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Global Governance, Risk, and Compliance Platform Market to Reach US$ 68.7 Billion by 2027, Propelled by the Rising Need to Improve Operational Activities in a Workspace

Published on Oct 31, 2022

The latest report by IMARC, titled “Governance, Risk, and Compliance Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global governance, risk and compliance market size reached US$ 35.2 Billion in 2021. Governance, risk and compliance (GRC) refers to the collection of capabilities that are used for handling the broad issues of an institution’s governance, enterprise risk management, and compliance with regulations. These platforms assist in assessing, identifying, and managing risks that can interfere with an enterprise’s operations and objectives. Their utilization in a workspace enhances the decision-making process, reduces fragmentation among divisions, and increase optimal investments. In recent years, GRC platforms have gained traction due to their widespread employment to coordinate the involvement of individuals, technologies and procedures in a company.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will further be integrated into the report.

Global Governance, Risk and Compliance Platform Market Trends:

One of the primary factors driving the market is the rising need to improve operational activities in a workspace. Additionally, on account of rapid digitalization, there is a growth in the volumes of digital data that needs effective analysis and monitoring to protect sensitive information, thereby augmenting the demand for cloud-based GRC solutions. Other than this, the rising prevalence of government intervention in corporate functions for ensuring fair trade practices is fuelling the demand for GRC platforms. Besides this, the increasing number of organizations following the prevailing corporate regulations and adopting GRC solutions to organize business procedures and centralize numerous programs are positively influencing the market growth. Moreover, the sudden outbreak of coronavirus disease (COVID-19) is facilitating the utilization of GRC solutions by businesses. Looking forward, IMARC Group expects the market value to reach US$ 68.7 Billion by 2027, expanding at a CAGR of 11.7% during the forecast period (2022-2027).

Market Summary:

  • Based on the deployment model, the market has been bifurcated into on-premises and cloud.
  • On the basis of the solution, the market has been segregated into audit, risk, policy, compliance, and other management.
  • Based on the component, the market has been segmented into software and services.
  • On the basis of the service, the market has been divided into integration, consulting, and support.
  • Based on the end user, the market has been categorized into small, medium, and large enterprises.
  • On the basis of the industry vertical, the market has been divided into BSFI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, and others.
  • Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been analyzed, with some of the key players being SAS Institute Inc., IBM Corp, SAP SE, EMC Corporation, Microsoft Corporation, Fidelity National Information Services Inc., Oracle Corporation, Thomson Reuters Corporation, Newpoet Consulting Group LLC, and BWise BV.
     

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