The regulatory compliance management software global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Regulatory Compliance Management Software Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The regulatory compliance management software market size has grown rapidly in recent years. It will grow from $10.06 billion in 2023 to $11.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to increased regulatory scrutiny, growth in data volume, increased penalties for non-compliance, a rise in cybersecurity threats, and increased demand for transparency.
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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Scope Of Regulatory Compliance Management Software MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Regulatory Compliance Management Software Market Overview
Market Drivers -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.
Market Trends – Companies operating in the regulatory compliance management software market integrate regulatory technology (regtech) ecosystems with AI-powered regulatory change management (RCM) to stay ahead of regulatory changes, reduce compliance risks, and ensure ongoing adherence to evolving regulatory requirements. An AI-powered regulatory change management (RCM) solution leverages artificial intelligence algorithms to automatically monitor, analyze, and interpret regulatory updates from various sources, such as government agencies, industry publications, and legal databases. For instance, in April 2024, Wolters Kluwer N.V., a Netherlands-based software company, launched OneSumX Reg Manager, an AI-powered solution to help community banks and credit unions in the United States improve their efforts to manage regulatory changes. It provides comprehensive workflow capability to monitor, track, establish, and show compliance with key state and federal regulations. The platform offers automated, structured regulatory content feeds, AI-enabled source libraries and updates, and the ability to map and monitor regulatory changes to minimize compliance risks.
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
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Regional Insights – 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.
Key Companies – 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
Table of Contents 1. Executive Summary2. Regulatory Compliance Management Software Market Report Structure3. Regulatory Compliance Management Software Market Trends And Strategies4. Regulatory Compliance Management Software Market – Macro Economic Scenario5. Regulatory Compliance Management Software Market Size And Growth…..27. Regulatory Compliance Management Software Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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