The global governance, risk and compliance platform market size reached US$ 39.4 Billion in 2022. Looking forward, the market to reach US$ 76.4 Billion by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028, according to the latest report by IMARC Group.

GRC, or Governance, Risk, and Compliance, is a coordinated approach that organizations employ to manage issues associated with corporate governance, enterprise risk management, and regulatory compliance. Its aim is to improve decision-making, optimize investments, and reduce fragmentation between departments. GRC helps organizations to enforce regulations, identify operational inefficiencies, streamline management processes, reduce the cost of multiple installations, and automate most of the paperwork. Ultimately, GRC enables organizations to function more efficiently and effectively.

GRC Platform Market Trends:

GRC platforms facilitate the centralization of an organization’s entire program, enabling users to identify and address potential problems before they occur. By integrating risk management into all processes, these platforms help organizations to enhance their operational activities and achieve their targets through workflow automation. The market for GRC platforms has experienced strong growth due to a substantial increase in the number of emerging organizations. Additionally, many firms are adopting these platforms as a standard approach for addressing conformity and risk issues, rather than managing them individually.

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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 the key players being SAP SE (NYSE: SAP), EMC Corporation (NYSE:EMC), Microsoft Corporation (MSFT, SAS Institute Inc., International Business Machines Corporation (IBM), Fidelity National Information Services Inc., Thomson Reuters Corporation, Newport Consulting Group, LLC, Oracle Corporation, and BWise BV.

Key Insights from the Report:

  • Based on the deployment model, the market has been bifurcated into on-premises and cloud. At present, the on-premises deployment model dominates the market, holding the largest share.
  • On the basis of the solution, the market has been segmented into audit management, risk management, policy management, compliance management and others. Currently, risk management accounts for the majority of the total market share.
  • Based on the component, software accounts for the biggest share, followed by services.
  • The market has been analyzed on the basis of the service into integration, consulting and support. Presently, consulting exhibits a clear dominance in the market.
  • On the basis of the end user, the market has been segregated into small, medium and large enterprises. The report finds that large enterprises hold the largest market share.
  • Based on the industrial vertical, the market has been classified into banking, financial services and insurance (BFSI), government, healthcare, manufacturing, retail and consumer goods, construction and engineering, energy and utilities, telecom and information technology (IT), transportation and logistics, and others. Amongst these, BFSI accounts for the majority of the global market share.
  • Region-wise, North America is the leading market, holding the majority of the global share. Other major segments include Europe, Latin America, Asia Pacific, and Middle East and Africa.

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