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The global governance, risk, and compliance platform market size attained a value of USD 38.23 billion in 2023. The market is expected to grow at a CAGR of 11.2% between 2024 and 2032 to reach almost USD 99.45 billion by 2032.
Governance, risk, and compliance (GRC) framework serves as a structured approach for handling governance and compliance risks within an organisation. It encompasses the identification of critical policies essential for steering the company towards its objectives.
As per the global governance, risk, and compliance platform market report, embracing a GRC framework enables a proactive stance in risk mitigation, facilitating informed decision-making and safeguarding business operations for continuity. It offers a holistic approach to managing operations, ensuring regulatory compliance, informed decision-making, efficient IT investments, centralized risk assessment, and cost reduction, meeting global demand.
As per the U.S. Bureau of Labor Statistics in 2022, there has been a noticeable rise in labour across various sectors. This trend has played a role in driving the expansion of the market for governance, risk, and compliance platforms.
INDUSTRIES WITH THE HIGHEST LEVELS OF EMPLOYMENT IN COMPLIANCE OFFICERS
The global governance, risk, and compliance platform market growth is driven by increasing focus on risk mitigation, rising cyber threats, evolution in regulations, and boosting new organisations.
January 2024
Konfer launched an AI GRC Control Questions Generator and Catalog, aiding enterprise risk officers in developing governance controls based on specific AI Regulations.
October 2023
Pathlock Cloud introduced its newest release for application access governance, empowering businesses to reduce compliance expenses significantly.
October 2023
PwC India and Workiva collaborated in a strategic partnership to assist Indian companies in automating risk and compliance operations.
May 2023
Onspring, a SaaS platform focusing on GRC, secured strategic funding. Its automated GRC software provides enterprise-wide no-code connectivity, offering innovative integration.
Increasing risk mitigation
Increasing awareness drives organisations to prioritize risk mitigation, fuelling global governance, risk, and compliance platform market development. GRC platforms offer comprehensive risk visibility, enabling proactive risk identification and mitigation. They enhance decision-making and facilitate centralised risk management, minimising vulnerabilities and ensuring business continuity.
Rising cyber threats
Growing cyber threats globally is driving market expansion. Increased GRC platform adoption safeguards sensitive data and intellectual property, integrating cybersecurity practices. These platforms bolster defences and offer real-time monitoring, threat detection, and incident response, ensuring cybersecurity is integral to overall risk management, and minimising data breach risks and consequences.
Evolution in regulations
As per the global governance, risk, and compliance platform market analysis, industries grapple with evolving compliance demands, seeking to sidestep legal and financial ramifications. GRC platforms provide a unified solution for managing compliance efforts, automating processes, streamlining reporting, and enhancing accuracy and transparency.
Growing new organisations
GRC platforms automate workflows, aiding in meeting objectives and enhancing organisational efficiency, driving widespread adoption for resolving compliance and risk issues efficiently.
GRC encompasses structured practices and procedures aimed at aligning IT with business goals. It aids in efficiently managing IT and security risks, cutting costs, meeting compliance, and enhancing decision-making by offering an integrated view of risk management effectiveness.
GRC facilitates the establishment, automation, and oversight of risk assessments and mitigation strategies. Data from GRC platforms informs decision-making and resource allocation for risk mitigation. Audits, such as those mandated by the Sarbanes-Oxley Act, set benchmarks for GRC operations, necessitating departments to safeguard sensitive information for compliance readiness.
Global Governance, Risk, And Compliance Platform Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Deployment Model
Market Breakup by Solution
Market Breakup by Component
Market Breakup by Service
Market Breakup by End Use
Market Breakup by Industry Vertical
Market Breakup by Region
The on-premises deployment model is witnessing growth in the governance, risk, and compliance platform market, attributed to its user-friendly nature and provision of direct data and security control to businesses
Organisations preferring data sovereignty, stringent regulations, or existing infrastructure investments favour this deployment. Rising adoption of on-premises solutions, offering customisation and security, drives market growth.
A cloud-based governance, risk, and compliance management framework that streamlines security operations in the cloud to meet enterprise business objectives efficiently.
In terms of solutions, compliance management dominates the global governance, risk, and compliance platform market share, ensuring conformity to pertinent regulations, standards, and internal protocols
GRC platforms' compliance management ensures adherence to regulations, standards, and internal policies, streamlining processes via centralised documentation, tracking, reporting, and automation.
GRC auditing evaluates how an organization implements GRC processes compared to a selected GRC framework. GRC auditing activities generally involve the following: Checking evidence that the organisation has GRC controls in place. Testing security controls that manage cybersecurity risks.
Software holds a significant market share in the governance, risk, and compliance platform market, offering organisations a unified solution for centralising data, automating processes, and optimizing workflows
GRC software integrates data analytics, reporting dashboards, workflow automation, and system integration, aiding businesses in proactive risk detection, regulatory compliance, and informed decision-making with advanced algorithms and real-time monitoring.
Services encompass tools and methodologies that harmonise an organisation's governance and risk management with its technological advancement and implementation.
Integration services drives the governance, risk, and compliance platform market growth by facilitating seamless interaction between the GRC solution and diverse systems
Consulting services offer specialized advice to organizations in implementing GRC solutions, assessing needs, recommending strategies, and tailoring platforms to align with objectives. Support services provide ongoing technical assistance, troubleshooting, and updates to maintain optimal functionality and security, ensuring minimal disruptions.
Medium-sized enterprises led the governance, risk, and compliance platform market share, often necessitating effective GRC solutions to effectively address risk management challenges
GRC platforms designed for large enterprises provide both extensive functionality and scalability, addressing their unique requirements. These solutions aid in consolidating compliance efforts, mitigating risks, and establishing robust governance practices cost-effectively.
BFSI constitutes a significant chunk of the global governance, risk, and compliance platform market
The BFSI sector utilises GRC platforms for risk management, compliance, and ethical practices. Tailored solutions include specialised modules for industry-specific challenges like AML regulations and financial reporting standards.
GRC also holds significance in sectors such as energy and utilities, government, healthcare, manufacturing, and other industry verticals, ensuring compliance and effective risk management practices.
North America dominated the market share owing to heightened demand for GRC platforms aimed at risk management and ethical governance.
The Asia Pacific region is driving growth in the GRC market due to increasing demand across various sectors. The rapid expansion of China's insurance sector is particularly contributing to this market growth, as reported by the National Bureau of Economic Research.
TOTAL PREMIUM REVENUE OF INSURANCE COMPANIES IN CHINA FROM 2019 TO 2022 (IN BILLION CNY).
According to Eurostat data, in Europe from 2015 to 2020, there was consistent annual growth in the value added by ICT services by 28.9%, and in ICT manufacturing by 20.4%. This growth has contributed to the governance, risk, and compliance platform market development.
The companies are entering into strategic partnerships and are adopting AI and IoT to maintain their dominance in the market.
SAS Institute Inc. was founded in 1976 and is based in the United States. It specialises in advanced and predictive analytics software, alongside business intelligence and data visualization solutions.
IBM established in 1911 and based in the United States, focuses on addressing needs in various engineering lifecycle disciplines, including requirements and workflow management, system and software modelling, and test planning and execution. The ELM solution integrates artificial intelligence (AI) and analytics, offering advantages to teams designing software-intensive systems and products.
SAP SE was founded in 1988 and is based in the United States. The company provides SAP application software tailored for business enterprises, encompassing supplier relationships, production, warehouse management, sales, customer relationships, and administrative functions.
Microsoft Corporation was founded in 1975 and is based in the United States. The company develops, licenses, and provides support for various enterprise and consumer software products and services. These offerings encompass operating systems for personal computers, servers, and phones, server applications and management tools, as well as productivity applications.
Other global governance, risk, and compliance platform market key players are Dell, Inc., Oracle, Amazon Web Services, Inc., ServiceNow, Archer Technologies (Cinven), Mitratech Holdings, Inc. among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Deployment Mode |
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Breakup by Solution |
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Breakup by Component |
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Breakup by Service |
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Breakup End Use |
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Breakup by Industry Vertical |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Governance, Risk, and Compliance Platform Market Analysis
8.1 Key Industry Highlights
8.2 Global Governance, Risk, and Compliance Platform Historical Market (2018-2023)
8.3 Global Governance, Risk, and Compliance Platform Market Forecast (2024-2032)
8.4 Global Governance, Risk, and Compliance Platform Market by Deployment Model
8.4.1 On-Premises
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Cloud
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Governance, Risk, and Compliance Platform Market by Solution
8.5.1 Audit Management
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Risk Management
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Policy Management
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Compliance Management
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Governance, Risk, and Compliance Platform Market by Component
8.6.1 Software
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Services
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Governance, Risk, and Compliance Platform Market by Service
8.7.1 Integration
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Consulting
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Support
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Governance, Risk, and Compliance Platform Market by End Use
8.8.1 Small Enterprise
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Medium Enterprise
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Large Enterprise
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Governance, Risk, and Compliance Platform Market by Industry Vertical
8.9.1 BFSI
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Construction and Engineering
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Energy and Utilities
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Government
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Healthcare
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
8.9.6 Manufacturing
8.9.6.1 Historical Trend (2018-2023)
8.9.6.2 Forecast Trend (2024-2032)
8.9.7 Retail and Consumer Goods
8.9.7.1 Historical Trend (2018-2023)
8.9.7.2 Forecast Trend (2024-2032)
8.9.8 Telecom and IT
8.9.8.1 Historical Trend (2018-2023)
8.9.8.2 Forecast Trend (2024-2032)
8.9.9 Transportation and Logistics
8.9.9.1 Historical Trend (2018-2023)
8.9.9.2 Forecast Trend (2024-2032)
8.9.10 Others
8.10 Global Governance, Risk, and Compliance Platform Market by Region
8.10.1 North America
8.10.1.1 Historical Trend (2018-2023)
8.10.1.2 Forecast Trend (2024-2032)
8.10.2 Europe
8.10.2.1 Historical Trend (2018-2023)
8.10.2.2 Forecast Trend (2024-2032)
8.10.3 Asia Pacific
8.10.3.1 Historical Trend (2018-2023)
8.10.3.2 Forecast Trend (2024-2032)
8.10.4 Latin America
8.10.4.1 Historical Trend (2018-2023)
8.10.4.2 Forecast Trend (2024-2032)
8.10.5 Middle East and Africa
8.10.5.1 Historical Trend (2018-2023)
8.10.5.2 Forecast Trend (2024-2032)
9 North America Governance, Risk, and Compliance Platform Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Governance, Risk, and Compliance Platform Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Governance, Risk, and Compliance Platform Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Governance, Risk, and Compliance Platform Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Governance, Risk, and Compliance Platform Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 SAS Institute Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 IBM
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 SAP SE
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Microsoft Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Dell, Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Oracle
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Amazon Web Services, Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 ServiceNow
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Archer Technologies (Cinven)
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Mitratech Holdings, Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Governance, Risk, and Compliance Platform Market: Key Industry Highlights, 2018 and 2032
2. Global Governance, Risk, and Compliance Platform Historical Market: Breakup by Deployment Model (USD Billion), 2018-2023
3. Global Governance, Risk, and Compliance Platform Market Forecast: Breakup by Deployment Model USD Billion), 2024-2032
4. Global Governance, Risk, and Compliance Platform Historical Market: Breakup by Solution (USD Billion), 2018-2023
5. Global Governance, Risk, and Compliance Platform Market Forecast: Breakup by Solution (USD Billion), 2024-2032
6. Global Governance, Risk, and Compliance Platform Historical Market: Breakup by Component (USD Billion), 2018-2023
7. Global Governance, Risk, and Compliance Platform Market Forecast: Breakup by Component USD Billion), 2024-2032
8. Global Governance, Risk, and Compliance Platform Historical Market: Breakup by Service (USD Billion), 2018-2023
9. Global Governance, Risk, and Compliance Platform Market Forecast: Breakup by Service (USD Billion), 2024-2032
10. Global Governance, Risk, and Compliance Platform Historical Market: Breakup by End Use (USD Billion), 2018-2023
11. Global Governance, Risk, and Compliance Platform Market Forecast: Breakup by End Use (USD Billion), 2024-2032
12. Global Governance, Risk, and Compliance Platform Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023
13. Global Governance, Risk, and Compliance Platform Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032
14. Global Governance, Risk, and Compliance Platform Historical Market: Breakup by Region (USD Billion), 2018-2023
15. Global Governance, Risk, and Compliance Platform Market Forecast: Breakup by Region (USD Billion), 2024-2032
16. North America Governance, Risk, and Compliance Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
17. North America Governance, Risk, and Compliance Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Europe Governance, Risk, and Compliance Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Europe Governance, Risk, and Compliance Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Asia Pacific Governance, Risk, and Compliance Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Asia Pacific Governance, Risk, and Compliance Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Latin America Governance, Risk, and Compliance Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Latin America Governance, Risk, and Compliance Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Middle East and Africa Governance, Risk, and Compliance Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
25. Middle East and Africa Governance, Risk, and Compliance Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
26. Global Governance, Risk, and Compliance Platform Market Structure
The global governance, risk, and compliance platform market reached a value of USD 38.23 billion in 2023.
The market is projected to grow at a CAGR of 11.2% between 2024 and 2032.
The revenue generated from the market is expected to reach USD 99.45 billion in 2032.
The governance, risk, and compliance platforms are growing with increasing risk mitigation, rising cyber threats, evolution in regulations, and boosting new organisations.
Based on the deployment model, the market is bifurcated into cloud and on-premises.
Key players in the industry are SAS Institute Inc., IBM, SAP SE, Microsoft Corporation, Dell, Inc., Oracle, Amazon Web Services, Inc., ServiceNow, Archer Technologies (Cinven), and Mitratech Holdings, Inc. among others.
Based on solution, the market is divided into audit management, risk management, policy management, compliance management, and others.
The different services studied are include integration, consulting, and support.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.
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