Global Governance, Risk Management And Compliance (GRC) Market Size By Governance Solutions, By Risk Management Solutions, By Compliance Solutions, By Geographic Scope And Forecast

Governance, Risk Management And Compliance (GRC) Market Size And Forecast

Governance, Risk Management And Compliance (GRC) Market size was valued at USD 50.5 Billion in 2024 and is projected to reach USD 104.5 Billion by 2031, growing at a CAGR of 15.41% during the forecast period 2024-2031.

Global Governance, Risk Management And Compliance (GRC) Market Drivers

The market drivers for the Governance, Risk Management And Compliance (GRC) Market can be influenced by various factors. These may include

• Increasing Regulatory Complexity As businesses work to assure compliance with a variety of changing regulations, there is an increasing need for GRC solutions due to the complexity and needs of regulations in many industries.
• Growing Cybersecurity Risks As cybersecurity attacks become more frequent and sophisticated, strong risk management and governance procedures are required. This is driving the use of GRC solutions to protect confidential information and assets.
• Globalisation and company Expansion Businesses that want to grow internationally must deal with a variety of regulatory environments and more sophisticated company procedures. GRC solutions offer a standardised method for managing compliance and risks in various geographical areas.
• Emphasis on Data Privacy Businesses are investing in GRC technologies to guarantee compliance with data regulations and protect consumer information as a result of growing concerns about data privacy and protection.
• Board and Executive Accountability In terms of corporate governance, there is an increasing focus on board and executive accountability. GRC solutions meet the needs of leadership in guaranteeing compliance and risk mitigation by enabling improved transparency, accountability, and monitoring.
• Technology Integration By incorporating cutting-edge technology like analytics, machine learning, and artificial intelligence into GRC platforms, risk management and compliance procedures are made more effective and efficient.
• Cost and Operational Efficiency Businesses are seeing more and more how GRC solutions may save costs and improve operational efficiency. Enhanced overall corporate performance and resource optimisation are achieved through automation and streamlined procedures.
• Incident and Crisis Management As incidents and crises occur more frequently in the business world, there is an increasing demand for strong incident management and crisis response skills, which are frequently offered by GRC systems.
• Effective third-party risk management has become essential as more and more businesses rely on partnerships and third-party vendors. Mechanisms for evaluating, tracking, and managing risks related to external relationships are provided by GRC tools.
• Board and Stakeholder Expectations Companies are investing in comprehensive GRC solutions as a result of growing expectations from boards, stakeholders, and investors for transparent and efficient governance, risk management, and compliance procedures.

Global Governance, Risk Management And Compliance (GRC) Market Restraints

Several factors can act as restraints or challenges for the Governance, Risk Management And Compliance (GRC) Market. These may include

• High Implementation expenses Smaller or budget-constrained organisations may find it difficult to adopt GRC solutions because to the high upfront expenses, which include software, training, and system integration.
• Complexity of Integration It can be difficult and time-consuming to integrate GRC systems with current IT infrastructure and business procedures. There could be problems with compatibility, which would make a smooth integration difficult.
• Employee acclimatisation to established ways may pose opposition to organisational changes. One major obstacle may be the cultural shift towards adopting new governance, risk management, and compliance processes.
• Lack of Skilled Workforce The efficient application of GRC solutions necessitates a workforce with the necessary skills to comprehend and apply intricate risk management techniques. The effective implementation of GRC tools may be hampered by the lack of qualified personnel.
• Overemphasis on Compliance Alone Some businesses may place an undue emphasis on adhering to regulations without properly incorporating risk management into their plans. This may lead to a limited strategy that insufficiently addresses larger business issues.
• Data Security Issues Because GRC systems handle sensitive data and information, data security and privacy issues may prevent organisations from using these solutions to the fullest extent possible, particularly in highly regulated industries.
• Customisation Challenges It can be difficult to adapt GRC solutions to particular organisational demands, and certain off-the-shelf solutions might not quite fit the particular needs of particular business models or industries.
• Viewpoint of GRC as a Cost Centre Rather than being a strategic investment, GRC deployment is viewed as a cost centre by certain organisations. This belief may cause people to be reluctant to commit funds to GRC projects.
• Limited Education and Awareness Adoption of GRC solutions may be hampered by a lack of knowledge about the advantages and capabilities of these solutions. It might be difficult to educate organisations about the benefits and long-term advantages of GRC.
• Insufficient Vendor Support Updates, patches, and customer care problems as well as other support-related problems from GRC solution providers can cause user annoyance and negatively affect the success of GRC deployments as a whole.

Global Governance, Risk Management And Compliance (GRC) Market Segmentation Analysis

The Global Governance, Risk Management And Compliance (GRC) Market is Segmented on the basis of Governance Solutions, Risk Management Solutions, Compliance Solutions, and Geography.

Governance, Risk Management And Compliance (GRC) Market, By Governance Solutions

• Board Management Involves tools and platforms that facilitate efficient collaboration, communication, and documentation for board members, aiding in decision-making and governance processes.
• Policy Management Encompasses solutions for creating, distributing, and tracking organizational policies to ensure compliance and adherence to internal and external regulations.
• Compliance Management Focuses on monitoring and ensuring adherence to regulatory requirements, industry standards, and internal policies, often involving automated compliance tracking and reporting.

Governance, Risk Management And Compliance (GRC) Market, By Risk Management Solutions

• Enterprise Risk Management (ERM) Offers comprehensive tools for identifying, assessing, and mitigating risks across the organization, providing a holistic view of potential threats to business objectives.
• Operational Risk Management Specifically addresses risks related to day-to-day operations, processes, and activities, aiming to minimize disruptions and enhance overall operational resilience.
• IT Risk Management Targets risks associated with information technology systems and processes, including cybersecurity threats, data breaches, and technology-related vulnerabilities.

Governance, Risk Management And Compliance (GRC) Market, By Compliance Solutions

• Regulatory Compliance Focuses on ensuring adherence to external regulations and legal requirements specific to the industry, helping organizations avoid legal consequences and reputational damage.
• Internal Compliance Deals with internal policies, procedures, and ethical standards, ensuring alignment with organizational values and preventing internal misconduct or non-compliance.
• Audit Management Involves tools for planning, conducting, and tracking internal and external audits, streamlining the audit process and ensuring compliance with regulatory and organizational standards.

Governance, Risk Management And Compliance (GRC) Market, By Geography

• North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
• EuropeAnalysis of the Governance, Risk Management And Compliance (GRC) Market in European countries.
• Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
• Middle East and AfricaExamining market dynamics in the Middle East and African regions.
• Latin AmericaCovering market trends and developments in countries across Latin America.

Key Players

The major players in the Governance, Risk Management And Compliance (GRC) Market are

• Software AG
• Oracle
• SAP
• RSA Security LLC
• IBM
• DTS Solution
• SAI Global
• SAS Institute
• Logicgate
• AuditBoard
• Evisort
• PwC
• EY
• KPMG
• Deloitte
• MetricStream
• Solix Technologies
• Appian
• Wolters Kluwer

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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