Global Governance, Risk and Compliance Platform Market to Reach US$ 119.8 Billion by 2032, Fueled by Expanding Product Adoption Across Various Sectors

April 05, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “­­Governance, Risk and Compliance Platform Market Report by Deployment Model (On-Premises, Cloud), Solution (Audit Management, Risk Management, Policy Management, Compliance Management, and Others), Component (Software, Services), Service (Integration, Consulting, Support), End-User (Small Enterprise, Medium Enterprise, Large Enterprise), Industry Vertical (BFSI, Construction and Engineering, Energy and Utilities, Government, Healthcare, Manufacturing, Retail and Consumer Goods, Telecom and IT, Transportation and Logistics, and Others), and Region 2024-2032,” the global governance, risk and compliance (GRC) platform market size reached US$ 44.0 Billion in 2023. The governance, risk and compliance (GRC) platform is a software solution that provides an integrated approach to managing an organization's risk and compliance activities. It allows businesses to streamline their GRC processes, reduce the likelihood of compliance breaches, and improve decision-making across all levels of the organization. It also helps increase profitability, monitor and analyze performance and control in real-time, identify trends and potential issues, evaluate outcomes, and ensure and strengthen compliance with industry regulations, laws, and standards through regular internal audits. A GRC platform also increases optimal investments and reduces fragmentation among various divisions and departments. As a result, it is widely utilized across numerous industries to minimize the complexity for supervisors and manage costs effectively.


Global Governance, Risk, and Compliance Platform Market Trends:

The increasing demand for GRC platforms to improve operational activities as businesses expand their operations globally is primarily driving the market growth. Besides this, the large-scale product adoption among enterprises to enable effective strategic planning and quickly respond to changing business environments to gain a competitive edge is contributing to the market growth. Moreover, with the increasing digitization of business processes, there has been an extensive demand for the GRC platform to counter and prevent the rising incidence of cyber threats and security breaches, which, in turn, is creating a positive outlook for the market. Concurrent with this, the expanding product deployment to provide a detailed understanding of the prevailing market scenarios and help organizations take calculated risks and achieve a strong market position is aiding in market expansion. In addition to this, the implementation of stringent regulations by numerous governing agencies to ensure fair trade practices and eliminate monetary and reputational penalties associated with non-compliance in corporate functioning is presenting remunerative growth opportunities for the market. Furthermore, the expanding trends of remote working patterns, the adoption of mobility solutions, and the increasing integration of advanced technologies, such as big data analytics, cloud, and the internet of things (IoT), are strengthening the market growth. Looking forward, the market value is projected to reach US$ 119.8 Billion by 2032, expanding at a CAGR of 11.65% during 2024-2032. 


Market Summary:

  • Based on the deployment model, the market is bifurcated into on-premises and cloud. Between these, the on-premises deployment model represents the most popular segment.
  • On the basis of the solution, the market has been segregated into audit management, risk management, policy management, compliance management, and others. Amongst these, compliance management holds the largest share.
  • Based on the component, the market is divided into software and services. Between these, software represents the largest market segment.
  • On the basis of the service, the market has been classified into integration, consulting, and support.
  • Based on the end user, the market is differentiated into small, medium, and large enterprises. Presently medium enterprises are the biggest end-user.
  • On the basis of the industrial vertical, the market has been categorized into BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, and others. Among these, BFSI accounts for the majority of the global share.
  • Based on the region, the market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Currently, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being SAP SE, Dell Technologies, Inc., Microsoft Corporation, SAS Institute Inc., IBM Corporation, Fidelity National Information Services Inc., Thomson Reuters Corporation, Newport Consulting Group, LLC, Oracle Corporation, and BWise BV.


Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Deployment Model, Solution, Component, Service, End-User and Industry Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered SAS Institute Inc., IBM Corp, SAP SE, Dell Technologies, Microsoft Corporation, Fidelity National Information Services Inc., Oracle Corporation, Thomson Reuters Corporation, Newport Consulting Group, LLC, and BWise BV
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate User License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Governance, Risk and Compliance Platform Market to Reach US$ 119.8 Billion by 2032, Fueled by Expanding Product Adoption Across Various Sectors
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More