As per the latest report by IMARC Group, titled “Governance, Risk and Compliance Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global governance, risk and compliance platform market size reached US$ 24.9 Billion in 2018. Governance, risk and compliance (GRC) refers to a coordinated strategy which is used by an organization for managing issues associated with corporate governance, enterprise risk management (ERM) and complete compliance to regulatory requirements. It assists in improving the decision-making process, increasing optimal investments, and reducing fragmentation among different divisions or departments. It also helps users in enforcing regulations, identifying operational inefficiencies, minimizing complexity for managers, eliminating costs of multiple installations and automating most of the paperwork.
Global Governance, Risk and Compliance Platform Market Trends:
A GRC platform aids users in centralizing the complete program, identifying problems before they occur and integrating risk management in all processes. Strong growth has been experienced in the market on account of a substantial increase in the number of emerging organizations. Apart from this, the demand for GRC platforms is rising as these platforms help organizations in enhancing operational activities and achieving their targets by automating the workflow. Further, various firms are using these platforms as a standard approach for solving conformity and risk issues rather than solving them individually. Looking forward, the market is projected to reach a value US$ 47.1 Billion by 2024, expanding at a CAGR of around 11% during 2019-2024.
- Based on the deployment model, the market has been bifurcated into on-premises and cloud. At present, the on-premises deployment model dominates the market, holding the largest share.
- On the basis of the solution, the market has been segmented into audit management, risk management, policy management, compliance management and others. Currently, risk management accounts for the majority of the total market share.
- Based on the component, software accounts for the biggest share, followed by services.
- The market has been analyzed on the basis of the service into integration, consulting and support. Presently, consulting exhibits a clear dominance in the market.
- On the basis of the end user, the market has been segregated into small, medium and large enterprises. The report finds that large enterprises hold the largest market share.
- Based on the industrial vertical, the market has been classified into banking, financial services and insurance (BFSI), government, healthcare, manufacturing, retail and consumer goods, construction and engineering, energy and utilities, telecom and information technology (IT), transportation and logistics, and others. Amongst these, BFSI accounts for the majority of the global market share.
- Region-wise, North America is the leading market, holding the majority of the global share. Other major segments include Europe, Latin America, Asia Pacific, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being IBM Corp., BWise BV, SAP SE, EMC Corporation, SAS Institute Inc., Microsoft Corporation, Fidelity National Information Services Inc., Oracle Corporation, Thomson Reuters Corporation and Newport Consulting Group, LLC.
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