Excerpt from Newstrail Article, Published on Oct 21st, 2024.
The Governance, Risk, and Compliance (GRC) market is projected to witness substantial growth, with an estimated rise from $50 billion in 2024 to an impressive figure by 2032, achieving a CAGR of 13%, according to HTF Market Intelligence’s latest report. The increasing complexity of regulatory requirements, coupled with rising awareness around risk management, has driven businesses across various industries to adopt robust GRC frameworks.
Leading companies like IBM, SAP, RSA, and MetricStream are at the forefront of this growth, offering comprehensive solutions that help organizations manage their regulatory, risk, and compliance functions efficiently. The market is segmented into key areas, including risk, compliance, audit, and policy management, with applications spanning finance, healthcare, IT, and government sectors. Each of these industries faces growing pressure to meet regulatory standards while managing operational risks effectively.
North America remains the dominant market for GRC solutions due to its stringent regulatory environment. However, the Asia-Pacific region is poised for the fastest growth, driven by the region’s increasing focus on digital transformation and evolving compliance standards.
Key drivers for market expansion include the rising need for automated GRC solutions, advanced data analytics, and the growing complexity of global regulations. The study further highlights strategic developments, such as product launches and partnerships by major players, designed to enhance their market presence.
In-depth Five Forces and PESTLE analyses reveal insights into market challenges and opportunities, including supplier bargaining power, threat of new entrants, and technological advancements shaping the future of GRC solutions.
As businesses continue to navigate a complex regulatory landscape, the GRC market is positioned to play a crucial role in helping organizations mitigate risks, ensure compliance, and safeguard their operations.
To delve deeper into this topic, please read the full article on Newstrail.
