How big is the governance risk and compliance platform market today, and what are its future growth expectations?
The governance risk and compliance platform market size has grown rapidly in recent years. It will grow from $50.04 billion in 2024 to $57.61 billion in 2025 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to the emergence of ESG and sustainability mandates, third-party risk management challenges, digital transformation initiatives, corporate governance enhancements, and risk management imperatives.
The governance risk and compliance platform market size is expected to see rapid growth in the next few years. It will grow to $99.98 billion in 2029 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to increasing regulatory complexity, rising adoption of cloud services, increasing stakeholder expectations, demand for analytics and reporting, and the need for integrated risk management. Major trends in the forecast period include the integration of AI and automation, user-friendly interfaces, vendor risk management, predictive analytics, and reporting, scalability and flexibility.
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Which industry factors have accelerated the governance risk and compliance platform market’s expansion?
The increasing number of cyber threats is expected to propel the growth of the governance risk and compliance platform market going forward. Cyber threats refer to malicious activities that target computer systems, networks, and digital data, posing risks such as data breaches, malware infections, and unauthorized access. The rising risk of cyber threats is attributed to various factors, including increasing connectivity, digitalization of business processes, reliance on technology, the sophistication of cybercriminals, and software and hardware systems vulnerabilities. Governance risk and compliance platforms help organizations mitigate the increasing number of cyber threats by providing centralized control, monitoring, and response mechanisms for cybersecurity risks and compliance requirements. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime impacted 11% of businesses and 8% of charities overall in 2022. Additionally, this figure rose to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. Furthermore, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Therefore, the increasing number of cyber threats is driving the growth of the governance risk and compliance platform market.
What are the primary segments of the governance risk and compliance platform market?
The governance risk and compliance platform market 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 firms are leading the governance risk and compliance platform market?
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 market trends are set to define the future of the governance risk and compliance platform market?
Major companies operating in the governance risk and compliance platform market are focused on developing digital transformation platforms with the integration of AI tools to enhance risk management, streamline compliance processes, and improve decision-making capabilities. AI tools refer to software applications and systems that utilize artificial intelligence technologies to perform tasks that typically require human intelligence. The integration of AI tools facilitates intelligent automation and analytics, making it easier for businesses to adapt to changing needs. For instance, in February 2024, ReadiNow Corp, an Australia-based company, launched NOVA UI, a governance risk and compliance platform, NOVA introduces an uncluttered, modern navigational interface that simplifies user interactions. The transition from classic screens to the new design enhances usability. The platform aims to empower users not just in GRC management but also in leveraging advanced technologies for broader business applications.
Which geographic trends are shaping the governance risk and compliance platform market, and which region has the highest market share?
North America was the largest region in the governance risk and compliance platform market in 2023. 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.
What Does The Governance Risk And Compliance Platform Market Report 2025 Offer?
The governance risk and compliance platform market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A governance, risk, and compliance platform is a software solution designed to streamline and integrate the management of governance, risk, and compliance activities. This platform provides tools and functionalities to facilitate implementing, monitoring, and enforcing policies, procedures, and regulations across various departments and business processes. The governance, risk, and compliance platform enables organizations to centralize data, automate workflows, conduct risk assessments, track compliance with relevant laws and regulations, and generate reports for stakeholders and regulatory bodies
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