NEW
YORK, June 14, 2024 /PRNewswire/ -- The global
governance risk and compliance (GRC) platform market size is
estimated to grow by USD
37.63 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 13.64% during the
forecast period. Increased need to comply with regulatory
requirements is driving market growth, with a trend towards
integration of GRC platform with third-platform technologies.
However, increasing data security concerns poses a challenge. Key
market players include ACL Services Ltd. dba Galvanize, Check Point
Software Technologies Ltd., Corporater AS, Fidelity National
Information Services Inc., International Business Machines Corp.,
LogicManager Inc., Mega International SA, MetricStream Inc.,
Microsoft Corp., Mitratech Holdings Inc., NAVEX Global Inc.,
OneTrust LLC, Oracle Corp., Robert Half International Inc., SAI
Global Pty. Ltd., SAP SE, SAS Institute Inc., Software AG, Thomson
Reuters Corp., and Wolters Kluwer NV.
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segments, customer landscape, and companies- View the
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Governance Risk And
Compliance (GRC) Platform Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
13.64%
|
Market growth
2024-2028
|
USD 37633.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
11.73
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
39%
|
Key
countries
|
US, UK, China, Germany,
and India
|
Key companies
profiled
|
ACL Services Ltd. dba
Galvanize, Check Point Software Technologies Ltd., Corporater AS,
Fidelity National Information Services Inc., International Business
Machines Corp., LogicManager Inc., Mega International SA,
MetricStream Inc., Microsoft Corp., Mitratech Holdings Inc., NAVEX
Global Inc., OneTrust LLC, Oracle Corp., Robert Half International
Inc., SAI Global Pty. Ltd., SAP SE, SAS Institute Inc., Software
AG, Thomson Reuters Corp., and Wolters Kluwer NV
|
Market Driver
The GRC market is evolving, with a focus on better business
performance beyond just compliance. Cloud computing simplifies GRC
execution with centralized control, SLA-backed agreements, and cost
savings. File analysis, a big data trend, helps manage unstructured
data and extract valuable insights. IBM, HP, and storage providers
offer GRC solutions for unstructured data. Machine learning
prioritizes data for review, driving GRC market growth.
The Governance, Risk, and Compliance (GRC) platform market is
witnessing significant growth due to the increasing importance of
managing risks and ensuring compliance in businesses. Companies are
investing in advanced technology solutions to automate GRC
processes and improve efficiency. The use of artificial
intelligence and machine learning is becoming increasingly popular
in GRC platforms to help identify and mitigate risks in
real-time.
Additionally, the integration of machine learning models with
predictive analytics is enabling organizations to anticipate
potential risks and take proactive measures. The market for GRC
platforms is expected to continue growing as more businesses
recognize the need for effective risk management and compliance.
Key features of these platforms include policy management, risk
assessment, incident management, and reporting.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The Global GRC Platform Market faces challenges due to data
security concerns in using cloud technologies. Cloud services,
while convenient, increase vulnerability as they are accessible
from outside premises and involve multi-tenant architectures. The
COVID-19 crisis has led to an increase in security breaches and
privacy invasions, making organizations wary of sharing sensitive
data. To address these issues, there is a need for robust incident
response models and strong data security assurances. These factors
may hinder the market's growth during the forecast period.
- The Governance Risk and Compliance (GRC) platform market faces
several challenges in implementing and managing effective
solutions. One challenge is integrating various systems and
processes from different sources, such as machine learning and
predictive analytics, into a unified platform. Another challenge is
ensuring the accuracy and reliability of data, especially in large
and complex organizations.
- Additionally, keeping up with regulatory changes and
maintaining compliance can be a significant challenge for many
businesses. Furthermore, managing risks associated with third-party
vendors and suppliers is also a critical issue. Lastly, ensuring
proper training and awareness of GRC policies and procedures among
employees is essential to mitigate risks and maintain
compliance.
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challenges - Request a sample report!
Segment Overview
- Deployment
- 1.1 On-premise
- 1.2 Cloud-based
- Component
- 2.1 Software
- 2.2 Services
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 On-premise- The Governance Risk and
Compliance (GRC) platform market consists of solutions that help
organizations manage corporate governance, risk, and compliance.
These platforms assist businesses in implementing structural
policies, managing risks, and adhering to regulations. On-premise
GRC solutions range from USD200,000
to USD600,000 and are popular among
large enterprises.
Notable platforms include HighBond and RSA Archer, which offer
features like automation, collaboration, and integration with
external systems. The market is expanding with the introduction of
AI-specific GRC platforms, such as Credo AI's solution, which
caters to the unique challenges of AI systems.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
In today's business landscape, the Governance, Risk, and
Compliance (GRC) platform market plays a pivotal role in managing
complex processes and mitigating risks for various industries,
including financial institutions. Managers rely on these platforms
to monitor costs associated with business operations, intellectual
property protection, and cyberthreats in the era of globalisation
and technology integration. Azure Purview and MetricStream are
examples of advanced GRC solutions that leverage artificial
intelligence and machine learning to enhance risk assessment and
compliance reporting.
Oracle's eGRC suite and IT & Telecom organizations also
benefit from these platforms, as they help manage the complexity of
integration between various software systems and ensure adherence
to regulatory requirements. Business processes, costs,
cyberthreats, intellectual property, globalisation, technology
integration, and software are essential components of the GRC
platform market.
Market Research Overview
The Governance, Risk and Compliance (GRC) platform market
encompasses solutions that help organizations manage and mitigate
risks, ensure compliance with regulations, and establish effective
governance structures. These platforms utilize advanced
technologies such as artificial intelligence, machine learning, and
predictive analytics to provide real-time insights and automate
processes.
They offer features like risk assessment, policy management,
compliance monitoring, and reporting. GRC platforms cater to
various industries and sectors, including finance, healthcare,
retail, and technology. They enable organizations to streamline
their operations, enhance security, and maintain regulatory
compliance. Additionally, they provide a centralized platform for
managing and mitigating risks, improving overall business
performance.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- Component
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio