Governance Risk and Compliance (GRC) Platform Market size is set to grow by USD 37.63 billion from 2024-2028, Increased need to comply with regulatory requirements boost the market, Technavio

NEW YORK, June 14, 2024 /PRNewswire/ -- The global governance risk and compliance (GRC) platform market size is estimated to grow by USD 37.63 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.64% during the forecast period. Increased need to comply with regulatory requirements is driving market growth, with a trend towards integration of GRC platform with third-platform technologies. However, increasing data security concerns poses a challenge. Key market players include ACL Services Ltd. dba Galvanize, Check Point Software Technologies Ltd., Corporater AS, Fidelity National Information Services Inc., International Business Machines Corp., LogicManager Inc., Mega International SA, MetricStream Inc., Microsoft Corp., Mitratech Holdings Inc., NAVEX Global Inc., OneTrust LLC, Oracle Corp., Robert Half International Inc., SAI Global Pty. Ltd., SAP SE, SAS Institute Inc., Software AG, Thomson Reuters Corp., and Wolters Kluwer NV.

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Market Driver

The GRC market is evolving, with a focus on better business performance beyond just compliance. Cloud computing simplifies GRC execution with centralized control, SLA-backed agreements, and cost savings. File analysis, a big data trend, helps manage unstructured data and extract valuable insights. IBM, HP, and storage providers offer GRC solutions for unstructured data. Machine learning prioritizes data for review, driving GRC market growth. 

The Governance, Risk, and Compliance (GRC) platform market is witnessing significant growth due to the increasing importance of managing risks and ensuring compliance in businesses. Companies are investing in advanced technology solutions to automate GRC processes and improve efficiency. The use of artificial intelligence and machine learning is becoming increasingly popular in GRC platforms to help identify and mitigate risks in real-time.

Additionally, the integration of machine learning models with predictive analytics is enabling organizations to anticipate potential risks and take proactive measures. The market for GRC platforms is expected to continue growing as more businesses recognize the need for effective risk management and compliance. Key features of these platforms include policy management, risk assessment, incident management, and reporting. 

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Market Challenges

• The Global GRC Platform Market faces challenges due to data security concerns in using cloud technologies. Cloud services, while convenient, increase vulnerability as they are accessible from outside premises and involve multi-tenant architectures. The COVID-19 crisis has led to an increase in security breaches and privacy invasions, making organizations wary of sharing sensitive data. To address these issues, there is a need for robust incident response models and strong data security assurances. These factors may hinder the market's growth during the forecast period.
• The Governance Risk and Compliance (GRC) platform market faces several challenges in implementing and managing effective solutions. One challenge is integrating various systems and processes from different sources, such as machine learning and predictive analytics, into a unified platform. Another challenge is ensuring the accuracy and reliability of data, especially in large and complex organizations.
• Additionally, keeping up with regulatory changes and maintaining compliance can be a significant challenge for many businesses. Furthermore, managing risks associated with third-party vendors and suppliers is also a critical issue. Lastly, ensuring proper training and awareness of GRC policies and procedures among employees is essential to mitigate risks and maintain compliance.

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Segment Overview 

1. Deployment 
• 1.1 On-premise
• 1.2 Cloud-based
2. Component 
• 2.1 Software
• 2.2 Services
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 On-premise- The Governance Risk and Compliance (GRC) platform market consists of solutions that help organizations manage corporate governance, risk, and compliance. These platforms assist businesses in implementing structural policies, managing risks, and adhering to regulations. On-premise GRC solutions range from USD200,000 to USD600,000 and are popular among large enterprises.

Notable platforms include HighBond and RSA Archer, which offer features like automation, collaboration, and integration with external systems. The market is expanding with the introduction of AI-specific GRC platforms, such as Credo AI's solution, which caters to the unique challenges of AI systems.

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Research Analysis

In today's business landscape, the Governance, Risk, and Compliance (GRC) platform market plays a pivotal role in managing complex processes and mitigating risks for various industries, including financial institutions. Managers rely on these platforms to monitor costs associated with business operations, intellectual property protection, and cyberthreats in the era of globalisation and technology integration. Azure Purview and MetricStream are examples of advanced GRC solutions that leverage artificial intelligence and machine learning to enhance risk assessment and compliance reporting.

Oracle's eGRC suite and IT & Telecom organizations also benefit from these platforms, as they help manage the complexity of integration between various software systems and ensure adherence to regulatory requirements. Business processes, costs, cyberthreats, intellectual property, globalisation, technology integration, and software are essential components of the GRC platform market.

Market Research Overview

The Governance, Risk and Compliance (GRC) platform market encompasses solutions that help organizations manage and mitigate risks, ensure compliance with regulations, and establish effective governance structures. These platforms utilize advanced technologies such as artificial intelligence, machine learning, and predictive analytics to provide real-time insights and automate processes.

They offer features like risk assessment, policy management, compliance monitoring, and reporting. GRC platforms cater to various industries and sectors, including finance, healthcare, retail, and technology. They enable organizations to streamline their operations, enhance security, and maintain regulatory compliance. Additionally, they provide a centralized platform for managing and mitigating risks, improving overall business performance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premise
• Cloud-based
• Component
• Software
• Services
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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