Global Governance, Risk, and Compliance Platform Market to Grow at a CAGR of 11.2% During 2024-2032, Aided by the Surge in Unicorn Companies and Increasing Focus on Workflow Automation

Governance, Risk, and Compliance (GRC) is a structured methodology utilised by companies to address issues related to corporate governance, enterprise risk management (ERM), and regulatory compliance. These platforms help to improve decision-making processes, optimize expenditures, and minimize the wastage of resources between different divisions or departments. By adhering to standards and automating administrative tasks, GRC platforms help organisations to identify inefficiencies across different levels, reduce the workload of administrators, and minimise implementation costs while reducing paperwork.

The governance, risk, and compliance platform market has experienced rapid growth due to the surge in new organisations worldwide. The rapidly growing startup culture, coupled with emerging unicorn startups is a key factor contributing to the growth of the GRC software market. In 2023, there were 1,361 unicorn companies globally, with the United States maintaining its lead with 653 unicorns. As these platforms enable businesses to meet their GRC objectives through workflow automation, many organisations are increasingly adopting GRC solutions to enhance their operational efficiency and ensure a satisfactory experience for employees. Consequently, companies are embracing the GRC platform as a standardised approach to address enforcement and risk concerns holistically, rather than tackling them individually.

Fig: Total number of unicorn companies, globally

Utilising GRC programs empowers businesses to make more informed decisions within a risk-aware environment. Well-designed GRC initiatives enable key stakeholders to collaboratively establish policies and ensure compliance with regulatory requirements. The advantages of GRC platforms include data-driven decision-making, promoting responsible operations, and bolstering cybersecurity measures.

North America leads the GRC platform market, capturing the majority of the global market share due to the large number of organisations, coupled with high regulatory compliance rules. Within this region, the United States is poised to command substantial revenue shares, driven by the adoption of integrated data systems by financial institutions to streamline internal and external data sources, thereby supporting the growth of the market.

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Market Breakup by Deployment Model, Solution, Component, Service, End Use, Industry Vertical, and Region:

• Based on deployment mode, the market can be divided into on-premises and cloud.

• On the basis of solution, the market can be divided into audit management, risk management, policy management, and compliance management, among others.

• Based on component, the market can be bifurcated into software and services.

• Based on service, the market can be divided into the following integration, consulting, and support.

• The end uses can be  ategorized as small enterprise, medium enterprise, and large enterprise.

• Based on industry vertical, the market is divided into BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, and transportation and logistics, among others.

• Region-wise, the global market for governance, risk, and compliance platform can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing number of organisations globally, particularly with the rapid growth of startup culture and the emergence of unicorn companies, drives the demand for GRC platforms.

• Growing focus on workflow automation is strengthening the growth of GRC platforms market. It offers workflow automation capabilities that streamline processes, reduce manual intervention, and enhance operational efficiency.

• GRC platforms enable businesses to ensure adherence to complex and evolving regulatory frameworks, reducing the risk of non-compliance penalties and reputational damage.

• GRC platforms provide comprehensive data analytics and reporting functionalities, empowering businesses to make informed decisions based on actionable insights.

Key Offerings of the Report:

• The EMR report gives an overview of the global governance, risk, and compliance platform market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the deployment model, solution, component, service, end use, industry vertical, and major regions of governance, risk, and compliance platform market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global governance, risk, and compliance platform market are SAS Institute Inc., IBM, SAP America, Inc., Microsoft, Dell Technologies, Inc., and Oracle, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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