Global Governance, Compliance And Risk Management Software Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Governance, Compliance And Risk Management Software Market from 2024 to 2033?
The market size of the governance, compliance, and risk management software has seen a rapid expansion in past years. An incredible leap from $41.93 billion in 2023 to $47.05 billion in 2024 is projected, corresponding to a compound annual growth rate (CAGR) of 12.2%. Factors driving growth during the historical period include regulatory complexity, requirements for risk mitigation, focus on corporate governance, apprehensions about data security, and the influence of globalization.
The market for governance, compliance and risk management software is anticipated to experience a significant surge in the upcoming years. It’s projected to reach $76.44 billion by 2028, expanding at a compound annual growth rate (CAGR) of 12.9%. This surge during the forecast period is primarily due to the changing regulatory environment, threats to cybersecurity, emphasis on environmental, social, and governance (ESG) principles, and initiatives towards digital transformation. The forecast period will also witness trends like automated third-party risk monitoring, solutions for data protection and privacy, constant monitoring with real-time reporting, evolving ESG (environmental, social, governance) compliance solutions, and interfaces that are easy to use and intuitive.
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What Factors Are Encouraging Growth in the governance, compliance and risk management software Market?
The projected increase in the application of cloud-based networking is believed to accelerate the evolution of the governance, compliance, and risk management software market. Cloud networking, which encompasses on-premise cloud and public cloud, handles the network abilities in organizations. It is employed by risk managers, account officers, and auditors to make their roles more manageable in an organization. As the Cisco Global Cloud Index (2016-2021) indicates, 94% of all workloads are performed on cloud networking and in a virtualized setting. Moreover, as per Eurostat, the EU’s statistical agency based in Luxembourg, about 41% of EU enterprises had adopted cloud computing in 2021. As a result, the uptake in cloud-based networking fosters the growth of the governance, compliance, and risk management software market.
Which Segments Play a Vital Role in the Governance, Compliance And Risk Management Software Market?
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud, Hybrid
3) By Enterprise Type: Small And Medium Enterprise (SME), Large Enterprise
4) By Industry Vertical: BFSI, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecom And IT, Transportation And Logistics, Other Industry Verticals
What Trends Are Driving Change in the Governance, Compliance And Risk Management Software Market?
The advancement of GRC programs via specific software applications is reshaping the governance, compliance, and risk management software sector. The GRC software helps organizations manage every document and process necessary for maximum productivity and readiness. For instance, NAVEX Global, Inc., a GRC software company from the US, launched the NAVEX One platform in August 2022. The NAVEX One platform, a pioneering innovation in the governance, risk, and compliance (GRC) sector, assists companies with global outreach overcome language obstacles, enabling accurate risk and compliance related communication among team members, external partners, and program administrators. NAVEX is spearheading the future of machine interpretations in the GRC domain, explicitly addressing the multilingual communication challenges. The incorporation of a secure machine translation feature in NAVEX One allows GRC professionals to easily translate provided information, evaluations, and replies, leading to better communication and swift resolution. The use of dynamic machine translations not only counters these issues but also enhances communication efficiency. This collective service, driven by a robust artificial intelligence technology, lets end users perform translation directly from the NAVEX One interface.
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What Regions Are Contributing Significantly to the Growth of the Governance, Compliance And Risk Management Software Market?
Asia-Pacific was the largest region in the governance, compliance and risk management software market in 2023. The regions covered in the governance, compliance and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Governance, Compliance And Risk Management Software Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the governance, compliance and risk management software market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Governance, Compliance And Risk Management Software Market Include
1. Governance, Compliance And Risk Management Software Market Executive Summary
2. Governance, Compliance And Risk Management Software Market Segments
3. Governance, Compliance And Risk Management Software Market Size And Template Market Growth Rate
4. Key Governance, Compliance And Risk Management Software Market Trends
5. Major Governance, Compliance And Risk Management Software Market Drivers
……
25. Key Mergers And Acquisitions In The Governance, Compliance And Risk Management Software Market
26. Top Governance, Compliance And Risk Management Software Companies
27. Governance, Compliance And Risk Management Software Market Opportunities And Strategies
28. Governance, Compliance And Risk Management Software Market, Conclusions And Recommendations
29. Appendix
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