The Governance, Compliance And Risk Management Software Global Market Report 2023 by The Business Research Company, provides governance compliance and risk management software market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Governance, Compliance And Risk Management Software Global Market Report 2023, the market size will grow from $38.11 billion in 2022 to $42.72 billion in 2023 at a compound annual growth rate (CAGR) of 12.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the governance, compliance and risk management software is expected to grow to $69.96 billion in 2027 at a CAGR of 13.1%.
The rising use of cloud-based networking is expected to propel the growth of the governance, compliance, and risk management software market going forward. Cloud networking consists of on-premises cloud and public cloud which manages the network capabilities in organizations. Cloud networking is used by risk managers, accounts officers, and auditors to simplify their activities in an organization.
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The governance compliance and risk management software market is segmented:
1) By Component: Software, Services
2) By Deployment: On-Premises, Cloud, Hybrid
3) By Enterprise Type: Small And Medium Enterprise (SME), Large Enterprise
4) By Industry Vertical: BFSI, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecom And IT, Transportation And Logistics, Other Industry Verticals
Automation of GRC programs through specialized software applications is shaping the governance, compliance, and risk management software market. GRC software assists firms in managing all of the relevant documentation and processes to ensure optimal productivity and preparation. For Instance, in 2020 IBM, a US-based software company launched an IBM OpenPages with Watson. IBM OpenPages with Watson is a GRC platform powered by AI and data that helps enterprises manage risk and regulatory compliance. GRC is made easier with IBM OpenPages because it unifies segmented risk management tasks into a single, highly visual interface. It makes use of a variety of IBM technologies and capabilities, such as Watson Assistant, Watson Natural Language Translator, and IBM Cloud Pak for Data, to reduce the requirement for user training and enable organizations to standardize and automate their responses to GRC concerns.
The governance compliance and risk management software market report table of contents includes:
1. Executive Summary
2. Governance, Compliance And Risk Management Software Market Characteristics
3. Governance, Compliance And Risk Management Software Market Trends And Strategies
4. Governance, Compliance And Risk Management Software Market – Macro Economic Scenario
5. COVID-19 Impact On Governance, Compliance And Risk Management Software Market
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26. Africa Governance, Compliance And Risk Management Software Market
27. Governance, Compliance And Risk Management Software Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Governance, Compliance And Risk Management Software Market
29. Governance, Compliance And Risk Management Software Market Future Outlook and Potential Analysis
30. Appendix
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