The Business Research Company's Governance, Compliance And Risk Management Software Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The governance, compliance, and risk management software market has experienced rapid growth in recent years, increasing from $41.93 billion in 2023 to an estimated $47.05 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%. This growth in the past can be attributed to factors such as increasing regulatory complexity, the need for risk mitigation, a focus on corporate governance, concerns about data security, and the effects of globalization.
How Big Is the Global Governance, Compliance, And Risk Management Software Market Expected to Grow, and What Is Its Annual Growth Rate?
The governance, compliance, and risk management software market is anticipated to experience significant growth in the coming years, reaching $76.44 billion by 2028 with a compound annual growth rate (CAGR) of 12.9%. This expected growth during the forecast period can be attributed to the changing regulatory landscape, increasing cybersecurity threats, a focus on environmental, social, and governance (ESG) practices, and digital transformation efforts. Key trends anticipated during this period include automated monitoring of third-party risks, solutions for data privacy and protection, continuous monitoring and real-time reporting, evolving ESG compliance solutions, and user-friendly, intuitive interfaces.
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What Is Driving the Growth of the Governance, Compliance, And Risk Management Software Market?
The increasing adoption of cloud-based networking is anticipated to drive the growth of the governance, compliance, and risk management software market in the future. Cloud networking includes both on-premises and public cloud solutions that manage network capabilities within organizations. Risk managers, accounts officers, and auditors utilize cloud networking to streamline their activities within an organization.
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Which Leading Companies Are Driving The Growth Of The Governance, Compliance, And Risk Management Software Market Share?
Major companies operating in the governance, compliance, and risk management software market report are Dell Technologies, International Business Machines, Oracle Corporation, SAP SE, ServiceNow Inc., Check Point Software Technologies, NICE Ltd., Software AG, Workiva Inc., OneTrust LLC, NAVEX Global Inc.
What Are The Key Trends Driving The Growth Of The Governance, Compliance, And Risk Management Software Market Size?
The automation of GRC programs through dedicated software applications is transforming the governance, compliance, and risk management software market. GRC software helps organizations manage all necessary documentation and processes to maximize productivity and readiness.
How Is the Global Governance, Compliance And Risk Management Software Market Segmented?
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud, Hybrid
3) By Enterprise Type: Small And Medium Enterprise (SME), Large Enterprise
4) By Industry Vertical: BFSI, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecom And IT, Transportation And Logistics, Other Industry Verticals
Asia-Pacific: The Leading Region in the Governance, Compliance, And Risk Management Software Market
Asia-Pacific was the largest region in the governance, compliance, and risk management software market in 2023. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Is the Governance, Compliance, And Risk Management Software Market?
Governance, Compliance, and Risk Management Software (GRC software) refers to a comprehensive suite of software tools designed for establishing and implementing an enterprise GRC program, which is a business strategy aimed at managing governance, risk management, and adherence to industry and government standards.
The Governance, Compliance, And Risk Management Software Global Market Report 2024 from The Business Research Company includes the following key information:
Market size data for both historical and future periods
Analysis of both macro and microeconomic factors that have impacted the market over the past five years
Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Governance, Compliance, And Risk Management Software Market Report: Trends, Opportunities, Strategies, and More
The Governance, Compliance, And Risk Management Software Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into governance, compliance, and risk management software market size, governance, compliance, and risk management software market drivers and trends, governance, compliance, and risk management software global market major players, governance, compliance, and risk management software competitors' revenues, governance, compliance, and risk management software global market positioning, and governance, compliance, and risk management software market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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