Governance Risk and Compliance Platform Market Report, Global, 2024

The governance risk and compliance platform market size has grown rapidly in recent years. It will grow from $43.7 billion in 2023 to $50.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the rise of ESG and sustainability mandates, challenges in third-party risk management, initiatives in digital transformation, enhancements in corporate governance, and imperatives in risk management.

The governance risk and compliance platform market size is expected to see rapid growth in the next few years. It will grow to $87.12 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth in the forecast period can be attributed to the escalating regulatory complexity, growing adoption of cloud services, heightened stakeholder expectations, increasing demand for analytics and reporting, and the necessity for integrated risk management. Key trends expected in the forecast period include the integration of AI and automation, the development of user-friendly interfaces, the focus on vendor risk management, the utilization of predictive analytics, and enhancements in reporting, scalability, and flexibility.

The escalation in cyber threats is anticipated to drive the expansion of the governance risk and compliance platform market in the future. Cyber threats encompass malicious activities targeting computer systems, networks, and digital data, posing risks such as data breaches, malware infections, and unauthorized access. The heightened risk of cyber threats stems from several factors, including increased connectivity, the digitalization of business processes, reliance on technology, the sophistication of cybercriminals, and vulnerabilities in software and hardware systems. Governance risk and compliance platforms aid organizations in mitigating the growing number of cyber threats by offering centralized control, monitoring, and response mechanisms for cybersecurity risks and compliance requirements. For example, in April 2023, the Department for Science, Innovation, and Technology reported that cybercrime affected 11% of businesses and 8% of charities overall in 2022. Moreover, these figures rose to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. Additionally, the Australian Cyber Security Centre received 76,000 cybercrime reports in 2022, up 13% from the previous year. Consequently, the mounting number of cyber threats is propelling the growth of the governance risk and compliance platform market.

Leading companies in the governance risk and compliance platform market concentrate on developing innovative solutions, such as cloud-native data governance solutions, to meet the growing demand for comprehensive risk management and regulatory compliance measures. A cloud-native data governance solution is a platform tailored to manage, safeguard, and optimize data assets within cloud environments. For instance, in September 2021, Microsoft Corporation introduced Azure Purview, an advanced cloud-native data governance solution designed to assist organizations in overseeing and managing their on-premises, multi-cloud, and software as a service (SaaS) data effectively. Azure Purview offers a unified platform integrating data governance, compliance, and risk management tools, providing organizations with a comprehensive view of their data landscape for improved control, security, and compliance with regulatory requirements.

In September 2021, Mitratech Holdings Inc. acquired Alyne for an undisclosed amount, aiming to enhance its governance, risk, and compliance capabilities. This acquisition empowers professionals to assess, monitor, report, and act on risks within the enterprise, including environmental, social, and governance (ESG) management. Alyne is a Germany-based provider of digital governance, risk management, and compliance platform.

Major companies operating in the governance risk and compliance platform market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer N.V., Informatica Inc., Workiva Inc., Diligent Corporation, OneTrust LLC, NAVEX Global Inc., MetricStream Inc., LogicGate Inc., Resolver Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Quantivate LLC, ComplianceQuest Inc., Optial Corporation, SAI Global Limited, ProcessGene Ltd., Enablon.

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

A governance, risk, and compliance (GRC) platform is a software solution engineered to streamline and integrate the management of governance, risk, and compliance activities. This comprehensive platform equips organizations with tools and functionalities to facilitate the implementation, monitoring, and enforcement of policies, procedures, and regulations across various departments and business processes. The governance, risk, and compliance platform enables organizations to centralize data, automate workflows, conduct risk assessments, track compliance with relevant laws and regulations, and generate reports for stakeholders and regulatory bodies.

The primary components of a GRC platform include software and services. Governance, risk, and compliance software are computer programs or applications specifically designed to assist organizations in managing and monitoring their governance, risk, and compliance activities. These software solutions typically offer features such as risk assessment, compliance tracking, and policy management in a user-friendly interface. They can be deployed on various models, including on-premises and in the cloud. These are used in several applications, mainly in large enterprises and small and medium sized enterprises (SMEs) of different industry verticals such as 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, and others.

The governance risk and compliance platform market research report is one of a series of new reports that provides governance risk and compliance platform market statistics, including governance risk and compliance platform industry global market size, regional shares, competitors with a governance risk and compliance platform market share, detailed governance risk and compliance platform market segments, market trends and opportunities, and any further data you may need to thrive in the governance risk and compliance platform industry. This governance risk and compliance platform 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 risk and compliance platform market includes revenues earned by entities by providing services such as implementation services, incident management, compliance management, and customization and integration. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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