The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Governance Risk And Compliance Platform Global Market Report 2024, the governance risk and compliance platform market is expected to show significant growth in the forecast period.

Rapid Market Growth Driven by ESG Mandates and Digital Transformation

• Market Expansion: The governance risk and compliance (GRC) platform market has experienced significant growth, expanding from $43.70 billion in 2023 to an expected $50.04 billion in 2024, reflecting a compound annual growth rate (CAGR) of 14.5%.
• Key Drivers: This growth is fueled by several factors, including the emergence of environmental, social, and governance (ESG) mandates, challenges in third-party risk management, digital transformation initiatives, corporate governance enhancements, and risk management imperatives.
• Growing Importance: The increasing emphasis on ESG and sustainability mandates has compelled organizations to adopt robust GRC platforms, driving market growth.

Future Outlook: Projected to Reach $87.12 Billion by 2028

• Continued Growth: The GRC platform market is projected to grow from $50.04 billion in 2024 to $87.12 billion by 2028, at a CAGR of 14.9%.
• Factors Contributing to Growth: Key factors contributing to this growth include increasing regulatory complexity, the rising adoption of cloud services, growing stakeholder expectations, demand for advanced analytics and reporting, and the need for integrated risk management solutions.
• Evolving Trends: Major trends shaping the future of the GRC market include the integration of artificial intelligence (AI) and automation, user-friendly interfaces, enhanced vendor risk management capabilities, predictive analytics, and scalable, flexible solutions.

View More On The Governance Risk And Compliance Platform Market Report 2024 – https://www.thebusinessresearchcompany.com/report/governance-risk-and-compliance-platform-global-market-report

Cyber Threats Propel the Governance Risk and Compliance Platform Market

• Rising Cybersecurity Risks: The increasing number of cyber threats is expected to drive the GRC platform market forward. Cyber threats, including data breaches, malware infections, and unauthorized access, pose significant risks to organizations worldwide.
• Mitigation Strategies: GRC platforms provide centralized control, monitoring, and response mechanisms to help organizations mitigate these risks and comply with cybersecurity regulations.
• Market Impact: For example, a report by the Department for Science, Innovation, and Technology in the UK revealed that cybercrime impacted 11% of businesses in 2022. Additionally, the Australian Cyber Security Centre reported a 13% increase in cybercrime reports in 2022, highlighting the growing need for robust GRC solutions.

Cloud-Native Data Governance Solutions on the Rise

• Innovative Solutions: Major companies in the GRC platform market are developing innovative solutions, such as cloud-native data governance platforms, to meet the growing demand for comprehensive risk management and regulatory compliance measures.
• Microsoft’s Azure Purview: In September 2021, Microsoft Corporation launched Azure Purview, a cloud-native data governance solution designed to help organizations manage their data across on-premises, multi-cloud, and software as a service (SaaS) environments. This platform integrates data governance, compliance, and risk management tools, providing a comprehensive view of an organization’s data landscape.
• Benefits: Cloud-native solutions like Azure Purview enable organizations to optimize data management, improve security, and ensure compliance with regulatory requirements.

Mitratech Expands GRC Capabilities Through Strategic Acquisition

• Acquisition of Alyne: In September 2021, Mitratech Holdings Inc., a US-based software company, acquired Alyne, a Germany-based provider of digital governance, risk management, and compliance platforms.
• Enhanced Capabilities: This acquisition aims to enhance Mitratech’s GRC capabilities, empowering organizations to assess, monitor, report, and act on risks, including ESG management.
• Strategic Growth: The acquisition demonstrates Mitratech’s commitment to expanding its GRC offerings and addressing the evolving needs of organizations worldwide.

Market Segmentation and Regional Insights

• Market Segmentation: The GRC platform market is segmented by component (software, services), deployment model (on-premises, cloud), application (large enterprises, small and medium-sized enterprises), and industry vertical (banking, financial services, insurance, construction, energy, government, healthcare, manufacturing, retail, telecommunication, transportation, and others).
• Regional Insights: North America was the largest region in the GRC platform market in 2023, while Asia-Pacific is expected to be the fastest-growing region during the forecast period.
• Global Reach: The growing adoption of GRC platforms across various regions underscores the increasing importance of risk management and compliance in today’s complex business environment.

The governance risk and compliance platform market is set to continue its rapid expansion, driven by evolving regulatory landscapes, increasing cybersecurity threats, and the need for integrated risk management solutions. As organizations navigate these challenges, the demand for innovative, scalable, and flexible GRC platforms will only grow stronger.

Request A Sample Of The Global Governance Risk And Compliance Platform Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=15578&type=smp

The Governance Risk And Compliance Platform Global Market Report 2024  provides an in-depth analysis on the governance risk and compliance platform market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the governance risk and compliance platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Environmental, Social And Governance (ESG) Reporting Software Global Market Report 2024

Governance, Compliance And Risk Management Software Global Market Report 2024

Platform as a service (PaaS) Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model