About Governance Risk and Compliance Platform
Governance, Risk and Compliance (GRC) is a multifaceted and innovative approach where the concerns related to corporate governance, risk management & compliance issues are seen as integrated, aligned & closely related planned activities with a direct impact on business objectives. The main factor that is responsible for the emergence of GRC as a business imperative in the organization is a growing demand for corporate governance, regulatory requirements & compliance. Also, a general approach to risk management is required with a more complex risk environment. Governance, Risk & Compliance (EGRC) consists of different types of software such as audit management, risk management, business continuity, compliance & policy management, information security and data management, and regulatory change management. Moreover, it also includes enterprise risk assessment, financial & IT GRC, financial control management etc.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Companies are also focusing on adopting various organic and inorganic strategies such as new product launches, expansions, acquisitions & partnerships, agreements, and joint ventures to develop novel wellness supplement products, in order to improve their product offerings, satisfy customers’ needs, increase their profitability & expand their market presence. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Governance Risk and Compliance Platform market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Microsoft (United States), BWise (Netherlands), SAS Institute Inc. (United States), IBM Corporation (United States), EMC Corporation (United States), Oracle (United States), SAP SE (Germany), FIS (United States), Thomson Reuters (United States) and Wolters Kluwer (Netherlands) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are MetricStream Inc. (United States), Turnkey consulting (United Kingdom), RSA Archer (United States) and Newport Consulting Group (Seychelles).
Segmentation Overview
AMA Research has segmented the market of Global Governance Risk and Compliance Platform market by Type (Software and Service), Application (BFSI, Construction and engineering, Energy and utilities, Government, Healthcare, Manufacturing, Mining and natural resources, Retail and consumer goods, Telecom and IT, Transportation and logistics and Others) and Region.
On the basis of geography, the market of Governance Risk and Compliance Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service, the sub-segment i.e. Consulting and training will boost the Governance Risk and Compliance Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Software, the sub-segment i.e. Audit management will boost the Governance Risk and Compliance Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. Cloud will boost the Governance Risk and Compliance Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing adoption of AI based technologies and eGRC Solution are trending
Market Growth Drivers:
Mandatory rules and regulations by government for any business Increment in the count of Business Collaborations
Restraints:
Continuous variations in the regulatory policies and Unawareness in some regions
Opportunities:
Growing security concerns related to data breaching and Huge Market for Cloud-Based Businesses
Market Leaders and their expansionary development strategies
In March 2022, Riskonnect, the leader in integrated risk management (IRM) solutions, has acquired Sword GRC, a UK-based software company that specializes in project and enterprise risk management solutions, from Sword Group. The acquisition advances Riskonnect’s IRM approach by uniquely incorporating project risk into its platform and enabling customers to bring all aspects of enterprise risk under one roof.
In April 2023, Deloitte and Workiva’s existing strategic alliance and existing environmental, social and governance (ESG) accelerators, Deloitte announced the release of three new sustainability-focused accelerators to assist with more effective ESG reporting, including Scope 3 emissions calculations and dashboarding, continuous controls monitoring (CCM), and ESG report templating.
Key Target Audience
Manufacturer, Sub-component manufactures, Distributors/Traders/Wholesalers, Industry Association, Downstream Vendors, Governments and investment communities and Research organizations and associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.