PUBLISHER: The Business Research Company | PRODUCT CODE: 1500027
PUBLISHER: The Business Research Company | PRODUCT CODE: 1500027
Compliance management software serves as a crucial tool for organizations to ensure adherence to legal requirements, regulations, and internal policies. By automating compliance processes, this software optimizes operational efficiency and minimizes risks associated with regulatory non-compliance. It covers a wide range of areas including data privacy, financial reporting, environmental regulations, and industry-specific requirements.
The core offerings of compliance management software encompass both software solutions and accompanying services. These software solutions are specifically designed to facilitate and streamline various compliance-related tasks such as policy management, audit tracking, and regulatory reporting. They can be deployed either through cloud-based platforms or on-premises systems, catering to organizations of all sizes including small and medium enterprises as well as large corporations. Moreover, compliance management software finds applications across diverse industries such as banking, financial services, insurance, healthcare, government, retail, manufacturing, and others.
The compliance management software market research report is one of a series of new reports from The Business Research Company that provides compliance management software market statistics, including compliance management software industry global market size, regional shares, competitors with a compliance management software share, detailed compliance management software market segments, market trends, and opportunities, and any further data you may need to thrive in the compliance management software industry. This compliance management software research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The compliance management software market size has grown rapidly in recent years. It will grow from $46.35 billion in 2023 to $52.85 billion in 2024 at a compound annual growth rate (CAGR) of 14%. During the historic period, growth can be attributed to several key factors. These include a rising demand for regulatory compliance solutions, the expanding adoption of IoT (Internet of Things) technologies, the increasing popularity of cloud-based solutions, and a growing emphasis on business agility.
The compliance management software market size is expected to see rapid growth in the next few years. It will grow to $89.93 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The projected expansion is driven by escalating needs for IT security and privacy, heightened demand for digital solutions, increasing vulnerability to cyber threats, and a rising call for regulatory compliance solutions. Key trends anticipated during the forecast period encompass tailored and scalable solutions, adoption of blockchain for compliance monitoring, utilization of collaboration and communication tools, integration within ecosystems, and the establishment of regulatory sandboxes and regulatory technology.
The escalating threat of cyberattacks is anticipated to drive the expansion of the compliance management software market in the foreseeable future. A cyber attack refers to a malicious endeavor to compromise, disrupt, or gain unauthorized access to computer systems, networks, or digital devices. This heightened risk stems from the growing digitization of business operations, increased sophistication of attack methodologies, data monetization trends, and vulnerabilities within supply chains. Compliance management software plays a pivotal role in fortifying cybersecurity resilience by facilitating proactive risk management, ensuring adherence to regulatory standards, streamlining incident response protocols, and mitigating the probability and impact of cyberattacks. For instance, in February 2023, as reported by the Australian Cyber Security Centre, the number of cyber crime reports in 2022 surged to 76,000, marking a 13% increase from the previous year. Consequently, the mounting threat of cyberattacks serves as a catalyst for the expansion of the compliance management software market.
Prominent enterprises within the compliance management software sector are dedicated to pioneering innovative solutions, such as compliance managers, to address the escalating demand for heightened digital compliance and regulatory alignment. A compliance manager simplifies the compliance process for clientele, providing an end-to-end experience spanning from procurement and setup to centralized management and support. For instance, in March 2024, Zoom Video Communications, Inc., a US-based communications technology firm, unveiled its latest offering, the IT Zoom compliance manager, aimed at bolstering digital compliance through an all-encompassing solution. It boasts distinctive features including integrated platform compliance functionalities, archiving capabilities, eDiscovery, legal hold provisions, risk detection mechanisms, data loss prevention measures, automated alerts, task management tools, and comprehensive reporting features, thereby enhancing communications compliance efficiently. This holistic solution is designed to aid organizations in meeting regulatory requisites and mitigating communication compliance risks amidst increasingly stringent regulations and potential threats.
In October 2023, Portside, a US-based provider of aviation software solutions, completed the acquisition of Baldwin Safety and Compliance for an undisclosed sum. This strategic move was aimed at enriching Portside's array of tools and technologies tailored for the aviation industry, with a specific emphasis on strengthening safety management systems (SMS) and delivering essential business functionalities to support aviation operations across various scales. Baldwin Safety and Compliance, a US-based entity specializing in compliance management software, was identified as an ideal acquisition target to bolster Portside's market position and augment its capabilities within the aviation sector.
Major companies operating in the compliance management software market are Microsoft Corporation, Dell Technologies Corporation, International Business Machines Corporation, Oracle Corporation, Systems Applications And Products in Data Processing Societas Europaea, ServiceNow Inc., Diligent Corporation, Qualys Inc., NAVEX Global Inc., MetricStream Inc., Alcumus Group Limited, SAI Global Pty Limited, Enablon, Galvanize Inc., Resolver Inc., ComplianceQuest Inc., Convercent Inc., AssurX Inc., Onspring Technologies LLC, ProcessGene Ltd., Compli Inc., LogicManager Inc., ConvergePoint Inc., Accupoint Software Solutions, 360factors Inc.
North America was the largest region in the compliance management software market in 2023. The regions covered in the compliance management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the compliance management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The compliance management software market consists of revenues earned by entities through services such as policy management, audit management, regulatory reporting, training modules, and risk assessment. The market value includes the value of related goods sold by the service provider or included within the service offering. The compliance management software market also includes sales of compliance management software, learning management systems, zoom compliance managers, and incident management modules. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Compliance Management Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on compliance management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for compliance management software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The compliance management software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.