Governance Risk and Compliance Platform Market size to grow at a CAGR of 11.8% from 2022 to 2027, Driven by the quick and easy deployment of GRC policies - Technavio

NEW YORK, March 28, 2023 /PRNewswire/ -- The global governance risk and compliance platform market size is estimated to grow by USD 28,294.42 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 11.8% during the forecast period. Quick and easy deployment of GRC policies drives the governance risk and compliance (GRC) platform market growth significantly. Business and legal regulations that regulate the use of sensitive information include the GRC policies. Because of evolving corporate needs, rising expenses, and governmental regulations, policies are continuously changing. Cloud-based GRC solutions help organizations in deploying policies across all applications and systems quickly. These apps create a single policy engine by centralizing all GRC policies across all information sources. The information sources include databases and data warehouses, workstations and shared services, email systems, enterprise content management systems, and cloud-based applications. Hence, policy modifications or enforcement are handled centrally at a lower cost and without interfering with normal business operations. For more insights on the historic market data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Governance Risk and Compliance Platform Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on deployment (on-premise and cloud-based), component (software and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth of the on-premise segment will be significant for the market growth during the forecast period. On-premise GRC ensures that the products and services are in line with the established standards and automates risk management-related reporting and documentation procedures. Compliance and governance are closely related to each other as well as to business goals. Hence, the GRC platform is a structured and comprehensive solution that aids firms in putting in place a framework to reduce operational risks. The market witnesses the launch of on-premise GRC platforms. For instance, OneTrust GRC is a flexible and integrated GRC management platform that delivers a complete, measured view of businesses' risk portfolios. HighBond streamlines collaboration across organizations and automates repetitive tasks. It also delivers best practices in a seamless, award-winning interface. Hence, these launches are expected to drive the growth of the on-premise segment of the global GRC platforms during the forecast period.

Geography Overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global governance risk and compliance platform market.

• North America is estimated to account for 40% of the global market growth during the forecast period. Financial services in the US implement integrated data platforms, which streamline their internal and external data sources and help with the gathering of beneficial customer-related insights. Real-time targeting and rapid decision-making have improved as a result of some data virtualization solutions such as composite software and social analytics software. To control risks associated with credit cards and fraud detection, financial service organizations in North America began implementing risk management strategies in 2015. The SOX Act obliges public and private businesses to follow the necessary procedures when conducting financial audits.

Insights on the market contribution of various segments, including country- and region-wise data, historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Governance Risk and Compliance Platform Market – Market Dynamics

Leading trends influencing the market 

The emergence of social media governance is the key trend in the enterprise governance market. Social media is used by customers, staff members, and partners to communicate with businesses. Records management is necessary for social media content, and many businesses have included social media content in their policy definition and enforcement. It creates an effective management process. Moreover, a number of suppliers provide organizations with automated options for social media data collecting that aid them in the choice, implementation, configuration, and monitoring of tools used on social media platforms. This helps in automating adherence to social media policy at work and entails informing staff members about the use of sensitive data and monitoring any potential data loss via social media platforms. Hence, these factors will drive market growth during the forecast period.

Major challenges hindering the market growth

System integration issues for cloud-based and on-premises GRC solutions are the major challenges that may impede the risk and compliance platform market growth during the forecast period. Operations are severely hampered by the legacy system compatibility problem while switching to cloud-based GRC. The standards used by legacy systems differ from those of a cloud provider. To enable information interchange and system integration across many industries, standards-developing organizations (SDO) have established guidelines and standards. The compatibility issue that results from firms adhering to different standards and time-consuming transition processes is a problem that may influence the decision-making process to embrace GRC solutions and services. Hence, these factors may hinder the market growth during the forecast period.

Insights on market drivers, trends, & challenges, historic period (2017 to 2021), and forecast period (2023 to 2027)- Request a sample report!

What are the key data covered in this Governance Risk And Compliance Platform Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the governance risk and compliance platform market between 2023 and 2027
• Precise estimation of the size of the governance risk and compliance platform market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the governance risk and compliance platform market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of governance risk and compliance platform market vendors

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The third-party risk management market size is expected to increase by USD 5.35 billion from 2021 to 2026. The growing number of alliances and partnerships is one of the key third-party risk management market trends contributing to the market growth.

The governance risk and compliance (GRC) platform market is estimated to grow at a CAGR of 11.8% between 2022 and 2027. The size of the market is forecasted to increase by USD 28,294.42 million. The emergence of social media governance is the key trend in the enterprise governance market. 

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Table of Contents?

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global governance risk and compliance platform market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global governance risk and compliance platform market 2017 - 2021 ($ million)

• 4.2 Deployment Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)

• 4.3 Component Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Deployment

• 6.1 Market segments
• Exhibit 30: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Deployment - Market share 2022-2027 (%)

• 6.2 Comparison by Deployment 
• Exhibit 32: Chart on Comparison by Deployment
• Exhibit 33: Data Table on Comparison by Deployment

• 6.3 On-premise - Market size and forecast 2022-2027 
• Exhibit 34: Chart on On-premise - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on On-premise - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on On-premise - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on On-premise - Year-over-year growth 2022-2027 (%)

• 6.4 Cloud-based - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Cloud-based - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Cloud-based - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Cloud-based - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Cloud-based - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Deployment 
• Exhibit 42: Market opportunity by Deployment ($ million)

7 Market Segmentation by Component

• 7.1 Market segments
• Exhibit 43: Chart on Component - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Component - Market share 2022-2027 (%)

• 7.2 Comparison by Component 
• Exhibit 45: Chart on Comparison by Component
• Exhibit 46: Data Table on Comparison by Component

• 7.3 Software - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 7.4 Services - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Component 
• Exhibit 55: Market opportunity by Component ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027 
• Exhibit 85: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027 
• Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 India - Market size and forecast 2022-2027 
• Exhibit 97: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 ACL Services Ltd. dba Galvanize 
• Exhibit 108: ACL Services Ltd. dba Galvanize - Overview
• Exhibit 109: ACL Services Ltd. dba Galvanize - Product / Service
• Exhibit 110: ACL Services Ltd. dba Galvanize - Key offerings

• 12.4 Check Point Software Technologies Ltd. 
• Exhibit 111: Check Point Software Technologies Ltd. - Overview
• Exhibit 112: Check Point Software Technologies Ltd. - Product / Service
• Exhibit 113: Check Point Software Technologies Ltd. - Key offerings

• 12.5 Corporater AS
• Exhibit 114: Corporater AS - Overview
• Exhibit 115: Corporater AS - Product / Service
• Exhibit 116: Corporater AS - Key offerings

• 12.6 Fidelity National Information Services Inc. 
• Exhibit 117: Fidelity National Information Services Inc. - Overview
• Exhibit 118: Fidelity National Information Services Inc. - Business segments
• Exhibit 119: Fidelity National Information Services Inc. - Key news
• Exhibit 120: Fidelity National Information Services Inc. - Key offerings
• Exhibit 121: Fidelity National Information Services Inc. - Segment focus

• 12.7 International Business Machines Corp. 
• Exhibit 122: International Business Machines Corp. - Overview
• Exhibit 123: International Business Machines Corp. - Business segments
• Exhibit 124: International Business Machines Corp. - Key offerings
• Exhibit 125: International Business Machines Corp. - Segment focus

• 12.8 LogicManager Inc.
• Exhibit 126: LogicManager Inc. - Overview
• Exhibit 127: LogicManager Inc. - Product / Service
• Exhibit 128: LogicManager Inc. - Key offerings

• 12.9 Microsoft Corp.
• Exhibit 129: Microsoft Corp. - Overview
• Exhibit 130: Microsoft Corp. - Business segments
• Exhibit 131: Microsoft Corp. - Key news
• Exhibit 132: Microsoft Corp. - Key offerings
• Exhibit 133: Microsoft Corp. - Segment focus

• 12.10 Mitratech Holdings Inc. 
• Exhibit 134: Mitratech Holdings Inc. - Overview
• Exhibit 135: Mitratech Holdings Inc. - Product / Service
• Exhibit 136: Mitratech Holdings Inc. - Key offerings

• 12.11 NAVEX Global Inc.
• Exhibit 137: NAVEX Global Inc. - Overview
• Exhibit 138: NAVEX Global Inc. - Product / Service
• Exhibit 139: NAVEX Global Inc. - Key offerings

• 12.12 Oracle Corp.
• Exhibit 140: Oracle Corp. - Overview
• Exhibit 141: Oracle Corp. - Business segments
• Exhibit 142: Oracle Corp. - Key news
• Exhibit 143: Oracle Corp. - Key offerings
• Exhibit 144: Oracle Corp. - Segment focus

• 12.13 SAI Global Pty. Ltd.
• Exhibit 145: SAI Global Pty. Ltd. - Overview
• Exhibit 146: SAI Global Pty. Ltd. - Product / Service
• Exhibit 147: SAI Global Pty. Ltd. - Key offerings

• 12.14 SAP SE
• Exhibit 148: SAP SE - Overview
• Exhibit 149: SAP SE - Business segments
• Exhibit 150: SAP SE - Key news
• Exhibit 151: SAP SE - Key offerings
• Exhibit 152: SAP SE - Segment focus

• 12.15 SAS Institute Inc.
• Exhibit 153: SAS Institute Inc. - Overview
• Exhibit 154: SAS Institute Inc. - Product / Service
• Exhibit 155: SAS Institute Inc. - Key news
• Exhibit 156: SAS Institute Inc. - Key offerings

• 12.16 Thomson Reuters Corp. 
• Exhibit 157: Thomson Reuters Corp. - Overview
• Exhibit 158: Thomson Reuters Corp. - Business segments
• Exhibit 159: Thomson Reuters Corp. - Key offerings
• Exhibit 160: Thomson Reuters Corp. - Segment focus

• 12.17 Wolters Kluwer NV
• Exhibit 161: Wolters Kluwer NV - Overview
• Exhibit 162: Wolters Kluwer NV - Business segments
• Exhibit 163: Wolters Kluwer NV - Key offerings
• Exhibit 164: Wolters Kluwer NV - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 165: Inclusions checklist
• Exhibit 166: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 167: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 168: Research methodology
• Exhibit 169: Validation techniques employed for market sizing
• Exhibit 170: Information sources

• 13.5 List of abbreviations 
• Exhibit 171: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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