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Governance, Risk and Compliance Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

February 2023 | 200 pages | ID: GF11948EE1FEN
IMARC Group

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The global governance, risk and compliance (GRC) platform market size reached US$ 39.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 76.4 Billion by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028.

Governance, risk, and compliance (GRC) platform enables an organization to achieve business objectives, address uncertainty, and respond with integrity. It aids in identifying, assessing, and managing potential risks that impact the operations and goals of an organization. It also helps increase profitability, monitor performance and control, evaluate outcomes and strengthen compliance through regular internal audits. Besides this, it helps improve the decision-making process, increase optimal investments, and reduce fragmentation among various divisions and departments. As a result, organizations worldwide are adopting GRC platforms to minimize the complexity for supervisors and manage costs effectively. It is also used for enterprise risk management (ERM) and compliance with industry and government regulations without disturbing regular business activities.

Governance, Risk and Compliance (GRC) Platform Market Trends:

The expanding business operations globally represent one of the key factors positively influencing the demand for GRC platforms for enhanced operational activities. In line with this, GRC platforms provide competitive gains to enterprises with effective strategic planning and quick response to the changing business environments. Apart from this, rising incidences of cyber threats and security breaches due to the increasing digitization of different business processes are stimulating market growth. Additionally, the proactive involvement of government agencies in corporate functions to ensure fair trade practices and eliminate monetary and reputational penalties associated with non-compliance are catalyzing the demand for enterprise GRC platforms. Furthermore, the growing trend of remote working patterns is propelling the utilization of GRC solutions to offer a detailed understanding of the prevailing market scenarios and help organizations take calculated risks and achieve a strong market position.

Key Market Segmentation

IMARC Group provides an analysis of the key trends in each sub-segment of the global governance, risk and compliance platform market report, along with forecasts at the global and regional levels from 2023-2028. Our report has categorized the market based on the deployment model, solution, component, service, end user, and industry vertical.

Breakup by Deployment Model:

On-Premises
Cloud

The on-premises deployment model holds the majority of the market share as it is more secure than cloud-based software.

Breakup by Solution:

Audit Management
Risk Management
Policy Management
Compliance Management
Others

Compliance management represents the most popular solution as it enables organizations to comply with internal and external guidelines, regulations, and laws, while minimizing operational risks.

Breakup by Component:

Software
Services

Software currently holds the largest market share as it makes it assists in reducing operational risk.

Breakup by Service:

Integration
Consulting
Support

Breakup by End User:

Small Enterprise
Medium Enterprise
Large Enterprise

At present, medium enterprises dominate the market as they are becoming increasingly competitive and focusing on expanding the business internationally.

Breakup by Industry Vertical:

BFSI
Construction and Engineering
Energy and Utilities
Government
Healthcare
Manufacturing
Retail and Consumer Goods
Telecom and IT
Transportation and Logistics
Others

Presently, BFSI is the leading industrial vertical on account of the rising cases of money laundering scandals and frauds.

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

North America dominates the market due to the large presence of multinational corporations requiring management of IT and security risks.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, with some of the key players being SAP SE, Dell Technologies, Inc., Microsoft Corporation, SAS Institute Inc., IBM Corporation, Fidelity National Information Services Inc., Thomson Reuters Corporation, Newport Consulting Group, LLC, Oracle Corporation, and BWise BV.

Key Questions Answered in This Report

1. What was the size of the global governance, risk and compliance platform market in 2022?
2. What is the expected growth rate of the global governance, risk and compliance platform market during 2023-2028?
3. What are the key factors driving the global governance, risk and compliance platform market?
4. What has been the impact of COVID-19 on the global governance, risk and compliance platform market?
5. What is the breakup of the global governance, risk and compliance platform market based on the deployment model?
6. What is the breakup of the global governance, risk and compliance platform market based on the solution?
7. What is the breakup of the global governance, risk and compliance platform market based on the component?
8. What is the breakup of the global governance, risk and compliance platform market based on the service?
9. What is the breakup of the global governance, risk and compliance platform market based on the end user?
10. What is the breakup of the global governance, risk and compliance platform market based on the industry vertical?
11. What are the key regions in the global governance, risk and compliance platform market?
12. Who are the key players/companies in the global governance, risk and compliance platform market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL GOVERNANCE RISK AND COMPLIANCE PLATFORM MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Deployment Model
5.5 Market Breakup by Solution
5.6 Market Breakup by Component
5.7 Market Breakup by Service
5.8 Market Breakup by End-User
5.9 Market Breakup by Industry Vertical
5.10 Market Breakup by Region
5.11 Market Forecast

6 MARKET BREAKUP BY DEPLOYMENT MODEL

6.1 On-Premises
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Cloud
  6.2.1 Market Trends
  6.2.2 Market Forecast

7 MARKET BREAKUP BY SOLUTION

7.1 Audit Management
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Risk Management
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Policy Management
  7.3.1 Market Trends
  7.3.2 Market Forecast
7.4 Compliance Management
  7.4.1 Market Trends
  7.4.2 Market Forecast
7.5 Others
  7.5.1 Market Trends
  7.5.2 Market Forecast

8 MARKET BREAKUP BY COMPONENT

8.1 Software
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Services
  8.2.1 Market Trends
  8.2.2 Market Forecast

9 MARKET BREAKUP BY SERVICE

9.1 Integration
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 Consulting
  9.2.1 Market Trends
  9.2.2 Market Forecast
9.3 Support
  9.3.1 Market Trends
  9.3.2 Market Forecast

10 MARKET BREAKUP BY END-USER

10.1 Small Enterprise
  10.1.1 Market Trends
  10.1.2 Market Forecast
10.2 Medium Enterprise
  10.2.1 Market Trends
  10.2.2 Market Forecast
10.3 Large Enterprise
  10.3.1 Market Trends
  10.3.2 Market Forecast

11 MARKET BREAKUP BY INDUSTRY VERTICAL

11.1 BFSI
  11.1.1 Market Trends
  11.1.2 Market Forecast
11.2 Construction and Engineering
  11.2.1 Market Trends
  11.2.2 Market Forecast
11.3 Energy and Utilities
  11.3.1 Market Trends
  11.3.2 Market Forecast
11.4 Government
  11.4.1 Market Trends
  11.4.2 Market Forecast
11.5 Healthcare
  11.5.1 Market Trends
  11.5.2 Market Forecast
11.6 Manufacturing
  11.6.1 Market Trends
  11.6.2 Market Forecast
11.7 Retail and Consumer Goods
  11.7.1 Market Trends
  11.7.2 Market Forecast
11.8 Telecom and IT
  11.8.1 Market Trends
  11.8.2 Market Forecast
11.9 Transportation and Logistics
  11.9.1 Market Trends
  11.9.2 Market Forecast
11.10 Others
  11.10.1 Market Trends
  11.10.2 Market Forecast

12 MARKET BREAKUP BY REGION

12.1 North America
  12.1.1 Market Trends
  12.1.2 Market Forecast
12.2 Europe
  12.2.1 Market Trends
  12.2.2 Market Forecast
12.3 Asia Pacific
  12.3.1 Market Trends
  12.3.2 Market Forecast
12.4 Middle East and Africa
  12.4.1 Market Trends
  12.4.2 Market Forecast
12.5 Latin America
  12.5.1 Market Trends
  12.5.2 Market Forecast

13 GLOBAL GOVERNANCE RISK AND COMPLIANCE PLATFORM INDUSTRY: SWOT ANALYSIS

13.1 Overview
13.2 Strengths
13.3 Weaknesses
13.4 Opportunities
13.5 Threats

14 GLOBAL GOVERNANCE RISK AND COMPLIANCE PLATFORM INDUSTRY: VALUE CHAIN ANALYSIS

15 GLOBAL GOVERNANCE RISK AND COMPLIANCE PLATFORM INDUSTRY: PORTERS FIVE FORCES ANALYSIS

15.1 Overview
15.2 Bargaining Power of Buyers
15.3 Bargaining Power of Suppliers
15.4 Degree of Competition
15.5 Threat of New Entrants
15.6 Threat of Substitutes

16 GLOBAL GOVERNANCE RISK AND COMPLIANCE PLATFORM INDUSTRY: PRICE ANALYSIS

17 COMPETITIVE LANDSCAPE

17.1 Market Structure
17.2 Key Players
17.3 Profiles of Key Players
  17.3.1 SAS Institute Inc.
  17.3.2 IBM Corp
  17.3.3 SAP SE
  17.3.4 Dell Technologies
  17.3.5 Microsoft Corporation
  17.3.6 Fidelity National Information Services Inc.
  17.3.7 Oracle Corporation
  17.3.8 Thomson Reuters Corporation
  17.3.9 Newport Consulting Group, LLC
  17.3.10 BWise BV

LIST OF TABLES

Table 1: Global: Governance Risk and Compliance Platform Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Governance Risk and Compliance Platform Market Forecast: Breakup by Deployment Model (in Million US$), 2023-2028
Table 3: Global: Governance Risk and Compliance Platform Market Forecast: Breakup by Solution (in Million US$), 2023-2028
Table 4: Global: Governance Risk and Compliance Platform Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 5: Global: Governance Risk and Compliance Platform Market Forecast: Breakup by Service (in Million US$), 2023-2028
Table 6: Global: Governance Risk and Compliance Platform Market Forecast: Breakup by End-User (in Million US$), 2023-2028
Table 7: Global: Governance Risk and Compliance Platform Market Forecast: Breakup by Industry Vertical (in Million US$), 2023-2028
Table 8: Global: Governance Risk and Compliance Platform Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 9: Global: Governance Risk and Compliance Platform Market Structure
Table 10: Global: Governance Risk and Compliance Platform Market: Key Players

LIST OF FIGURES

Figure 1: Global: Governance Risk and Compliance Platform Market: Major Drivers and Challenges
Figure 2: Global: Governance Risk and Compliance Platform Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Governance Risk and Compliance Platform Market: Breakup by Deployment Model (in %), 2022
Figure 4: Global: Governance Risk and Compliance Platform Market: Breakup by Solution (in %), 2022
Figure 5: Global: Governance Risk and Compliance Platform Market: Breakup by Component (in %), 2022
Figure 6: Global: Governance Risk and Compliance Platform Market: Breakup by Service (in %), 2022
Figure 7: Global: Governance Risk and Compliance Platform Market: Breakup by End-User (in %), 2022
Figure 8: Global: Governance Risk and Compliance Platform Market: Breakup by Industry Vertical (in %), 2022
Figure 9: Global: Governance Risk and Compliance Platform Market: Breakup by Region (in %), 2022
Figure 10: Global: Governance Risk and Compliance Platform Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 11: Global: Governance Risk and Compliance Platform Industry: SWOT Analysis
Figure 12: Global: Governance Risk and Compliance Platform Industry: Value Chain Analysis
Figure 13: Global: Governance Risk and Compliance Platform Industry: Porter’s Five Forces Analysis
Figure 14: Global: Governance Risk and Compliance Platform (On-Premises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Governance Risk and Compliance Platform (On-Premises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Governance Risk and Compliance Platform (Cloud) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Governance Risk and Compliance Platform (Cloud) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Governance Risk and Compliance Platform (Audit Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Governance Risk and Compliance Platform (Audit Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Governance Risk and Compliance Platform (Risk Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Governance Risk and Compliance Platform (Risk Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Governance Risk and Compliance Platform (Policy Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Governance Risk and Compliance Platform (Policy Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Governance Risk and Compliance Platform (Compliance Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Governance Risk and Compliance Platform (Compliance Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Governance Risk and Compliance Platform (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Governance Risk and Compliance Platform (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Governance Risk and Compliance Platform (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Governance Risk and Compliance Platform (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Governance Risk and Compliance Platform (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Governance Risk and Compliance Platform (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Governance Risk and Compliance Platform (Integration) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Governance Risk and Compliance Platform (Integration) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Governance Risk and Compliance Platform (Consulting) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Governance Risk and Compliance Platform (Consulting) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Governance Risk and Compliance Platform (Support) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Governance Risk and Compliance Platform (Support) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: Governance Risk and Compliance Platform (Small Enterprise) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: Governance Risk and Compliance Platform (Small Enterprise) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: Governance Risk and Compliance Platform (Medium Enterprise) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: Governance Risk and Compliance Platform (Medium Enterprise) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Global: Governance Risk and Compliance Platform (Large Enterprise) Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Global: Governance Risk and Compliance Platform (Large Enterprise) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Global: Governance Risk and Compliance Platform (BFSI) Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Global: Governance Risk and Compliance Platform (BFSI) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Global: Governance Risk and Compliance Platform (Construction and Engineering) Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Global: Governance Risk and Compliance Platform (Construction and Engineering) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Global: Governance Risk and Compliance Platform (Energy and Utilities) Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Global: Governance Risk and Compliance Platform (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Global: Governance Risk and Compliance Platform (Government) Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Global: Governance Risk and Compliance Platform (Government) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Global: Governance Risk and Compliance Platform (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Global: Governance Risk and Compliance Platform (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Global: Governance Risk and Compliance Platform (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Global: Governance Risk and Compliance Platform (Manufacturing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Global: Governance Risk and Compliance Platform (Retail and Consumer Goods) Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Global: Governance Risk and Compliance Platform (Retail and Consumer Goods) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Global: Governance Risk and Compliance Platform (Telecom and IT) Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Global: Governance Risk and Compliance Platform (Telecom and IT) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Global: Governance Risk and Compliance Platform (Transportation and Logistics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Global: Governance Risk and Compliance Platform (Transportation and Logistics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Global: Governance Risk and Compliance Platform (Other Industry Verticals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Global: Governance Risk and Compliance Platform (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: North America: Governance Risk and Compliance Platform Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: North America: Governance Risk and Compliance Platform Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Europe: Governance Risk and Compliance Platform Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Europe: Governance Risk and Compliance Platform Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Asia Pacific: Governance Risk and Compliance Platform Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Asia Pacific: Governance Risk and Compliance Platform Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Middle East and Africa: Governance Risk and Compliance Platform Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Middle East and Africa: Governance Risk and Compliance Platform Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Latin America: Governance Risk and Compliance Platform Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Latin America: Governance Risk and Compliance Platform Market Forecast: Sales Value (in Million US$), 2023-2028


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