Governance, Compliance and Risk Software Market Size Expected to Reach US $55.0 Billion by 2026
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.
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.
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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.
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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
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.
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