Governance, Compliance and Risk Software Market - Forecast(2021 - 2026)

Report Code: ITR 0188 Report Format: PDF + Excel (Delivery in 48 Hrs)

Overview

The Global Governance, Compliance and Risk Software Market is estimated to reach $52.5 billion by 2025, growing at a CAGR of 12.8% from 2020 to 2025. 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 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 (2020-2025)”, 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, Aus 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 2020-2025 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.

By Deployment- Segment Analysis 

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. 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.

By End Users - Segment Analysis

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 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 are widely installed as they improve internal control, continuous audit and fraud prevention. These factors are positively affecting the growth of the market.

Geography - Segment Analysis

Global Governance, Compliance and Risk Software Market is dominated by APAC region with a market share of 34.6% in 2019. The growth 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. 

Drivers – Governance, Compliance and Risk Software Market

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 of 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, 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.

Challenges – Governance, Compliance and Risk Software Market

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.

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

  • August 27, 2019- Reciprocity launched ZenConnect which is a platform-as-a-service (PaaS) platform. It provides compliance and risk management to manage information.
  • June 20, 2018- BOC Group launched GRC 2.5. It is a GRC software for risk and compliance management.
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
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
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
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
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
15.12. Company 11
15.13. Company 12 and More
"*Financials would be provided on a best efforts basis for private companies"
16. Governance, Compliance and Risk Software Market -Appendix
16.1. Abbreviations
16.2. Sources
17. Governance, Compliance and Risk Software Market -Methodology Premium
17.1. Research Methodology
17.1.1. Company Expert Interviews
17.1.2. Industry Databases
17.1.3. Associations
17.1.4. Company News
17.1.5. Company Annual Reports
17.1.6. Application Trends
17.1.7. New Products and Product database
17.1.8. Company Transcripts
17.1.9. R&D Trends
17.1.10. Key Opinion Leaders Interviews
17.1.11. Supply and Demand Trends