Governance, Compliance and Risk Management Software Global Market Report 2024

The governance, compliance and risk management software market size has grown rapidly in recent years. It will grow from $41.93 billion in 2023 to $47.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The increase during the historical period can be linked to regulatory complexity, the need for risk mitigation, an emphasis on corporate governance, concerns related to data security, and the impact of globalization.

The governance, compliance and risk management software market size is expected to see rapid growth in the next few years. It will grow to $76.44 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The anticipated growth in the forecast period can be ascribed to the evolving regulatory landscape, the increasing threats of cybersecurity, a heightened focus on environmental, social, and governance (ESG) practices, and digital transformation initiatives. Key trends expected in the forecast period encompass the automated monitoring of third-party risks, the implementation of data privacy and protection solutions, continuous monitoring, and real-time reporting, the evolution of ESG compliance solutions, and the development of user-friendly and intuitive interfaces.

The governance, compliance, and risk management software market is expected to grow with the increasing use of cloud-based networking. Cloud networking, comprising on-premises cloud and public cloud, simplifies activities for risk managers, accounts officers, and auditors. The Cisco Global Cloud Index highlights that 94% of all workloads run on cloud networking and virtualized environments. Eurostat reports that approximately 41% of EU enterprises used cloud computing in 2021. Hence, the rise in the use of cloud-based networking is a driving factor behind the growth of the governance, compliance, and risk management software market.

The governance, compliance, and risk management software market is anticipated to grow due to the rising instances of cybersecurity threats. GRC software plays a crucial role in modern cybersecurity by streamlining processes and enhancing security posture. In November 2022, the Australian Signals Directorate's Australian Cyber Security Centre reported over 76,000 cybercrime reports, indicating a 13% increase over the previous fiscal year. This rise in cybersecurity threats drives the demand for governance, compliance, and risk management software.

The automation of GRC programs through specialized software applications is reshaping the industry. GRC software assists companies in managing relevant documentation and processes to ensure optimal productivity and preparation. In August 2022, NAVEX Global, Inc., a US-based GRC software company, introduced the NAVEX One platform, a groundbreaking innovation in the governance, risk, and compliance (GRC) domain. This platform facilitates precise risk and compliance-related communication between staff members, external partners, and program managers, overcoming language barriers for businesses with international operations. The incorporation of secure machine translation into NAVEX One, powered by artificial intelligence, enhances communication efficiency by allowing GRC professionals to translate information, assessments, and responses directly from the user interface.

In the governance, compliance, and risk management software market, major companies are adopting a strategic partnership approach to make Galvanize's HighBond platform available to consumers. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. For instance, in August 2021, Galvanize, a Canada-based SaaS governance, compliance, and risk management software company, partnered with Turnkey Consulting, a UK-based company offering integrated risk management (IRM), cyber, and application security. This collaboration allows Turnkey to offer Galvanize's HighBond platform to clients as part of its comprehensive technology-enabled solutions, with the platform's intuitive UI promoting user acceptance and providing clients with automated capabilities for managing changes, incorporating data from multiple sources, and gaining continuous visibility into their risk and control landscape.

In April 2022, Riskonnect, Inc., a US-based company specializing in integrated risk management (IRM) solutions, acquired Sword GRC for an undisclosed amount. This acquisition enhances Riskonnect's IRM mission by seamlessly incorporating project risk capabilities into its platform, allowing clients to centralize all elements of business risk. The merger advances both companies' global growth goals and enables Riskonnect to penetrate new major vertical and regional markets. Sword GRC, a UK-based governance, risk, and compliance software company, specializes in project and organizational risk management solutions.

Major companies operating in the governance, compliance and risk management software market report are Dell Technologies, International Business Machines, Oracle Corporation, SAP SE, ServiceNow Inc., Check Point Software Technologies, NICE Ltd., Software AG, Workiva Inc., OneTrust LLC, NAVEX Global Inc., MetricStream, Microsoft Corporation, MEGA International, SAI Global, Riskonnect Inc., Galvanize Inc., ACL Services Ltd., Lockpath Inc., Resolver Inc., LogicGate Inc., Quantivate LLC, ProcessUnity Inc., ReadiNow Corporation, ProcessGene Ltd., Compliance 360, LogicManager, Sword GRC, ZenGRC, Convercent Inc., Cura Software Solutions, Ideagen PLC, MasterControl Inc.

Asia-Pacific was the largest region in the governance, compliance and risk management software market in 2023. The regions covered in the governance, compliance and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the governance, compliance and risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of components in governance, compliance, and risk management software are software and services. GRC software effectively manages risks in different organizational areas, specifically in the IT sector. Software used in GRC is crucial for addressing risks in organizations, and deployment modes vary, including on-premises, cloud, and hybrid. This software caters to small and medium enterprises (SMEs) as well as large enterprises, serving various industry verticals such as BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, among others.

The governance, compliance, and risk management software market research report is one of a series of new reports that provides governance, compliance, and risk management software market statistics, including governance, compliance, and risk management software industry global market size, regional shares, competitors with governance, compliance, and risk management software market share, detailed governance, compliance, and risk management software market segments, market trends and opportunities, and any further data you may need to thrive in the governance, compliance, and risk management software industry. This governance, compliance, and risk management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The governance, compliance, and risk management software market includes revenues earned by entities by providing software tools that automate the processes of identifying risks, adhering to regulations, developing company policies, lowering costs, and expanding business potential. The governance, compliance, and risk management software (GRC software) is used by risk managers, accounts officers, and auditors to simplify their activities in an organization. The GRC software deals with audit management, Internal policy management, compliance management, risk and incidence management, and information security management. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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