Governance Risk And Compliance Platform Market 2025-2034: Key Highlights, Growth Dynamics, and Emerging Trends
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Major Market Drivers Are Expected to Boost the Growth Potential of the Governance Risk And Compliance Platform Market?
The escalation in cyber threats is projected to foster the rise of the governance risk and compliance platform market. Cyber threats are malicious activities aimed at computer systems, networks, and digital data, causing potential risk such as data breaches, malware infections, and unauthorized access. The growing threat from cyber activities can be attributed to multiple aspects like enhanced connectivity, the digital transformation of business operations, dependence on technology, the complexity of cyber criminals, and vulnerabilities in software and hardware systems. Governance risk and compliance platforms aid organizations to counter the swelling number of cyber threats by offering centralized control, supervision, and responses to cybersecurity risks and compliance necessities. For example, according to the Department for Science, Innovation, and Technology, a UK-based government entity, cybercrime impacted 11% of businesses and 8% of charities cumulatively in 2022. Additionally, these figures increased to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. Moreover, in February 2023, as per the Australian Cyber Security Centre, an Australia-based cyber security organization, the cybercrime reports recorded in 2022 were 76,000, a hike of 13% compared to the prior year. Hence, the escalating number of cyber threats is supporting the rise of the governance risk and compliance platform market.
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#What Are the Key Projections for the CAGR of the Governance Risk And Compliance Platform Market From 2025 to 2034?
There has been a quick expansion of the governance risk and compliance platform market in the past few years. The market’s worth is predicted to rise from $50.04 billion in 2024 to $57.61 billion in 2025, with a compound annual growth rate (CAGR) of 15.1%. Factors that have contributed to this development in the historic period include the rise of ESG and sustainability mandates, the difficulties faced in third-party risk management, the implementation of digital transformation strategies, the improvement of corporate governance, and the necessity of risk management.
The market size for the governance risk and compliance platform is projected to experience significant expansion in the years to come. By 2029, this market is anticipated to reach a staggering figure of $99.98 billion, boasting a compound annual growth rate (CAGR) of 14.8%. The prolific growth within the predicted timeframe can be credited to an escalation in regulatory complexity, heightened reliance on cloud services, growing stakeholder expectations, an upsurge in demand for analytics and reporting, and a requisite for integrated risk management. The forecasted period is expected to witness notable trends such as the assimilation of AI and automation, easy-to-use interfaces, vendor risk management, predictive analytics, and broad reporting, along with improved scalability and flexibility.
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What Are the Key Market Innovations in theGovernance Risk And Compliance Platform Market Over the Coming Years?
Leading corporations in the governance risk and compliance (GRC) platform market are concentrating on creating digital transformation platforms that incorporate AI tools. These tools aim to boost risk management, simplify compliance procedures, and better decision-making abilities. AI tools are software applications and systems that deploy artificial intelligence technology to execute tasks traditionally associated with human intelligence. The use of AI tools enables intelligent automation and analytics, allowing businesses to adjust more efficiently to evolving demands. For example, in February 2024, the Australia-based ReadiNow Corp launched a GRC platform called NOVA UI. This platform presents a clean, updated navigational interface that eases user interactions, transitioning from classic displays to a new design for improved usability. Furthermore, the platform endeavors to empower users in GRC management and utilising cutting-edge technologies for wider business applications.
Who Are the Top Companies Driving Innovation and Growth in theGovernance Risk And Compliance Platform Market?
Major companies operating in the governance risk and compliance platform market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer N.V., Informatica Inc., Workiva Inc., Diligent Corporation, OneTrust LLC, NAVEX Global Inc., MetricStream Inc., LogicGate Inc., Resolver Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Quantivate LLC, ComplianceQuest Inc., Optial Corporation, SAI Global Limited, ProcessGene Ltd., Enablon
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Which Key Market Segments Comprise the Governance Risk And Compliance Platform Market and Drive Its Revenue Growth?
The governance risk and compliance platform market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Model: On-Premises, Cloud
3) By Application: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Industry Vertical: Banking, Financial Services, and Insurance, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecommunication And Information Technology, Transportation And Logistics, Other Industry Verticals
Subsegments:
1) By Software: Risk Management Software, Compliance Management Software, Audit Management Software, Policy Management Software, Third-Party Risk Management Software, Regulatory Change Management Software, Incident Management Software, Governance And Compliance Analytics Software, Internal Control Management Software, Integrated Grc Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Managed Services, Training And Development Services, Risk Assessment Services, Compliance Auditing Services, Data Privacy And Protection Services, Regulatory Compliance Services, Cloud Integration Services
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Which Regions Are Emerging as Leaders in the Governance Risk And Compliance Platform Market?
North America was the largest region in the governance risk and compliance platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the governance risk and compliance platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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