NEW YORK, July 1, 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. The Governance, Risk and Compliance
(GRC) platform market is expected to grow significantly in the next
few years, driven by the increasing need for businesses to manage
risks and ensure compliance with regulations.
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geographical analysis including forecast (2024-2028) and historic
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Several factors are driving the growth of the GRC market,
including:
- Increased need to comply with regulatory requirements
- Growing adoption of cloud-based GRC solutions
- Integration of GRC platforms with artificial intelligence (AI)
and machine learning (ML)
However, there are also some challenges facing the GRC market,
such as:
- Data security concerns associated with cloud-based
solutions
- Difficulty integrating GRC platforms with other systems
- Keeping up with regulatory changes
Despite these challenges, the GRC market is expected to continue
growing as businesses recognize the importance of effective risk
management and compliance.
Here are some of the key findings of the report:
- The GRC platform market is expected to reach USD 37.63 billion by 2028.
- The market is growing at a CAGR of 13.64%.
- The increasing need to comply with regulatory requirements is a
major driver of market growth.
- Cloud-based GRC solutions are becoming increasingly
popular.
- AI and ML are being integrated into GRC platforms to improve
risk assessment and compliance reporting.
- Data security concerns are a challenge facing the GRC
market.
Learn and explore more about Technavio's in-depth
research reports
The Data Visualization Tools market continues to expand with
innovations driving demand across sectors for intuitive data
representation. Meanwhile, the Industrial Automation Device Manager
Software market sees robust growth, leveraging advanced
technologies to streamline operations and enhance efficiency. In
parallel, the Governance Risk and Compliance (GRC) Platform market
witnesses steady adoption, fueled by regulatory complexities
necessitating comprehensive risk management solutions. These
markets highlight evolving trends in technology adoption,
emphasizing user-friendly interfaces, and integrated analytics for
informed decision-making in complex business environments.
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SOURCE Technavio