Governance, Risk and Compliance (GRC) Platform Market Report 2021-2026

Press Release:

Global Governance, Risk and Compliance Platform Market to Witness Moderate Growth During 2020-2025, Stimulated by Increasing Volume of Digital Data

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Governance, Risk and Compliance Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

The global governance, risk and compliance platform market reached a value of US$ 29.2 Billion in 2020. Governance, risk and compliance (GRC) refer to the collection of capabilities that are utilized for tackling the broad issues of an organization’s governance, enterprise risk management and compliance with regulations. GRC platforms aid in identifying, assessing and managing risks that have the potential to interfere with an organization's operations and objectives. Their employment in a workspace improves the decision-making process, increases optimal investments, and minimizes fragmentation among various divisions and departments. They are also utilized to coordinate the involvement of people, processes and technologies in a corporation to reduce the complexity for supervisors and effectively manage costs

Global Governance, Risk and Compliance Platform Market Drivers:

The global market is primarily driven by the growing requirement for enhancing operational activities in a workspace. There has been an increase in the number of organizations, which follow the prevailing corporate regulations and adopt GRC solutions to streamline business processes, centralize various programs and efficiently achieve their overall targets. Along with this, there has been a considerable increase in the volumes of digital data that requires effective analysis and monitoring to safeguard sensitive information. Consequently, cloud-based GRC solutions are increasingly being utilized across numerous workspaces for effectively managing data from across several databases, email systems, and data warehouses. Moreover, the growing incidences of government intervention on corporate functions for ensuring fair trade practices are catalyzing the demand for enterprise GRC (EGRC) platforms. They assist in mitigating the complexity of complying with new or updated regulatory policies without obstructing regular business operations. Furthermore, the global outbreak of COVID-19 has affected the working patterns of the corporate sector, with the majority of the organizations opting for remote working policies. This has propelled the widespread utilization of GRC solutions by businesses, which is expected to offer a detailed understanding of the prevailing market scenarios that can assist them in taking calculated risks and achieving a strong market position. Looking forward, IMARC Group expects the global governance, risk and compliance platform market to exhibit strong growth during the next five years.

Breakup by Deployment Model:

On-Premises
Cloud

Currently, the on-premises deployment model represents the dominant segment.

Breakup by Solution:

Audit Management
Risk Management
Policy Management
Compliance Management
Others

Breakup by Component:

Software
Services

Breakup by Service:

Integration
Consulting
Support

Breakup by End User:

Small Enterprise
Medium Enterprise
Large Enterprise

Breakup by Industry Vertical:

BFSI
Construction and Engineering
Energy and Utilities
Government
Healthcare
Manufacturing
Retail and Consumer Goods
Telecom and IT
Transportation and Logistics
Others

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Amongst these, North America holds the leading position in the market.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include SAS Institute Inc., IBM Corp, SAP SE, EMC Corporation, Microsoft Corporation, Fidelity National Information Services Inc., Oracle Corporation, Thomson Reuters Corporation, Newport Consulting Group, LLC, and BWise BV.

Key Questions Answered in This Report:

How has the global governance risk and compliance platform market performed so far and how will it perform in the coming years?
What are the key regional markets in the industry?
What has been the impact of COVID-19 on the global governance risk and compliance platform market?
What is the breakup of the market on the basis of the deployment model?
What is the breakup of the market on the basis of the solution?
What is the breakup of the market on the basis of the component?
What is the breakup of the market on the basis of the service?
What is the breakup of the market on the basis of the end-user?
What is the breakup of the market on the basis of the industry vertical?
What are the various stages in the value chain of the market?
What are the key driving factors and challenges in the market?
What is the structure of the market and who are the key players?
What is the degree of competition in the market?