remote working rules. This has encouraged businesses to use the service solutions more widely. Moreover, these solutions are anticipated to provide a thorough grasp of the current market circumstance.

LATEST TRENDS

"Emergence of Social Media Governance Propel Market Growth"

Primary trend is the emergence of social media governance in the enterprise governance market. GRC policies must adapt to new business requirements, increasing costs, and regulatory demands. The internet of things (IoT) and emerging technologies as another layer of complexity to GRC such factors are expected to enhance the growth of the market.

GOVERNANCE RISK AND COMPLIANCE PLATFORM MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Cloud-based & On-premise

• Cloud-based: The software is accessible through the cloud models and users do not need to maintain any hardware or software and thus it saves time and cost and it also eliminates the need to back up and secure data.
• On-premise: The software is installed locally on-site and the users get full administrative control over the applications and have access to all apps and information which allows ownership of information and better control over the privacy to the users.

By Application

Based on application the market can be categorized into Large Enterprises & SMEs

• Large Enterprises: These organizations have a greater need for sophisticated governance, risk and compliance software solutions that will help them identify, address, and mitigate regulatory obligations, potential operational risks, and ensure consistent implementation of standards and policies.
• SMEs: These organizations often have difficulty managing their compliance requirements and need more cost-effective and sophisticated governance, risk, and compliance software solutions that would provide them with automated tools for monitoring, assessing, and reporting on compliance activities.

DRIVING FACTORS

"Rising Focus on Mitigating Risk Boost Market Growth"

Key growing attribute for the Governance Risk and Compliance Platform Market Growth due to increasing focus on mitigating risk markets. The rising mitigating risks in various organizations due to the increasing awareness among businesses to safeguard their operations, reputation, and assets are contributing to the growth of the market. In addition, GRC platforms provide a complete view of risks across the organization and allow for proactive identification and mitigation. Furthermore, this upbeat approach minimizes potential vulnerabilities and helps in maintaining overall business continuity. The rising need to mitigate operational risks and enhance decision-making processes is enhancing the growth of the market.

"Development of Increasing Number of Cyber Threats Expand Market Growth"

Another key factor which is propelling the market growth is the development of an increasing number of cyber threats. The increasing number of cyber threats worldwide is supporting the growth of the market. Rising adoption of the GRC platform to protect sensitive data and intellectual property from misuse is propelling the market growth. GRC platforms integrate cybersecurity practices into the broader risk management framework in encouraging. Furthermore, the inclusive nature of GRC platforms ensures that cyber security is an integral part of the overall risk management strategy of business to reduce the chances of data breaches and their associated consequences. These factors are enhancing the market growth.

RESTRAINING FACTOR

"Incorporation of Erroneous Information to Deplete Market Growth"

The service technologies are restricted since processes are frequently supplemental and require small additional efforts on top of the company’s regular tasks. Like any secondary procedure, it becomes less important, which has an impact on the information’s accuracy. The information that the service tools contain is partial, erroneous, and out-of-date and the expense to correct this is generally higher than what a company would fairly invest. This is why these service tools are viewed as secondary.

GOVERNANCE RISK AND COMPLIANCE PLATFORM MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific Dominates the Market due to Development of Technology"

The Asia Pacific region is dominating the Governance Risk and Compliance Platform Market Share due to the development of technology in this region. The development of technology in nations like China and Japan is responsible for the expansion of the area. Major nations prevailing in the region are among the innovators in cutting-edge technology such as automation. In the future, the Asia Pacific area will embrace the service more widely as a result of this tendency to stay current with technology. Additionally, a developing country like India is seeing a growth of the platform regulations governing data protection and digitalization, which firms must comply with. All of the aforementioned factors have fueled the expansion of the service adoption in India and ultimately the growth of the region.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Governance Risk and Compliance Platform Landscape through Strategy Partnership"

Many prominent industry players are operating in this market focused making collaborative efforts by partnering with other companies to be in the competition. However, there are many companies in the market that use some techniques such as merger, acquisitions, and using new advanced technologies for producing and developing new products and stay ahead in the market.

List of Market Players Profiled

• IBM (U.S.)
• RSA Security (U.S.)
• SAP (Germany)
• Oracle (U.S.)
• Software AG (Germany)
• LogicManager (U.S.)
• Riskonnect (U.S.)
• Diligent (Galvanize) (U.S.)
• SAI Global (Australia)
• MetricStream (U.S.)
• SAS Institute (U.S.)
• Wolters Kluwer (Netherlands)
• Check Point Software (Israel)
• MEGA International (France)
• Resolver (Canada)
• NAVEX Global (Lockpath) (U.S.)
• ProcessGene (Israel)
• Aravo (U.S.)
• ReadiNow (Australia)
• LogicGate (U.S.)
• Reciprocity ZenGRC (U.S.)

INDUSTRIAL DEVELOPMENT

June 2024: MetricStream, has launched AiSPIRE, the industry’s first AI-powered, knowledge-centric GRC product. It is a provider of integrated risk management (IRM) and governance, risk, and compliance (GRC) solutions.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global governance risk and compliance platform market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.