Unlocking the Future of the Governance, Compliance And Risk Management Software Market: Growth Rate, Key Trends, and Opportunities for 2025-2034
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Analyzing the Growth Rate of the Governance, Compliance And Risk Management Software Market: What’s the Expected CAGR for the Next Decade?
The market size of governance, compliance, and risk management software has seen a speedy expansion in the latest years. It is predicted to surge from $46.02 billion in 2024 to $51.09 billion in 2025, charting a compound annual growth rate (CAGR) of 11.0%. Factors such as the complexity of regulations, the necessity for risk reduction, the focus on corporate governance, worries about data security, and the effect of globalization have contributed to the growth during the historical period.
The market for governance, compliance, and risk management software is forecasted to experience considerable growth in the coming years, predicted to reach a total value of $88.46 billion in 2029 with a compound annual growth rate (CAGR) of 14.7%. The anticipated increase over the forecast period can be associated with changes in regulatory requirements, the rise of cybersecurity threats, an emphasis on environmental, social, and governance (ESG) standards, as well as initiatives for digital transformation. Key trends for the forecast period will likely include the automated monitoring of risks from third parties, focus on data privacy and protection, constant monitoring with real-time reporting, evolving ESG compliance systems, and interfaces that are both intuitive and user-friendly.
Which Major Market Drivers Are Expected to Boost the Governance, Compliance And Risk Management Software Market’s Growth Potential?
The growth of the governance, compliance, and risk management software market is anticipated to be spurred by the increasing utilization of cloud-based networking. This type of networking, which includes on-premises cloud and public cloud, oversees the network capabilities of organizations and is employed by risk managers, accounts officers, and auditors to streamline their operations within an entity. As per Eurostat, the statistical office of the European Union based in Luxembourg, there was a rise in the adoption of cloud computing among medium-sized enterprises, from 53% in 2021 to 59% in 2023. Hence, the growth of the governance, compliance, and risk management software market is driven by the escalating use of cloud-based networking.
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What Are the Leading Organizations Impacting the Governance, Compliance And Risk Management Software Market’s Growth?
Major companies operating in the governance, compliance and risk management software market include:
• International Business Machines_x000D_
• Oracle Corporation_x000D_
• SAP SE_x000D_
• ServiceNow Inc._x000D_
• NICE Ltd._x000D_
What Are the Most Prominent Trends Driving Change in the Governance, Compliance And Risk Management Software Market?
The development of GRC programs through dedicated software applications is driving the governance, compliance, and risk management software market. Such software aids companies in maintaining all documents and processes related to productivity and readiness. Take for example in August 2022, GRC software firm from America, NAVEX Global, Inc., unveiled their NAVEX One platform. This platform marks a pioneering step in the governance, risk, and compliance (GRC) sector, helping global companies overcome linguistic barriers. It facilitates accurate risk and compliance communication between employees, external partners, and program administrators. NAVEX is ushering in the era of machine translations in the GRC field, taking on the issues of multilingual communication head-on. With secure machine translation incorporated into the NAVEX One platform, GRC experts can swiftly translate submitted information, assessments, and feedback leading to enhanced communication and speedier resolution. The application of dynamic machine translations not only resolves these issues, but also enhances communication efficiency. Powered by robust AI technology, this joint service allows users to translate directly from the NAVEX One interface.
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How Are Key Segments Defining the Competitive Landscape of the Governance, Compliance And Risk Management Software Market?
The governance, compliance and risk management software market covered in this report is segmented –
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
Subsegments:
1) By Software: Governance, Risk, And Compliance (GRC) Software, Risk Management Software, Compliance Management Software, Policy Management Software, Audit Management Software, Incident Management Software, Other Specialized Software
2) By Services: Consulting Services, Implementation Services, Training and Support Services, Managed Services, Other Professional Services
What Regions Are Leading the Charge in the Governance, Compliance And Risk Management Software Market?
Asia-Pacific was the largest region in the governance, compliance and risk management software market in 2024. 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.
How Is the Governance, Compliance And Risk Management Software Market Categorized and Defined in the Industry?
Governance, Compliance, and Risk Management Software (GRC software) refer to an integrated suite of software tools for creating and operating an enterprise GRC program, a business strategy for managing governance, risk management, and compliance with industry and government standards.
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