Governance Risk And Compliance Platform Global Market Trends and Growth Drivers Trends Analysis, Demand and Forecasts 2033 | Informatica Inc., Workiva Inc., OneTrust LLC, NAVEX Global Inc., MetricStream Inc.

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Governance Risk And Compliance Platform Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $87.12 billion In 2028 At A CAGR Of 14.9% :

The governance risk and compliance platform market size has grown rapidly in recent years. It will grow from $43.70 billion in 2023 to $50.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the emergence of ESG and sustainability mandates, third-party risk management challenges, digital transformation initiatives, corporate governance enhancements, and risk management imperatives.

The governance risk and compliance platform market size is expected to see rapid growth in the next few years. It will grow to $87.12 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to increasing regulatory complexity, rising adoption of cloud services, increasing stakeholder expectations, demand for analytics and reporting, and the need for integrated risk management. Major trends in the forecast period include the integration of AI and automation, user-friendly interfaces, vendor risk management, predictive analytics, and reporting, scalability and flexibility.

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Governance Risk And Compliance Platform Market Major Segments
The governance risk and compliance platform market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Model: On-Premises, Cloud
3) By Application: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
4) By Industry Vertical: Banking, Financial Services, and Insurance, Construction And Engineering, Energy And Utilities, Government, Healthcare, Manufacturing, Retail And Consumer Goods, Telecommunication And Information Technology, Transportation And Logistics, Other Industry Verticals

Key Driver - Automotive Sector Boosts Bi-Metal And Carbide-Tipped Band Saw Blades Market

The increasing number of cyber threats is expected to propel the growth of the governance risk and compliance platform market going forward. Cyber threats refer to malicious activities that target computer systems, networks, and digital data, posing risks such as data breaches, malware infections, and unauthorized access. The rising risk of cyber threats is attributed to various factors, including increasing connectivity, digitalization of business processes, reliance on technology, the sophistication of cybercriminals, and software and hardware systems vulnerabilities. Governance risk and compliance platforms help organizations mitigate the increasing number of cyber threats by providing centralized control, monitoring, and response mechanisms for cybersecurity risks and compliance requirements. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime impacted 11% of businesses and 8% of charities overall in 2022. Additionally, this figure rose to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. Furthermore, 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. Therefore, the increasing number of cyber threats is driving the growth of the governance risk and compliance platform market.

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Prominent Trend - Emergence Of Cloud-Native Data Governance Solutions

Major companies operating in the governance risk and compliance platform market focus on developing innovative solutions, such as cloud-native data governance solutions, to address the growing demand for comprehensive risk management and regulatory compliance measures. A cloud-native data governance solution is a platform designed to manage, protect, and optimize data assets within cloud environments. For instance, in September 2021, Microsoft Corporation, a US-based technology company, introduced Azure Purview, an advanced cloud-native data governance solution designed to help organizations of any size oversee and manage their on-premises, multi-cloud, and software as a service (SaaS) data effectively. Azure Purview offers a unified platform integrating data governance, compliance, and risk management tools, providing a comprehensive view of an organization's data landscape for better control, security, and compliance with regulatory requirements.

Governance Risk And Compliance Platform Market Players
Major companies operating in the governance risk and compliance platform market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer N.V., Informatica Inc., Workiva Inc., Diligent Corporation, OneTrust LLC, NAVEX Global Inc., MetricStream Inc., LogicGate Inc., Resolver Inc., Aravo Solutions Inc., ProcessUnity Inc., LogicManager Inc., Quantivate LLC, ComplianceQuest Inc., Optial Corporation, SAI Global Limited, ProcessGene Ltd., Enablon

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Largest And Fastest Growing Region In The Market
North America was the largest region in the governance risk and compliance platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the governance risk and compliance platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Governance Risk And Compliance Platform Market Report Structure
3. Governance Risk And Compliance Platform Market Trends And Strategies
4. Governance Risk And Compliance Platform Market - Macro Economic Scenario
5. Governance Risk And Compliance Platform Market Size And Growth
…..
27. Governance Risk And Compliance Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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