The regulatory compliance management software market size is expected to see rapid growth in the next few years. It will grow to $17.11 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to rising adoption of cloud-based solutions, increasing investments in AI, growing awareness of the financial impact of non-compliance, and increasing focus on risk management. Major trends in the forecast period include the incorporation of artificial intelligence, cloud-based solutions, mobile accessibility, the adoption of real-time monitoring, and technological advancements.
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Segmentation & Regional Insights
The regulatory compliance management software market covered in this report is segmented –
1) By Offerings: Solutions, Services
2) By Deployment Type: On-Premises, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By End Users: Information And Communications Technology, Construction And Engineering, Mining, Retail, Healthcare, Transportation And Logistics, General Manufacturing, Banking, Financial Services, And Insurance, Media And Entertainment, Other End-Users
North America was the largest region in the regulatory compliance management software market in 2023. The regions covered in the regulatory 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 growing risk of data breaches is expected to propel the growth of the regulatory compliance management software market going forward. Data breaches are malicious attempts to disrupt or gain unauthorized access to computer systems or networks. The risk of data breaches includes the pursuit of monetary gain, insufficient cybersecurity skills, and a shortage of cybersecurity expertise. Regulatory compliance management software assists organizations in mitigating the growing risk of cyber-attacks by ensuring regulatory compliance, effectively managing risks, enforcing security policies, facilitating incident response, and incorporating cybersecurity awareness among employees. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Furthermore, in 2021, according to the Internet Crime Complaint Center, a US-based government organization, the United States witnessed 847,376 cybercrime complaints, marking a 7% surge from 2020, with estimated losses surpassing $6.9 billion. Therefore, the growing risk of cyberattacks drives the growth of the regulatory compliance management software market.
Key Industry Players
Major companies operating in the regulatory compliance management software market are Microsoft Corporation, International Business Machines Corporation, PricewaterhouseCoopers LLP, Oracle Corporation , SAP SE, Deloitte Touche Tohmatsu Limited, Thomson Reuters Corporation, Wolters Kluwer NV, Qualys Inc., Appian Corporation, Diligent Corporation, NAVEX Global Inc., MetricStream Inc., Galvanize Inc., Intelex Technologies Inc., Verse Solutions, Sparta Systems Inc., MasterControl Inc., Resolver Inc., BMI SYSTEM, Convercent Inc., AssurX Inc., BWise, ProcessGene Ltd., LogicManager Inc., Reciprocity Inc., Quantivate LLC
The regulatory compliance management software market report table of contents includes:
1. Executive Summary
2. Regulatory Compliance Management Software Market Characteristics
3. Regulatory Compliance Management Software Market Trends And Strategies
4. Regulatory Compliance Management Software Market – Macro Economic Scenario
5. Global Regulatory Compliance Management Software Market Size and Growth
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32. Global Regulatory Compliance Management Software Market Competitive Benchmarking
33. Global Regulatory Compliance Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Regulatory Compliance Management Software Market
35. Regulatory Compliance Management Software Market Future Outlook and Potential Analysis
36. Appendix
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