PUBLISHER: The Business Research Company | PRODUCT CODE: 1675529
PUBLISHER: The Business Research Company | PRODUCT CODE: 1675529
Governance, Compliance, and Risk Management Software (GRC software) comprise an integrated suite of tools for establishing and operating an enterprise GRC program. This program serves as a business strategy to manage governance, risk management, and compliance with industry and government standards.
The primary types of components in governance, compliance, and risk management software are software and services. GRC software effectively manages risks in different organizational areas, specifically in the IT sector. Software used in GRC is crucial for addressing risks in organizations, and deployment modes vary, including on-premises, cloud, and hybrid. This software caters to small and medium enterprises (SMEs) as well as large enterprises, serving various industry verticals such as BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, among others.
The governance, compliance, and risk management software market research report is one of a series of new reports from The Business Research Company that provides governance, compliance, and risk management software market statistics, including governance, compliance, and risk management software industry global market size, regional shares, competitors with governance, compliance, and risk management software market share, detailed governance, compliance, and risk management software market segments, market trends and opportunities, and any further data you may need to thrive in the governance, compliance, and risk management software industry. This governance, compliance, and risk 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 governance, compliance and risk management software market size has grown rapidly in recent years. It will grow from $46.02 billion in 2024 to $51.09 billion in 2025 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to regulatory complexity, risk mitigation needs, corporate governance emphasis, data security concerns, globalization impact.
The governance, compliance and risk management software market size is expected to see rapid growth in the next few years. It will grow to $88.46 billion in 2029 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to evolving regulatory landscape, cybersecurity threats, focus on environmental, social, and governance (ESG) practices, and digital transformation initiatives. Major trends in the forecast period include automated monitoring of third-party risks, data privacy and protection solutions, continuous monitoring and real-time reporting, evolving ESG (environmental, social, governance) compliance solutions, user-friendly and intuitive interfaces.
The growing adoption of cloud-based networking is anticipated to drive the governance, compliance, and risk management (GRC) software market's expansion. Cloud networking, which includes on-premises and public cloud solutions, manages network capabilities within organizations. Risk managers, accounts officers, and auditors leverage cloud networking to streamline organizational activities. For example, according to Eurostat, the European Union's statistical office based in Luxembourg, cloud computing adoption among medium-sized enterprises rose to 59% in 2023, up from 53% in 2021. Consequently, the increased use of cloud-based networking is fueling growth in the GRC software market.
The rising frequency of cybersecurity threats is expected to further drive the GRC software market. Cybersecurity threats encompass hostile actions or potential risks that target networks, computers, and digital data to gain unauthorized access, disrupt, damage, or steal information. GRC software is essential in modern cybersecurity, streamlining processes and strengthening security. It unifies governance, compliance, and risk management into one platform. For instance, in November 2022, the Australian Signals Directorate's Cyber Security Centre, responsible for overseeing the Australian government's cybersecurity efforts, reported over 76,000 cybercrime incidents-a 13% increase from the previous year-equivalent to one incident every seven minutes, compared to every eight minutes previously. Thus, the rising cybersecurity threats are bolstering demand for GRC software.
The automation of GRC programs through specialized software applications is reshaping the industry. GRC software assists companies in managing relevant documentation and processes to ensure optimal productivity and preparation. In August 2022, NAVEX Global, Inc., a US-based GRC software company, introduced the NAVEX One platform, a groundbreaking innovation in the governance, risk, and compliance (GRC) domain. This platform facilitates precise risk and compliance-related communication between staff members, external partners, and program managers, overcoming language barriers for businesses with international operations. The incorporation of secure machine translation into NAVEX One, powered by artificial intelligence, enhances communication efficiency by allowing GRC professionals to translate information, assessments, and responses directly from the user interface.
Leading companies in the governance, compliance, and risk management software market are focusing on developing user-friendly interfaces to improve usability and accessibility. These software platforms are increasingly emphasizing intuitive designs and simplified navigation to streamline compliance processes and enhance risk management. For example, in April 2023, Quantivate, a US-based software company, introduced Quantivate Now, a governance, risk, and compliance (GRC) solution. Quantivate Now is an advanced GRC platform aimed at providing organizations with a comprehensive tool for managing governance, risk, and compliance activities in real-time. This solution features a user-friendly interface that allows teams to easily navigate risk assessments, regulatory requirements, and policy management. With built-in analytics and reporting capabilities, Quantivate Now enables organizations to gain actionable insights into their risk landscape, improve collaboration among stakeholders, and ensure compliance with obligations.
In April 2022, Riskonnect, Inc., a US-based company specializing in integrated risk management (IRM) solutions, acquired Sword GRC for an undisclosed amount. This acquisition enhances Riskonnect's IRM mission by seamlessly incorporating project risk capabilities into its platform, allowing clients to centralize all elements of business risk. The merger advances both companies' global growth goals and enables Riskonnect to penetrate new major vertical and regional markets. Sword GRC, a UK-based governance, risk, and compliance software company, specializes in project and organizational risk management solutions.
Major companies operating in the governance, compliance and risk management software market include International Business Machines, Oracle Corporation, SAP SE, ServiceNow Inc., NICE Ltd., Software AG, Workiva Inc., OneTrust LLC, NAVEX Global Inc., MetricStream, Microsoft Corporation, MEGA International, SAI Global, Riskonnect Inc., Galvanize Inc., Lockpath Inc., Resolver Inc., LogicGate Inc., Quantivate LLC, ProcessUnity Inc., ReadiNow Corporation, ProcessGene Ltd., LogicManager, Sword GRC, ZenGRC, Convercent Inc., Cura Software Solutions, Ideagen Plc, MasterControl Inc.
Asia-Pacific was the largest region in the governance, compliance and risk management software market in 2024. The regions covered in the governance, compliance and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the governance, compliance and risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The governance, compliance, and risk management software market includes revenues earned by entities by providing software tools that automate the processes of identifying risks, adhering to regulations, developing company policies, lowering costs, and expanding business potential. The governance, compliance, and risk management software (GRC software) is used by risk managers, accounts officers, and auditors to simplify their activities in an organization. The GRC software deals with audit management, Internal policy management, compliance management, risk and incidence management, and information security management. 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.
Governance, Compliance And Risk Management Software Global Market Report 2025 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 governance, compliance and risk 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 governance, compliance and risk 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 governance, compliance and risk 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.