The Business Research Company’s Governance Risk and Compliance Platform Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 20, 2024 /EINPresswire.com/ -- The governance risk and compliance (GRC) platform market has grown rapidly in recent years, expanding from $43.70 billion in 2023 to $50.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. This growth during the historic period can be attributed to the emergence of ESG and sustainability mandates, third-party risk management challenges, digital transformation initiatives, corporate governance enhancements, and risk management imperatives.

The GRC platform market size is expected to continue its rapid growth, projected to reach $87.12 billion by 2028 at a CAGR of 14.9%. This growth can be attributed to increasing regulatory complexity, rising adoption of cloud services, increasing stakeholder expectations, demand for analytics and reporting, and the need for integrated risk management. Major trends in the forecast period include the integration of AI and automation, user-friendly interfaces, vendor risk management, predictive analytics and reporting, scalability, and flexibility.

Cyber Threats Fuel Growth in the Governance Risk and Compliance Platform Market
The increasing number of cyber threats is expected to propel the growth of the GRC platform market. Cyber threats refer to malicious activities targeting computer systems, networks, and digital data, posing risks such as data breaches, malware infections, and unauthorized access. The rising risk of cyber threats is attributed to increasing connectivity, digitalization of business processes, reliance on technology, sophistication of cybercriminals, and vulnerabilities in software and hardware systems. GRC platforms help organizations mitigate these risks by providing centralized control, monitoring, and response mechanisms for cybersecurity risks and compliance requirements.

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Major Companies and Market Trends
Major companies in the GRC platform market include Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer N.V., Informatica Inc., Workiva Inc., Diligent Corporation, and OneTrust LLC. These companies are focusing on developing innovative solutions, such as cloud-native data governance solutions, to address the growing demand for comprehensive risk management and regulatory compliance measures.

Emergence of Cloud-Native Data Governance Solutions
Companies in the GRC platform market are focusing on developing innovative solutions, such as cloud-native data governance solutions, to meet the growing demand for comprehensive risk management and regulatory compliance measures.

Segments:
• By Component: Software, Services
• By Deployment Model: On-Premises, Cloud
• By Application: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
• 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

Geographical Insights: North America Leading the Market
North America was the largest region in the GRC platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Governance Risk And Compliance Platform Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Governance Risk And Compliance Platform Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on governance risk and compliance platform market size, governance risk and compliance platform market drivers and trends, governance risk and compliance platform market major players, competitors' revenues, market positioning, and market growth across geographies. The governance risk and compliance platform market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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