The governance, compliance, and risk management software market has experienced substantial growth, expanding from $41.93 billion in 2023 to $47.05 billion in 2024, at a CAGR of 12.2%. This growth is attributed to regulatory complexities and the increasing need for risk mitigation. The market is projected to reach $76.44 billion by 2028, growing at a CAGR of 12.9%. Factors driving this growth include the evolving regulatory landscape, rising cybersecurity threats, and a focus on environmental, social, and governance (ESG) practices. Major trends expected include automated third-party risk monitoring, solutions for data privacy, and real-time reporting capabilities.
Major Driver In The Governance Compliance And Risk Management Software Market
The projected growth of the governance, compliance, and risk management software market is fueled by the increasing adoption of cloud-based networking. Cloud networking, encompassing on-premises cloud and public cloud, streamlines network capabilities in organizations and is utilized by risk managers, account officers, and auditors to simplify their activities. Notably, the Cisco Global Cloud Index (2016-2021) highlights that 94% of all workloads run on cloud networking and virtualized environments. Eurostat reports that approximately 41% of EU enterprises embraced cloud computing in 2021. This rising trend in cloud-based networking is a driving force behind the growth of the governance, compliance, and risk management software market, with market sizes in 2023, 2024, and 2028 reflecting this technological shift.
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Governance Compliance And Risk Management Software Market Competitive Landscape
Dell Technologies, International Business Machines, Oracle Corporation, SAP SE, ServiceNow Inc., Check Point Software Technologies, NICE Ltd., Software AG, Workiva Inc., OneTrust LLC, NAVEX Global Inc., MetricStream, Microsoft Corporation, MEGA International, SAI Global, Riskonnect Inc., Galvanize Inc., ACL Services Ltd., Lockpath Inc., Resolver Inc., LogicGate Inc., Quantivate LLC, ProcessUnity Inc., ReadiNow Corporation, ProcessGene Ltd., Compliance 360, LogicManager, Sword GRC, ZenGRC, Convercent Inc., Cura Software Solutions, Ideagen Plc, MasterControl Inc.
Key Governance Compliance And Risk Management Software Market Trend
The automation of Governance, Risk, and Compliance (GRC) programs through specialized software applications is transforming the GRC software market. Such software helps organizations manage documentation and processes for optimal productivity. For instance, in August 2022, NAVEX Global, Inc., a US-based GRC software company, launched the NAVEX One platform. This innovative platform facilitates precise risk and compliance communication across multilingual teams and external partners. NAVEX One incorporates secure machine translation to improve communication and resolution speed, addressing multilingual challenges in GRC.
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Governance Compliance And Risk Management Software Market Segmentation
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
By Geography:The regions 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.
Asia-Pacific was the largest region in the governance, compliance and risk management software market in 2023.
The Governance Compliance And Risk Management Software Global Market Report 2024 furnishes information about the global governance compliance and risk management software market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
