According to a new report by Expert Market Research titled, “Global Governance, Risk, and Compliance Platform Market Share, Size, Report and Forecast 2024-2032″, the global governance, risk, and compliance platform market reached a value of USD 34.38 billion in 2023. Aided by the escalating need for effective risk management in diverse industries, along with the growing importance of compliance due to stringent regulations, the market is projected to further grow at a CAGR of 11.2% between 2024 and 2032 to reach a value of USD 65.04 billion by 2032.
Governance, risk, and compliance platforms refer to integrated systems that facilitate organisations to strategically achieve objectives, address uncertainty, and act with integrity. GRC platforms offer a unified approach towards activities that were previously siloed, like internal audits, risk management, compliance and ethics, information security, and business continuity. The combined approach enhances visibility for the board and senior management, increases efficiency, and provides a holistic view of how risks are interrelated.
As per the governance, risk, and compliance platform market analysis, the exponential rise in digital transformations across businesses has led to the evolution of complex, regulatory landscapes. This intricate environment is driving the demand for streamlined GRC platforms. Companies are now more than ever aware of the potential financial and reputational risks of failing to comply with external and internal regulations. As a result, businesses are proactively investing in GRC platforms to remain compliant, ensuring that they are not exposed to unforeseen liabilities.
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Moreover, the global increase in cyber threats and data breaches has necessitated robust risk management processes, adding value to the governance, risk, and compliance platform market size. GRC platforms, with their integrated approach, offer a consolidated view of risks, thus enabling organisations to anticipate, understand, and act decisively against such threats.
The financial sector, in particular, has been a significant adopter of GRC platforms. With stringent regulations like the Basel III norms in banking or the Solvency II directive for insurance, the industry is actively leveraging GRC platforms to ensure compliance, risk assessment, and effective governance and fuelling the governance, risk, and compliance platform market growth.
However, it’s not just the financial sector reaping the benefits. The healthcare sector, with its intricate regulations around patient data privacy, such as the Health Insurance Portability and Accountability Act (HIPAA), is increasingly turning to GRC platforms. These platforms ensure that hospitals and other healthcare providers remain compliant while offering the best patient care.
Simultaneously, with the rise of big data and advanced analytics, the ability of GRC platforms to provide data-driven insights is making them indispensable and boost the governance, risk, and compliance platform market demand. These platforms can now predict potential risks, offering organisations a head start in their mitigation strategies.
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Market Segmentation
The market can be divided based on deployment model, solution, component, service, end use, industry vertical, and region.
Market Breakup by Deployment Model
• On-Premises
• Cloud
Market Breakup by Solution
• Audit Management
• Risk Management
• Policy Management
• Compliance Management
• Others
Market Breakup by Component
• Software
• Services
Market Breakup by Service
• Integration
• Consulting
• Support
Market Breakup by End Use
• Small Enterprise
• Medium Enterprise
• Large Enterprise
Market Breakup by Industry Vertical
• BFSI
• Construction and Engineering
• Energy and Utilities
• Government
• Healthcare
• Manufacturing
• Retail and Consumer Goods
• Telecom and IT
• Transportation and Logistics
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global governance, risk, and compliance platform market. Some of the major players explored in the report by Expert Market Research are as follows:
• SAS Institute Inc.
• IBM
• SAP America, Inc.
• Microsoft
• Dell Technologies, Inc.
• Oracle
• Others
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