PUBLISHER: The Business Research Company | PRODUCT CODE: 1513238
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513238
Regulatory compliance management software is a specialized tool crafted to aid organizations in efficiently managing regulatory requirements, industry standards, and internal policies. This software expedites compliance operations by offering various functions such as tracking regulatory changes, organizing documents, automating audits, and facilitating reporting. It serves as a centralized platform for effectively monitoring and upholding compliance initiatives.
The primary offerings of regulatory compliance management software comprise solutions and services. The solutions segment encompasses software products engineered to automate, streamline, and oversee compliance processes within organizations. Deployment options include on-premises and cloud-based solutions, catering to organizations of varying sizes such as small and medium enterprises (SMEs) and large enterprises. End-users span across diverse sectors including information and communications technology, construction and engineering, mining, retail, healthcare, transportation and logistics, general manufacturing, banking, financial services, insurance, media and entertainment, among others.
The regulatory compliance management software market research report is one of a series of new reports from The Business Research Company that provides regulatory compliance management software market statistics, including regulatory compliance management software industry global market size, regional shares, competitors with a regulatory compliance management software market share, detailed regulatory compliance management software market segments, market trends and opportunities, and any further data you may need to thrive in the regulatory compliance management software industry. This regulatory compliance management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The regulatory compliance management software market size has grown rapidly in recent years. It will grow from $10.06 billion in 2023 to $11.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth observed during the historic period can be attributed to several factors, including heightened regulatory scrutiny, an increase in data volume, escalating penalties for non-compliance, a surge in cybersecurity threats, and a growing demand for transparency within organizations.
The regulatory compliance management software market size is expected to see rapid growth in the next few years. It will grow to $17.11 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to several factors, including the rising adoption of cloud-based solutions for regulatory compliance management, increasing investments in artificial intelligence (AI) technologies, a growing awareness of the financial impact of non-compliance, and an increasing focus on risk management within organizations. Key trends expected during this period include the incorporation of artificial intelligence into compliance management processes, the widespread adoption of cloud-based solutions for enhanced accessibility and scalability, the integration of mobile accessibility for on-the-go compliance management, the adoption of real-time monitoring capabilities to address compliance issues promptly, and ongoing technological advancements to improve the efficiency and effectiveness of compliance management systems.
The escalating risk of data breaches is poised to drive the growth of the regulatory compliance management software market. Data breaches constitute malicious attempts to disrupt or unlawfully access computer systems or networks, driven by motives such as monetary gain, insufficient cybersecurity skills, and a scarcity of cybersecurity expertise. Regulatory compliance management software aids organizations in mitigating the mounting risk of cyber-attacks by ensuring regulatory compliance, effectively managing risks, enforcing security policies, facilitating incident response, and fostering cybersecurity awareness among employees. For example, in February 2023, the Australian Cyber Security Centre reported receiving 76,000 cybercrime reports in 2022, reflecting a 13% increase from the previous year. Furthermore, in 2021, the United States witnessed 847,376 cybercrime complaints, marking a 7% surge from 2020, with estimated losses exceeding $6.9 billion. Consequently, the burgeoning risk of cyberattacks propels the growth of the regulatory compliance management software market.
Companies operating in the regulatory compliance management software market integrate regulatory technology (regtech) ecosystems with AI-powered regulatory change management (RCM) to stay abreast of regulatory changes, mitigate compliance risks, and ensure ongoing adherence to evolving regulatory requirements. An AI-powered regulatory change management (RCM) solution harnesses artificial intelligence algorithms to automatically monitor, analyze, and interpret regulatory updates from diverse sources, including government agencies, industry publications, and legal databases. For instance, in April 2024, Wolters Kluwer N.V., a Netherlands-based software company, introduced OneSumX Reg Manager, an AI-powered solution designed to assist community banks and credit unions in the United States in enhancing their regulatory change management efforts. It offers comprehensive workflow capabilities to monitor, track, establish, and demonstrate compliance with key state and federal regulations. The platform features automated, structured regulatory content feeds, AI-enabled source libraries and updates, and the capability to map and monitor regulatory changes to mitigate compliance risks.
In October 2021, Orion Advisor Solutions Inc., a US-based technology company, acquired BasisCode Compliance, LLC, for an undisclosed amount. This acquisition aims to fortify Orion Advisor Solutions Inc.'s regulatory compliance capabilities and bolster its position as a technology solutions provider. BasisCode Compliance LLC is a US-based financial services company specializing in providing regulatory compliance software solutions.
Major companies operating in the regulatory compliance management software market are Microsoft Corporation, International Business Machines Corporation, PricewaterhouseCoopers LLP, Oracle Corporation, SAP SE, Deloitte Touche Tohmatsu Limited, Thomson Reuters Corporation, Wolters Kluwer NV, Qualys Inc., Appian Corporation, Diligent Corporation, NAVEX Global Inc., MetricStream Inc., Galvanize Inc., Intelex Technologies Inc., Verse Solutions, Sparta Systems Inc., MasterControl Inc., Resolver Inc., BMI SYSTEM, Convercent Inc., AssurX Inc., BWise, ProcessGene Ltd., LogicManager Inc., Reciprocity Inc., Quantivate LLC
North America was the largest region in the regulatory compliance management software market in 2023. The regions covered in the regulatory compliance management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the regulatory compliance management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The regulatory compliance management software market consists of revenues earned by entities providing services such as regulatory monitoring, risk assessment, and audit management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The regulatory compliance management software market also includes sales of compliance management systems, vendor risk management software, and procedure management software. 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.
Regulatory 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 regulatory 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 regulatory 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 regulatory 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.
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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.