Overview and Scope
Compliance management software automates processes to ensure organizations comply with laws, regulations, and policies, enhancing operational adherence and efficiency. The uses of compliance management software is to streamline compliance processes, mitigate risks, and enhance regulatory adherence across various areas such as data privacy, financial reporting, environmental regulations, and industry-specific requirements.
Sizing and Forecast
The compliance management software market size has grown rapidly in recent years. It will grow from $46.35 billion in 2023 to $52.85 billion in 2024 at a compound annual growth rate (CAGR) of 14%. The growth in the historic period can be attributed to increasing demand for regulatory compliance, increasing adoption of iot, growing adoption of cloud based solutions, increasing business agility.
The compliance management software market size is expected to see rapid growth in the next few years. It will grow to $89.93 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to growing demand for it security and privacy, increasing demand for digital solutions, rising risk of cyber attacks, growing demand for regulatory compliance solutions. Major trends in the forecast period include customization and scalability, blockchain for compliance tracking, collaboration and communication tools, ecosystem integration and regulatory sandboxes and regulatory technology.
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Segmentation & Regional Insights
The compliance management software market covered in this report is segmented –
1) By Offering: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Organization Size: Small And Medium Enterprises , Large Enterprises
4) By End-User: Banking, Financial Services, And Insurance (BFSI), Healthcare, Government, Retail, Manufacturing, Other End-User
North America was the significant region in the compliance management software market in 2023. The regions covered in the compliance management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising risk of cyberattacks is expected to propel the growth of the compliance management software market going forward. A cyber attack is a malicious attempt to compromise, disrupt, or gain unauthorized access to computer systems, networks, or digital devices. The rising risk of cyberattacks is due to the increasing digitalization of business operations, sophistication of attack techniques, data monetization, and supply chain vulnerabilities. Compliance management software is crucial in enhancing cybersecurity resilience by facilitating proactive risk management, ensuring regulatory compliance, streamlining incident response processes, and reducing the likelihood and impact of cyberattacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cyber crime reports received were 76,000, up from 13% from the previous year. Therefore, the rising risk of cyberattacks is driving the growth of the compliance management software market.
Key Industry Players
Major companies operating in the compliance management software market are Microsoft Corporation, Dell Technologies Corporation, International Business Machines Corporation, Oracle Corporation, Systems Applications And Products in Data Processing Societas Europaea, ServiceNow Inc., Diligent Corporation, Qualys Inc., NAVEX Global Inc., MetricStream Inc., Alcumus Group Limited, SAI Global Pty Limited, Enablon, Galvanize Inc., Resolver Inc., ComplianceQuest Inc., Convercent Inc., AssurX Inc., Onspring Technologies LLC, ProcessGene Ltd., Compli Inc., LogicManager Inc., ConvergePoint Inc., Accupoint Software Solutions, 360factors Inc.
The compliance management software market report table of contents includes:
1. Executive Summary
2. Compliance Management Software Market Characteristics
3. Compliance Management Software Market Trends And Strategies
4. Compliance Management Software Market – Macro Economic Scenario
5. Global Compliance Management Software Market Size and Growth
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31. Compliance Management Software Market Other Major And Innovative Companies
32. Global Compliance Management Software Market Competitive Benchmarking
33. Global Compliance Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Compliance Management Software Market
35. Compliance Management Software Market Future Outlook and Potential Analysis
36.Appendix
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