The Governance, Compliance And Risk Management Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 growth in the historic period can be attributed to regulatory complexity, risk mitigation needs, corporate governance emphasis, data security concerns, globalization impact.
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 growth in the forecast period can be attributed to evolving regulatory landscape, cybersecurity threats, focus on environmental, social, and governance (ESG) practices, and digital transformation initiatives. Major trends in the forecast period include automated monitoring of third-party risks, data privacy and protection solutions, continuous monitoring and real-time reporting, evolving ESG (environmental, social, governance) compliance solutions, user-friendly and intuitive interfaces.
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. For instance, Cisco Global Cloud Index (2016-2021), 94% of all workload runs on cloud networking and virtualized environment. Furthermore, according to Eurostat, a Luxembourg-based statistical office of the European Union, approximately 41 % of EU enterprises used cloud computing in 2021. Therefore, the rise in the use of cloud-based networking drives the governance, compliance, and risk management software market growth.
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The governance, compliance and risk management software market covered in this report 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
Major companies operating in the governance, compliance, and risk management software market are adopting a strategic partnership approach to make Galvanize’s HighBond platform available to consumers. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in August 2021, Galvanize, a Canada-based SaaS governance, compliance, and risk management software company, announced a partnership with Turnkey Consulting, a UK-based company that offers integrated risk management (IRM), cyber and application security. Turnkey will be able to provide Galvanize’s HighBond platform to clients as part of its entire offering of technology-enabled solutions as a result of the collaboration. Turnkey’s decision to work with Galvanize was influenced by the Highbond platform’s intuitive UI, which was easy and engaging and so more likely to promote user acceptance via the procedure for managing changes. Additionally, Turnkey’s customers will benefit from HighBond’s ability to incorporate data from multiple sources into internal controls and risk management frameworks, saving time and money while experiencing automatic and continuous visibility of their risk and control landscape, allowing them to make better-informed, data-driven decisions. HighBond’s automated capabilities will also enable Turnkey to give timely, up-to-date material to its clients in the face of altering regulatory situations.
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. Global Governance, Compliance And Risk Management Software Market Size and Growth
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26. South America Governance, Compliance And Risk Management Software Market
27. Brazil Governance, Compliance And Risk Management Software Market
28. Middle East Governance, Compliance And Risk Management Software Market
29. Africa Governance, Compliance And Risk Management Software Market
30. Governance, Compliance And Risk Management Software Market Competitive Landscape AndCompany Profiles
Top Major Players:
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