Global Compliance Management Software Market Report and Forecast 2024-2032

Compliance Management Software Market Size

The global compliance management software market size is projected to grow at a CAGR of 11.2% between 2024 and 2032.

Key Takeaways:

• As per the International Trade Administration, Canada has a strong technology sector with 43,200 ICT companies, mostly in software and computer services.

• The European Union's rise in ICT service exports, as per the World Bank, drives the global compliance management software market growth. This software ensures compliance with IT security, data protection, availability, and integrity, with a growth rate of 18.3% in 2021.

• The market development is on the rise, propelled by the increasing adoption of IoT in sectors like IT & telecom, retail, and healthcare.

Compliance management software aids businesses in creating and executing compliance programs. It consists of integrated components like documents, functions, processes, controls, and tools to ensure legal adherence and consumer protection.

This software continuously tracks monitors, and audits business processes for alignment with laws, policies, and consumer/business partner standards. It manages risk and compliance centrally in an ARIS repository, promoting transparency, efficiency, and control.

The World Bank reported an increase in ICT service exports within the European Union, leading to the global compliance management software market growth. This software identifies necessary compliance standards for IT security, data protection, availability, and integrity.

Key Trends and Developments

The global compliance management software market is supported by a range of factors including regulatory compliance, risk management needs, advancements in technology, and data governance.

November 2023

KFin Technologies Limited launched Guardian, an advanced platform for trade reporting and compliance management, bolstering defences against trade failures and enhancing communication among stakeholders.

November 2023

COMPLY, released COMPLY Program Management and Annual Review Service. This solution meets increased regulatory demands, offering comprehensive compliance resources.

September 2023

symplr®, a prominent healthcare operations software provider, unveiled symplr Survey Management software, integral for health system risk assessment programs, promoting compliance culture through specialized tools in a secure setting.

July 2023

Vendict, a startup headquartered in Tel Aviv, revealed its emergence from stealth mode with $9.5 million in funding. They introduced the world's inaugural generative AI software tailored for security and compliance teams.

Regulatory compliance

The global compliance management software market growth is expanding due to the demands of regulatory compliance. Companies face intricate requirements like GDPR, HIPAA, and SOX, prompting the use of software to ensure adherence, and data security, and minimize risks of violations and fines.

Risk management

As per the global compliance management software market analysis, companies' growing emphasis on data and system security leads to the increased adoption of compliance software. This technology provides tools to identify and manage risks, ensuring strong protection for data and systems.

Data governance

Organizations with established data governance programs outperform those without during critical periods. This underscores the necessity for a data governance solution, ensuring formal, accurate, proactive, and efficient management of information assets across the enterprise. This shift directly emphasizes compliance data management processes.

Technological advancements

The global compliance data management software market development is boosted by the adoption of IoT in various sectors such as IT & telecom, retail, and healthcare. Additionally, the increasing adoption of cloud-based systems and advancements like the emergence of 5G technologies will likely create avenues for the expansion of compliance management software in the foreseeable future.

Compliance Management Software Market Trends

The need for EDM (enterprise data management) is rising, driven by the ability of compliance data management to extract meaningful insights from unstructured or redundant data. EDM streamlines data management across organizational departments, meeting the increasing priority of securing accurate, timely information.

As per the global compliance management software market report, this solution facilitates seamless interaction with consuming applications, data governance, improved transparency, and compliance with evolving regulations, benefiting numerous enterprises and businesses.

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Compliance Management Software Market Segmentation

Global Compliance Management Software Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Software Type

• Regulatory Compliance Management 

• Corporate Compliance Management 

• Others

Market Breakup by Deployment Type

• On-Premises 

• Cloud

Market Breakup by Organisation Size

• Small and Medium Enterprises 

• Large Enterprises

Market Breakup by End Use

• ICT

• Construction and Engineering

• Mining

• Retail

• Healthcare        

• Transportation and Logistics 

• General Manufacturing

• BFSI

• Media and Entertainment 

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The regulatory compliance management segment is expected to boost the global compliance management software market

The widespread adoption of regulatory compliance management in organizations stems from its facilitation of effective compliance strategies. It simplifies the management and organization of governing requirements, ensuring comprehensive and efficient compliance practices.

Corporate Compliance Management is integral for firms, ensuring adherence to applicable rules, regulations, and policies across all business facets. It typically encompasses designing, implementing, and monitoring practices, procedures, and training protocols.

Based on deployment type, the global compliance management software market share is led by cloud-based model

Cloud-based compliance management frameworks streamline security operations in the cloud, efficiently meeting enterprise business objectives.

The on-premises approach is a traditional method where all devices are set up locally. This segment offers complete software control since all sensitive data is stored internally, eliminating the risk of exposure to third parties.

Small and medium enterprises hold a significant share of the global compliance management software market

Medium enterprises frequently need effective compliance solutions to manage risk challenges efficiently. Tailored compliance platforms for this segment strike a balance between comprehensive functionality and scalability, addressing specific needs.

Large enterprises use a framework for risk assessment and management to anticipate potential pitfalls. This proactive risk management is crucial for large organizations facing significant risk impacts. Laws and regulations are constantly evolving.

The telecom and IT sectors contribute significantly to the global compliance management software market growth by adhering to diverse regulations established by regulatory bodies, thereby mitigating penalties and legal consequences.

Telecommunications and IT encompass a broad-spectrum including data privacy, consumer protection, network security, and fair competition.

BFSI-specific compliance solutions feature specialized modules targeting distinctive challenges such as anti-money laundering (AML) regulations, data privacy, and financial reporting standards within the industry.

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Competitive Landscape of Compliance Management Software Market

The competition in the global compliance management software market is characterized by a growing number of solutions being offered to mitigate the risks for enhanced organizational visibility.

CyberOne LLC specializes in cybersecurity, enhancing consumer security capabilities cost-effectively with top-tier products and a comprehensive service focus. Collaborating closely with clients, the company implements and aligns long-term security strategies.

Wolters Kluwer N.V. is a global provider of software solutions, services, and professional information, serving diverse clients such as accountants, lawyers, and clinicians. They assist in compliance, finance, tax, legal, and healthcare, aiming to make a significant impact on people's health, prosperity, and societal safety.

Navex Global, Inc. stands as the leader in global integrated solutions for risk and compliance management software and services. By linking departments, disparate data silos, and business units, it offers contextual insights into business and regulatory risks, enhancing visibility across the entire organization.

Quantivate, LLC (NContracts) delivers a comprehensive suite of governance, risk, and compliance management solutions globally. These include compliance management, enterprise risk management, IT risk management, vendor management, internal audit, complaint management, policy & document management, and issue management for organizations worldwide.

Other key players in the global compliance management software market are MetricStream Inc., Ascent regTech (Edgewater Equity Partner), Proind, Alcumus Group Limited, Integration Appliance, Inc., Orion Advisor Solutions, Inc. among others.

Global Compliance Management Software Market Analysis by Region

As per the global compliance management software market analysis, the North American region is experiencing substantial growth due to the increasing demand for solutions ensuring protection from regulatory scrutiny and the threat of cyberattacks. This trend is expected to continue throughout the forecast period.

According to the International Trade Administration, Canada boasts a robust homegrown technology sector with over 43,200 companies in the ICT sector, primarily in software and computer services. The Government of Canada stands as the largest purchaser of ICT goods and services in the country, spending approximately $5 billion annually.

The Asia Pacific region is poised for growth in the coming years, driven by the expanding IT industry. Other factors fuelling the regional market include increased investments across the IT and manufacturing sectors in emerging economies such as India and China.

Key Highlights of the Report