The governance, compliance and risk management software market size has grown rapidly in recent years. It will grow from $46.02 billion in 2024 to $51.09 billion in 2025 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to regulatory complexity, risk mitigation needs, corporate governance emphasis, data security concerns, globalization impact.
The governance, compliance and risk management software market size is expected to see rapid growth in the next few years. It will grow to $88.46 billion in 2029 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to evolving regulatory landscape, cybersecurity threats, focus on environmental, social, and governance (ESG) practices, and digital transformation initiatives. Major trends in the forecast period include automated monitoring of third-party risks, data privacy and protection solutions, continuous monitoring and real-time reporting, evolving ESG (environmental, social, governance) compliance solutions, user-friendly and intuitive interfaces.
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What are the top drivers to the rising demand in the governance, compliance and risk management software market?
The rising use of cloud-based networking is expected to propel the growth of the governance, compliance, and risk management software market going forward. Cloud networking consists of on-premises cloud and public cloud which manages the network capabilities in organizations. Cloud networking is used by risk managers, accounts officers, and auditors to simplify their activities in an organization. For instance, according to Eurostat, a Luxembourg-based statistical office of the European Union (EU), the adoption of cloud computing among medium-sized enterprises rose to 59% in 2023, compared to 53% in 2021. Therefore, the rise in the use of cloud-based networking drives the governance, compliance, and risk management software market growth.
How is the governance, compliance and risk management software market segmented?
The governance, compliance and risk management software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud, Hybrid
3) By Enterprise Type: Small And Medium Enterprise (SME), Large Enterprise
4) By Industry Vertical: BFSI, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecom And IT, Transportation And Logistics, Other Industry Verticals
Subsegments:
1) By Software: Governance, Risk, And Compliance (GRC) Software, Risk Management Software, Compliance Management Software, Policy Management Software, Audit Management Software, Incident Management Software, Other Specialized Software
2) By Services: Consulting Services, Implementation Services, Training and Support Services, Managed Services, Other Professional Services
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Who are the top competitors in the governance, compliance and risk management software market?
Major companies operating in the governance, compliance and risk management software market include International Business Machines, Oracle Corporation, SAP SE, ServiceNow Inc., NICE Ltd., Software AG, Workiva Inc., OneTrust LLC, NAVEX Global Inc., MetricStream, Microsoft Corporation, MEGA International, SAI Global, Riskonnect Inc., Galvanize Inc., Lockpath Inc., Resolver Inc., LogicGate Inc., Quantivate LLC, ProcessUnity Inc., ReadiNow Corporation, ProcessGene Ltd., LogicManager, Sword GRC, ZenGRC, Convercent Inc., Cura Software Solutions, Ideagen Plc, MasterControl Inc.
What significant trends should we anticipate in the governance, compliance and risk management software market over the forecast period?
Automation of GRC programs through specialized software applications is shaping the governance, compliance, and risk management software market. GRC software assists firms in managing all of the relevant documentation and processes to ensure optimal productivity and preparation. For instance, in August 2022, NAVEX Global, Inc., a US-based GRC software company, launched the NAVEX One platform. The NAVEX One platform is a first-to-market innovation in the governance, risk, and compliance (GRC) area and will enable businesses with international operations to get over language hurdles and facilitate precise risk and compliance-related communication between staff members, outside partners, and program managers. NAVEX is paving the way for the future of machine interpretations in the GRC space, directly addressing the challenges of multilingual communication. By incorporating secure machine translation into NAVEX One, GRC professionals can easily translate information provided, assessments, and responses, resulting in improved interaction and faster resolution. The use of dynamic machine translations overcomes these concerns while also improving communication efficiency. This shared service, powered by powerful artificial intelligence technology, enables end users to translate straight from the NAVEX One user interface.
Which regional trends are influencing the governance, compliance and risk management software market, and which area dominates the industry?
The countries covered in the governance, compliance and risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Governance, Compliance And Risk Management Software Market Report 2025 Offer?
The governance, compliance and risk management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Governance, Compliance, and Risk Management Software (GRC software) refer to an integrated suite of software tools for creating and operating an enterprise GRC program, a business strategy for managing governance, risk management, and compliance with industry and government standards.
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