How Global Governance, Compliance And Risk Management Software Market Players Should Strategize For 2022-2031
4 Feb, 2022
The global governance, compliance and risk management software market size is expected to grow from $33.74 billion in 2021 to $38.44 billion in 2022 at a compound annual growth rate (CAGR) of 13.9%. The change in the GRC software market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic. The governance, compliance and risk management software market is expected to reach $63.59 billion in 2026 at a CAGR of 13.4%.
What is the Global Governance, Compliance And Risk Management Software Market?
The governance, compliance and risk management software market consists of sales of software tools by entities (organizations, sole traders, and partnerships) that automate the processes of identifying risks, adhering to regulations, and developing company policies, lowering costs, and expanding business potential. Governance, compliance, and risk management software (GRC software) is used by risk managers, accounts officers, and auditors to simplify their activities in an organization. GRC software deals with audit management, internal policy management, compliance management, risk and incidence management, and information security management.
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What drives the Global 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, Cisco Global Cloud Index (2016-2021), 94% of all workload runs on cloud networking and virtualized environment. Furthermore, according to the Flexera 2020 State of the Cloud Study, 20% of large organizations spend more than $12 million on public clouds each year, up by 7% in 2019. Therefore, the rise in the use of cloud-based networking drives the growth of the governance, compliance and risk management software market.
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https://www.thebusinessresearchcompany.com/report/governance-compliance-and-risk-management-software-global-market-reportGlobal Governance, Compliance And Risk Management Software Market Segments
The global governance, compliance and risk management software market is segmented:
By Component: Software, Services
By Deployment: On-Premises, Cloud, Hybrid
By Enterprise Type: Small And Medium Enterprise (SME), Large Enterprise
By Industry Vertical: BFSI, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecom And IT, Transportation And Logistics, Others
By Geography: The regions covered in the governance, compliance and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global governance, compliance and risk management software market.
Governance, Compliance And Risk Management Software Global Market Report 2022provides market size and growth forecasts for the global governance, compliance and risk management software market, global governance, compliance and risk management software market share, governance, compliance and risk management software market segments and geographies, governance, compliance and risk management software market competitive landscape including leading competitors’ revenues, profiles and market shares. The governance, compliance and risk management software market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Governance, Compliance And Risk Management Software Industry Playersinclude IBM, Dell Technologies, SAP SE, Oracle Corporation, Software AG, LogicManager, Riskonnect Inc., Galvanize Inc., SAI Global, MetricStream, Sword GRC, Check Point Software Technologies, MEGA International, Resolver Inc., Lockpath, ProcessGene, ReadiNow, LogicGate, Microsoft Corporation, RSA Security LLC, and BWise BV. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.