The global governance risk and compliance platform market size is expected to grow by USD 28.75 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Governance Risk and Compliance Platform Market 2020-2024 (Graphic: Business Wire).
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The quick and easy deployment of GRC policies is one of the primary factors for the government risk and compliance platform market growth. GRC policies are deployed to control the use of sensitive information. The regulatory demands, increasing costs, and new business requirements result in constant policy changes, which increases the need to deploy policies quickly to allow organizations to make better business decisions. The cloud-based GRC solutions centralizes all GRC policies across various information sources including enterprise content management systems, databases and data warehouses, and email systems. This allows enterprises to update existing policies or enforce new ones without disrupting regular business operations.
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As per Technavio, the emergence of social media governance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Governance Risk And Compliance Platform Market: Emergence of Social Media Governance
Enterprises are starting to incorporate social media content in the policy definition and enforcement, owing to increased use and popularity of social media among customers, employees, and partners. Several vendors already offer automated solutions for data collection and help in selecting, executing, and monitoring social media tools. With organizations increasingly focusing on the digitalization of their businesses to remain competitive in the market, the emergence of social media governance will be one of the major trends that will gain traction in the governance risk management and compliance platform market.
"Other factors such as the rise of cloud-based e-Discovery solution market, and the integration of GRC platform with third-party platform technologies will have a significant impact on the growth of the governance risk and compliance platform market value during the forecast period," says a senior analyst at Technavio.
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Governance Risk And Compliance Platform Market: Segmentation Analysis
This market research report segments the governance risk and compliance platform market by deployment (on-premise and cloud-based) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the governance risk and compliance platform market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the adoption of risk management solutions such as risk analytics to handle risks related to credit cards and fraud detection.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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