BANGALORE, India, Aug. 2, 2022 /PRNewswire/ -- The Global GRC Market is Segmented by Type (Cloud-based, On-Premise), by Application (Large Enterprises, SMEs)): Opportunity Analysis and Industry Forecast, 2022–2028.
The global Governance, Risk Management, and Compliance (GRC) market size is projected to reach USD 1881.9 Million by 2028, from USD 1284.2 Million in 2021, at a CAGR of 5.5% during 2022-2028.
Major Factors Driving the Growth of the GRC Market:
Growing government intervention, the rising need for risk management, and the advent of AI-enabled solutions will drive the growth of the market during the forecast period.
The benefits of GRC software with respect to compliance and risk assessment will fuel its adoption thereby surging the market growth.
TRENDS INFLUENCING THE GLOBAL GRC MARKET
The use of digital data such as personally identifiable information has huge business potential and risk of abuse. Therefore it becomes increasingly important for government authorities and international agencies to pay a close eye to how digital businesses are managing their data. GRC enables companies to manage access risks and information security threats. This presents excellent growth opportunities for the GRC market. It implements remedial plans to address software vulnerabilities and poor employee password practices. GRC enforces critical policy checks and segregates duties to prevent critical access violations. Companies struggling with any risky event or compliance failure can look up to these tools to develop effective frameworks and tightly regulated logging IDs for synchronized and auditable structures.
The increasing incidences of government interventions in corporate functions to ensure fair trade practices positively impact the GRC market trends. Businesses operate at huge speeds and at a massive scale. They require timely insights into operations and compliance standings. Adhering to new and updated regulatory policies without hampering day-to-day business operations is the need of the hour. Compliance tools have dynamic dashboards and advanced reporting capabilities which update in real-time. This directly assists in executive-level visibility into operational activities.
AI revolutionizes the scope and functioning of GRC management solutions. NLP and machine learning algorithms enable leaders to gauge risks and make recommendations based on predictive analytics. GRC deploys a fully customizable approach for ensuring compliance with internal and external regulations.
GRC helps in preventing errors and fraud via real-time scans of business data. Automated alerts are sent out for corruption, warranty fraud, suspicious transactions, unauthorized access, and mishandling of consumer data. Moreover, auditing ensures all private and sensitive information complies with regulations such as SOX, HIPAA, GDPR, PCI/DSS, SOC2, etc. This is facilitating the growth of the GRC market. It enforces a culture of uniformity and consistency across several industrial departments. This leads to a simplified process with automated inspection capability and enhanced management visibility.
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GRC MARKET SHARE
Based on application, the large enterprise segment is expected to dominate in the GRC market share owing to increasing cases of data access violations, cybercrimes, and financial fraud. Big companies are struggling with huge volumes of data necessitating the need for GRC solutions.
Based on type, the cloud-based segment will be the most lucrative during the forecast period due to easy scalability at low cost, optimal reliability, security, and ease of use.
Based on region, Asia Pacific will witness the highest growth in the GRC market share as emerging economies like India and China are incorporating AI and ML components to drive the growth.
- Dell (RSA Security)
- Software AG
- ACL GRC
- SAI Global
- SAS Institue
- Enablon (Wolters Kluwer)
- Sword Active Risk
- Check Point Software
- MEGA International
- Reciprocity ZenGRC.
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- The global Enterprise Governance, Risk and Compliance (EGRC) market size is projected to reach USD 68350 Million by 2028, from USD 29850 Million in 2021, at a CAGR of 12.3% during 2022-2028.
- The global Governance Risk and Compliance Platform market size is projected to reach USD 1881.9 Million by 2028, from USD 1284.2 Million in 2021, at a CAGR of 5.5% during 2022-2028.
- The global Governance, Risk Management and Compliance (GRC) Software market size is projected to reach USD 1881.9 Million by 2028, from USD 1284.2 Million in 2021, at a CAGR of 5.5% during 2022-2028.
- The global Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4% during 2022-2028.
- The global IoT Data Governance market size is projected to reach USD 172230 Million by 2028, from USD 56720 Million in 2021, at a CAGR of 16.9% during 2022-2028.
- The global Master Data Management (MDM) market size is projected to reach USD 10940 Million by 2028, from USD 4634 Million in 2021, at a CAGR of 12.9% during 2022-2028.
- The global Identity Governance and Administration market size is projected to reach USD 6621 Million by 2028, from USD 3336.3 Million in 2021, at a CAGR of 9.8% during 2022-2028.
- The global Fraud Detection and Prevention (FDP) market size is projected to reach USD 45800 Million by 2028, from USD 16390 Million in 2021, at a CAGR of 15.3% during 2022-2028.
- The global Enterprise Resource Planning (ERP) Software market size is projected to reach USD 60110 Million by 2027, from USD 40830 Million in 2020, at a CAGR of 5.7% during 2021-2027.
- The global Legal Services market size is projected to reach USD 823940 Million by 2027, from USD 680630 Million in 2020, at a CAGR of 2.3% during 2021-2027.
- The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027.
- The global Legal Practice Management Software market size is projected to reach USD 4019.3 Million by 2028, from USD 1724 Million in 2021, at a CAGR of 12.7% during 2022-2028.
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