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:
Currently, the on-premises deployment model represents the dominant segment.
Breakup by Solution:
Breakup by Component:
Breakup by Service:
Breakup by End User:
Breakup by Industry Vertical:
Amongst these, North America holds the leading position in the market.
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:
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