According to the recent report by IMARC Group, titled “Governance, Risk and Compliance Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global governance, risk and compliance platform market size reached US$ 35.2 Billion in 2021. Governance, risk and compliance (GRC) platforms are used by an organization for managing issues related to corporate governance, enterprise risk management (ERM), and complete compliance with regulatory requirements. They assist in identifying and rectifying the risks that can cause interference with an organization’s operations. They aid in reducing fragmentation, increasing optimal investments, and improving the decision-making process in different departments. Besides this, GRC platforms can minimize complexity for managers, identify operational inefficiencies, automate paperwork, and eliminate costs of multiple installations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Governance, Risk and Compliance Platform Market Trends:
GRC platforms help in identifying any issue before its occurrence and integrating risk management. Due to this, several companies are now adopting compliance and risk management solutions to tackle the reputational and monetary risk of non-compliance. This, coupled with a rise in the number of new organizations, is stimulating the growth of the market. Moreover, rapid commercialization has led to the introduction of policies for fair trade practices by several governments. These regulations have led to the advent of enterprise governance, risk and compliance (EGRC), which addresses the complexity of stringent policies, which, in turn, is stimulating the market growth. In addition to this, there has been a surge in the volume of digital data, which has spurred the demand for continuous analysis to ensure the privacy and security of the data. On account of these factors, the market is expected to grow at a CAGR of 11.7% during 2022-2027.
- On the basis of the deployment model, the market has been bifurcated into cloud and on-premises models. Among these, the on-premises model accounts for the largest market share.
- Based on the solution, compliance management is the most popular solution. Other segments are audit management, risk management, policy management, and others.
- On the basis of the component, the market has been divided into services and software. Currently, software holds the biggest market share, representing the most popular component.
- Based on the service, consulting exhibits a clear dominance in the market. Other segments include integration and support.
- The market has been analyzed on the basis of the end user into small, medium, and large enterprises. Currently, medium enterprises represent the major end users.
- On the basis of the industrial vertical, the market has been segregated into construction and engineering, healthcare, BFSI, energy and utilities, government, retail and consumer goods, manufacturing, telecom and IT, transportation and logistics, and others. At present, BFSI is the leading industrial vertical, accounting for the majority of the market share.
- Region-wise, North America exhibits a clear dominance in the market. Other major regions include Asia Pacific, Latin America, Middle East and Africa, and Europe.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being SAP SE, EMC Corporation, Microsoft Corporation, SAS Institute Inc., IBM Corp, Fidelity National Information Services Inc., Thomson Reuters Corporation, Newport Consulting Group, LLC, Oracle Corporation, and BWise BV.
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