Governance, Compliance and Risk Software Market - Forecast(2022 - 2027)

Report Code: ITR 0188 Report Format: PDF + Excel

Governance, Compliance and Risk Software Market Overview

The Global Governance, Compliance and Risk Software Market is estimated to reach $55.0 billion by 2026, growing at a CAGR of 12.1% from 2021 to 2026. The governance, compliance and risk software also known as GRC software is an application that establishes enterprise policies by streamlining the process of assessing risks thereby increasing opportunities and reducing costs and business complexities for business improvement. In IT firms risks associated with the use, ownership, operation, involvement, influence and adoption of IT are mitigated by using governance, compliance and risk software. The increase in the growth of blockchain technologies in the emerging enterprises, IT firms along with the requirement of governance, compliance and risk software for protecting their privacy protocols are predominantly driving the growth of the market.

Report Coverage

The report: “Governance, Compliance and Risk Software Market – Forecast (2021-2026)”, by Industry ARC covers an in-depth analysis of the following segments of Governance, Compliance and Risk Software Market.

By Component - Solution, Services

By Type- Policy Management, Compliance Management, Audit Management, Incident Management, Risk Management, Others.

By Organization Size - Small & Medium Enterprises, Large Enterprises

By Deployment - On-premises, Cloud, Hybrid

By End Users    - IT and Telecommunication, BFSI, Retail, Healthcare, Government, Energy and Utilities, Manufacturing, Transportation and Logistics and Others.

By Geography  - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), and RoW (Middle east and Africa)

Key Takeaways

  • Rise in cyber threats, data thefts, risks and audit security in an organization along with wide adoption of GRC software to reduce business complexities and manage cyber threats, data thefts are driving the growth of the market.
  • Cloud based deployment is dominating the market owing to its cost effectiveness and upsurge in cloud deployment by most of the end users globally.
  • APAC is expected to dominate the global Governance, Compliance and Risk Software Market in the forecast period 2021-2026 owing the rising use of cloud based networking and growth in new enterprises among which IT firms are the major ones with high risk of vulnerabilities are driving the growth of the market.
                                                      Governance, Compliance and Risk Software Market, By Deployment Type, 2020


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Governance, Compliance and Risk Software Market Segment Analysis –By Deployment Type

By deployment Governance, Compliance and Risk Software Market is segmented into On-premises and cloud based and Hybrid. Cloud GRC software is witnessing a significant growth in the market at 15.4% CAGR. The cloud based GRC software allows management of IT operations and integration in a cost effective way as compared to the hybrid and on –premises deployment. Owing to this benefit of easy integration and cost effectiveness the cloud based GRC are procured by most of the small and medium enterprises thereby fueling the growth of the market. Furthermore, the upsurge of Software as a Service (SaaS) GRC software has also driven the growth of the market. The SaaS GRC software does not need any hardware to host the application thereby reducing the operational expenses. These factors are driving the growth of the market.

Governance, Compliance and Risk Software Market Segment Analysis –By End Users

By End Users the market is segmented into IT and Telecommunication, BFSI, Retail, Healthcare, Government, Energy and Utilities, Manufacturing, Transportation and Logistics and Others. BFSI sector is witnessing significant growth in the market at 14.2% CAGR through 2026 owing to the upsurge in adoption of GRC software for improvement of foreign exchange risk, interest rate risk along with managing money. The GRC software enhances the risk and compliance initiatives in more effective and efficient ways owing to which it is used in BFSI. Furthermore, it manages project risk and governs investments. In the modern banking and financial system the GRC software is widely installed as they improve internal control, continuous audit and fraud prevention. These factors are positively affecting the growth of the market.

Governance, Compliance and Risk Software Market Segment Analysis – By Geography

Global Governance, Compliance and Risk Software Market is dominated by APAC region with a market share of 34.9% in 2020. The growth of developing economies in the APAC region are more vulnerable towards data theft, cyber-attacks and other financial data stealing. These factors have projected the demand for installation of GRC software in these new enterprises. The increased regulations and new expectations for corporate governance are also continuously fueling the growth of GRC software in the APAC region. In many organizations supervisory functions are still relatively low owing to which the agenda for adoption of GRC software in these organizations are very high across the region. The developing enterprises have a need to tackle overall business complexity, desire to reduce cost, need to avoid ethical and reputational scandals owing to which GRC software is positively adopted in this region as it helps to reduce these complexities and helps in overall business functions thereby driving the growth of the market. 

Governance, Compliance and Risk Software Market Drivers

Rise in adoption of more secured and integrated software technologies for business applications:

Rise in adoption of more secured and integrated software tools for storing financial records like blockchain are driving the growth of the market. The use of GRC software for the various applications are adapted by most of the end users like BFSI, government sector, construction and real estate owing to security Purposes and data transparency. Most of the banking and financial companies are adopting the GRC software to keep their financial data records and keep their audit secure by protecting their data from risks and theft efficiently. Rapid transactions, low infrastructure cost along with reduced cost of ownership are also driving the market growth. Furthermore, the increase in usage of GRC software as it is replacing spreadsheets and other manual documentation eliminating the inaccuracies for keeping financial records predominantly in the BFSI sector are also boosting the growth of the market.

Growth in cloud computing, GRC software and vulnerability assessment:

The growth of IT and telecommunication industries have led to the growth of cloud computing and block chain technologies have driven the growth of GRC software. According to the International Trade Administration In 2018, 50% of enterprises with more than 1000 users are using products provided by Cloud Access Security Broker (CASB) to monitor and manage their use of software as service and forms of public cloud in the U.S. The use of cloud computing has increased the risk of threats over the cloud networks. As the cloud managed services are best suited for use in the various IT firms due to their high speed internet and cost effectiveness, most of the organizations are adopting cloud based networks to integrate their infrastructural activities which have increased the risk of data thefts. Owing to these factors there is surge in adoption of GRC software to reduce these business complexities and protect the data in the cloud networks from hacking or stealing thereby driving the growth of the market. Furthermore, the use of software and vulnerability assessment has also driven the growth of the market.

Governance, Compliance and Risk Software Market Challenges

Cost and installation related challenges:

The governance, compliance and risk software are nowadays important for organizations and are installed in most of the enterprises at a global level but there are cost related challenges. The cost of GRC software is high owing to which many small enterprises in the developing countries are still using the traditional method of data management like spreadsheets. Moreover, the installation of GRC software require skilled person who have experience with GRC installation. These factors are hindering the growth of the market.

Governance, Compliance and Risk Software Market Landscape

Governance, Compliance and Risk Software Market is dominated by major companies such as IBM Corporation, Microsoft Corporation, SAP SE, Lockpath Inc., SAS Institute Inc., Metric Steam Inc., LogicManager Inc., Oracle Corporation, RSA Security LLC, Thomson Reuters among others.

Acquisitions/Technology Launches

In August 2019, Reciprocity launched ZenConnect which is a platform-as-a-service (PaaS) platform. It provides compliance and risk management to manage information

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1. Governance, Compliance and Risk Software Market - Overview
    1.1. Definitions and Scope
2. Governance, Compliance and Risk Software Market - Executive summary
    2.1. Market Revenue, Market Size and Key Trends by Company
    2.2. Key Trends by type of Application
    2.3. Key Trends segmented by Geography
3. Governance, Compliance and Risk Software Market 
    3.1. Comparative analysis
        3.1.1. Product Benchmarking - Top 10 companies
        3.1.2. Top 5 Financials Analysis
        3.1.3. Market Value split by Top 10 companies
        3.1.4. Patent Analysis - Top 10 companies
        3.1.5. Pricing Analysis 
4. Governance, Compliance and Risk Software Market – Startup companies Scenario Premium Premium
    4.1. Top 10 startup company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Market Shares
        4.1.4. Market Size and Application Analysis
        4.1.5. Venture Capital and Funding Scenario
5. Governance, Compliance and Risk Software Market – Industry Market Entry Scenario Premium Premium
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing business index
    5.3. Case studies of successful ventures
    5.4. Customer Analysis – Top 10 companies
6. Governance, Compliance and Risk Software Market Forces
    6.1. Drivers
    6.2. Constraints
    6.3. Challenges
    6.4. Porters five force model
        6.4.1. Bargaining power of suppliers
        6.4.2. Bargaining powers of customers
        6.4.3. Threat of new entrants
        6.4.4. Rivalry among existing players
        6.4.5. Threat of substitutes 
7. Governance, Compliance and Risk Software Market -Strategic analysis
    7.1. Value chain analysis
    7.2. Opportunities analysis
    7.3. Product life cycle
    7.4. Suppliers and distributors Market Share
8. Governance, Compliance and Risk Software Market – By Deployment (Market Size -$Million / $Billion)
    8.1. Market Size and Market Share Analysis 
    8.2. Application Revenue and Trend Research
    8.3. Product Segment Analysis
        8.3.1. Introduction
        8.3.2. On - Cloud
        8.3.3. On - Premise 
        8.3.4. Hybrid
9. Governance, Compliance and Risk Software Market – By Software (Market Size -$Million / $Billion)
    9.1. Introduction
    9.2. Compliance Management
    9.3. Audit Management
    9.4. Risk Management
    9.5. Policy Management 
10. Governance, Compliance and Risk Software – By End User (Market Size -$Million / $Billion)
    10.1. Segment type Size and Market Share Analysis 
    10.2. Application Revenue and Trends by type of Application
    10.3. Application Segment Analysis by Type
        10.3.1. Introduction
        10.3.2. BFSI
        10.3.3. Telecom and IT
        10.3.4. Retail and Consumer Goods
        10.3.5. Healthcare
        10.3.6. Government   
        10.3.7. Energy and Utilities
        10.3.8. Manufacturing 
        10.3.9. Transportation and Logistics
        10.3.10. Others
11. Governance, Compliance and Risk Software - By Geography (Market Size -$Million / $Billion)
    11.1. Governance, Compliance and Risk Software Market - North America Segment Research
    11.2. North America Market Research (Million / $Billion)
        11.2.1. Segment type Size and Market Size Analysis 
        11.2.2. Revenue and Trends
        11.2.3. Application Revenue and Trends by type of Application
        11.2.4. Company Revenue and Product Analysis
        11.2.5. North America Product type and Application Market Size
            11.2.5.1. U.S.
            11.2.5.2. Canada 
            11.2.5.3. Mexico 
            11.2.5.4. Rest of North America
    11.3. Governance, Compliance and Risk Software - South America Segment Research
    11.4. South America Market Research (Market Size -$Million / $Billion)
        11.4.1. Segment type Size and Market Size Analysis 
        11.4.2. Revenue and Trends
        11.4.3. Application Revenue and Trends by type of Application
        11.4.4. Company Revenue and Product Analysis
        11.4.5. South America Product type and Application Market Size
            11.4.5.1. Brazil  
            11.4.5.2. Venezuela
            11.4.5.3. Argentina
            11.4.5.4. Ecuador
            11.4.5.5. Peru
            11.4.5.6. Colombia 
            11.4.5.7. Costa Rica
            11.4.5.8. Rest of South America
    11.5. Governance, Compliance and Risk Software - Europe Segment Research
    11.6. Europe Market Research (Market Size -$Million / $Billion)
        11.6.1. Segment type Size and Market Size Analysis 
        11.6.2. Revenue and Trends
        11.6.3. Application Revenue and Trends by type of Application
        11.6.4. Company Revenue and Product Analysis
        11.6.5. Europe Segment Product type and Application Market Size
            11.6.5.1. U.K  
            11.6.5.2. Germany 
            11.6.5.3. Italy 
            11.6.5.4. France
            11.6.5.5. Netherlands
            11.6.5.6. Belgium
            11.6.5.7. Spain
            11.6.5.8. Denmark
            11.6.5.9. Rest of Europe
    11.7. Governance, Compliance and Risk Software – APAC Segment Research
    11.8. APAC Market Research (Market Size -$Million / $Billion)
        11.8.1. Segment type Size and Market Size Analysis 
        11.8.2. Revenue and Trends
        11.8.3. Application Revenue and Trends by type of Application
        11.8.4. Company Revenue and Product Analysis
        11.8.5. APAC Segment – Product type and Application Market Size
            11.8.5.1. China 
            11.8.5.2. Australia
            11.8.5.3. Japan 
            11.8.5.4. South Korea
            11.8.5.5. India
            11.8.5.6. Taiwan
            11.8.5.7. Malaysia
12. Governance, Compliance and Risk Software Market - Entropy
    12.1. New product launches
    12.2. M&A's, collaborations, JVs and partnerships
13. Governance, Compliance and Risk Software Market – Industry / Segment Competition landscape Premium Premium
    13.1. Market Share Analysis
        13.1.1. Market Share by Country- Top companies
        13.1.2. Market Share by Region- Top 10 companies
        13.1.3. Market Share by type of Application – Top 10 companies
        13.1.4. Market Share by type of Product / Product category- Top 10 companies
        13.1.5. Market Share at global level- Top 10 companies
        13.1.6. Best Practises for companies
14. Governance, Compliance and Risk Software Market – Key Company List by Country Premium Premium
15. Governance, Compliance and Risk Software Market Company Analysis
    15.1. Market Share, Company Revenue, Products, M&A, Developments
    15.2. EMC-RSA
    15.3. IBM
    15.4. Metric Stream
    15.5. RSA Archer
    15.6. Risk Vision
    15.7. Lock path
    15.8. LogicManager
    15.9. Riskonnect
    15.10. SAP GRC
    15.11. Company 10
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