Connect with us

Technology

Governance Risk and Compliance (GRC) Platform Market size is set to grow by USD 37.63 billion from 2024-2028, Increased need to comply with regulatory requirements boost the market, Technavio

Published

on

NEW YORK, June 14, 2024 /PRNewswire/ — The global governance risk and compliance (GRC) platform market size is estimated to grow by USD 37.63 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.64% during the forecast period. Increased need to comply with regulatory requirements is driving market growth, with a trend towards integration of GRC platform with third-platform technologies. However, increasing data security concerns poses a challenge. Key market players include ACL Services Ltd. dba Galvanize, Check Point Software Technologies Ltd., Corporater AS, Fidelity National Information Services Inc., International Business Machines Corp., LogicManager Inc., Mega International SA, MetricStream Inc., Microsoft Corp., Mitratech Holdings Inc., NAVEX Global Inc., OneTrust LLC, Oracle Corp., Robert Half International Inc., SAI Global Pty. Ltd., SAP SE, SAS Institute Inc., Software AG, Thomson Reuters Corp., and Wolters Kluwer NV.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Governance Risk And Compliance (GRC) Platform Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 13.64%

Market growth 2024-2028

USD 37633.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

11.73

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 39%

Key countries

US, UK, China, Germany, and India

Key companies profiled

ACL Services Ltd. dba Galvanize, Check Point Software Technologies Ltd., Corporater AS, Fidelity National Information Services Inc., International Business Machines Corp., LogicManager Inc., Mega International SA, MetricStream Inc., Microsoft Corp., Mitratech Holdings Inc., NAVEX Global Inc., OneTrust LLC, Oracle Corp., Robert Half International Inc., SAI Global Pty. Ltd., SAP SE, SAS Institute Inc., Software AG, Thomson Reuters Corp., and Wolters Kluwer NV

 

Market Driver

The GRC market is evolving, with a focus on better business performance beyond just compliance. Cloud computing simplifies GRC execution with centralized control, SLA-backed agreements, and cost savings. File analysis, a big data trend, helps manage unstructured data and extract valuable insights. IBM, HP, and storage providers offer GRC solutions for unstructured data. Machine learning prioritizes data for review, driving GRC market growth. 

The Governance, Risk, and Compliance (GRC) platform market is witnessing significant growth due to the increasing importance of managing risks and ensuring compliance in businesses. Companies are investing in advanced technology solutions to automate GRC processes and improve efficiency. The use of artificial intelligence and machine learning is becoming increasingly popular in GRC platforms to help identify and mitigate risks in real-time.

Additionally, the integration of machine learning models with predictive analytics is enabling organizations to anticipate potential risks and take proactive measures. The market for GRC platforms is expected to continue growing as more businesses recognize the need for effective risk management and compliance. Key features of these platforms include policy management, risk assessment, incident management, and reporting. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The Global GRC Platform Market faces challenges due to data security concerns in using cloud technologies. Cloud services, while convenient, increase vulnerability as they are accessible from outside premises and involve multi-tenant architectures. The COVID-19 crisis has led to an increase in security breaches and privacy invasions, making organizations wary of sharing sensitive data. To address these issues, there is a need for robust incident response models and strong data security assurances. These factors may hinder the market’s growth during the forecast period.The Governance Risk and Compliance (GRC) platform market faces several challenges in implementing and managing effective solutions. One challenge is integrating various systems and processes from different sources, such as machine learning and predictive analytics, into a unified platform. Another challenge is ensuring the accuracy and reliability of data, especially in large and complex organizations.Additionally, keeping up with regulatory changes and maintaining compliance can be a significant challenge for many businesses. Furthermore, managing risks associated with third-party vendors and suppliers is also a critical issue. Lastly, ensuring proper training and awareness of GRC policies and procedures among employees is essential to mitigate risks and maintain compliance.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

Deployment 1.1 On-premise1.2 Cloud-basedComponent 2.1 Software2.2 ServicesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 On-premise- The Governance Risk and Compliance (GRC) platform market consists of solutions that help organizations manage corporate governance, risk, and compliance. These platforms assist businesses in implementing structural policies, managing risks, and adhering to regulations. On-premise GRC solutions range from USD200,000 to USD600,000 and are popular among large enterprises.

Notable platforms include HighBond and RSA Archer, which offer features like automation, collaboration, and integration with external systems. The market is expanding with the introduction of AI-specific GRC platforms, such as Credo AI’s solution, which caters to the unique challenges of AI systems.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

In today’s business landscape, the Governance, Risk, and Compliance (GRC) platform market plays a pivotal role in managing complex processes and mitigating risks for various industries, including financial institutions. Managers rely on these platforms to monitor costs associated with business operations, intellectual property protection, and cyberthreats in the era of globalisation and technology integration. Azure Purview and MetricStream are examples of advanced GRC solutions that leverage artificial intelligence and machine learning to enhance risk assessment and compliance reporting.

Oracle’s eGRC suite and IT & Telecom organizations also benefit from these platforms, as they help manage the complexity of integration between various software systems and ensure adherence to regulatory requirements. Business processes, costs, cyberthreats, intellectual property, globalisation, technology integration, and software are essential components of the GRC platform market.

Market Research Overview

The Governance, Risk and Compliance (GRC) platform market encompasses solutions that help organizations manage and mitigate risks, ensure compliance with regulations, and establish effective governance structures. These platforms utilize advanced technologies such as artificial intelligence, machine learning, and predictive analytics to provide real-time insights and automate processes.

They offer features like risk assessment, policy management, compliance monitoring, and reporting. GRC platforms cater to various industries and sectors, including finance, healthcare, retail, and technology. They enable organizations to streamline their operations, enhance security, and maintain regulatory compliance. Additionally, they provide a centralized platform for managing and mitigating risks, improving overall business performance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premiseCloud-basedComponentSoftwareServicesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/governance-risk-and-compliance-grc-platform-market-size-is-set-to-grow-by-usd-37-63-billion-from-2024-2028–increased-need-to-comply-with-regulatory-requirements-boost-the-market-technavio-302172552.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Big Frog Custom T-Shirts & More Ends 2024 With Steady Growth and Major Innovations

Published

on

By

Big Frog celebrates a year of progress with five new locations, the launch of an e-commerce solution and additional initiatives to enhance franchisee success nationwide.

DUNEDIN, Fla.  , Jan. 15, 2025 /PRNewswire-PRWeb/ — Big Frog Custom T-Shirts & More, a leader in custom apparel franchising with over 75 locations across the U.S., is celebrating a successful 2024 full of new initiatives and growth.

“Our focus in 2024 was on launching and refining our new point-of-sale system, a critical investment in the future of our franchisees,” said Tina Bacon-DeFrece, founder and CEO of Big Frog. “This initiative laid the foundation for even greater success as we continue to enhance operations and support our stores.”

Revenue growth for the year was approximately 5%, supported by robust digital marketing efforts and the introduction of Big Frog’s Success Program, which encourages franchisees to engage more actively in marketing planning. Stores that followed their plans closely experienced notable growth, showcasing the program’s potential.

Five new franchise locations opened in 2024, including exciting expansions into Stockton, California, and Albuquerque, New Mexico. Although two additional locations were delayed due to permitting issues, they are set to open in early 2025.

“This year marked exciting expansion for Big Frog, including our first locations in Northern California and New Mexico,” said Bacon-DeFrece. “Our growth strategy, under the leadership of our new chief development officer, David Braun, is heavily focused on leveraging broker networks, digital initiatives, public relations, and organic search. It really has ignited interest across the country in our brand. We’re thrilled to expand into new regions while also strengthening our presence in areas like Florida, where local support is right in our backyard.”

Complementing these development efforts have been Big Frog’s existing franchisees, which have proven to be an excellent referral source and point of validation for prospective owners interested in the brand.

“We’ve refined our process over the years and now set up formal calls, which have been really nice for candidates because it sets expectations and dedicated times for them to speak one-on-one with our franchisees,” Bacon-DeFrece said. “That’s really made the validation process a lot easier for everyone since there is less back and forth.”

Big Frog is also taking a major step forward in leveraging technology to enhance its services and support franchisees. This year, the company focused on developing an innovative e-commerce platform that combines the convenience of online shopping with the personal touch of local fulfillment, setting the stage for its beta launch.

“Our e-commerce initiative has been one of the most exciting projects for Big Frog this year,” said Bacon-DeFrece. “We’re in the process of launching a national platform where customers can design and purchase custom apparel online, with fulfillment handled by our local stores. A key priority for us is ensuring fair revenue distribution across all locations, so every franchisee benefits whether they’re in a major metro area or a smaller market.”

In custom apparel trends, the brand saw increased demand for high-end corporate products like Carhartt and North Face items, as well as continued interest in promotional products. These offerings cater to clients seeking premium-quality branded merchandise.

“We now have access to a lot of those types of blank apparel to decorate,” said Bacon-DeFrece. “Our B2B customers really like that they get some really high end products, either for corporate gifts or for their team.”

Looking ahead to 2025, Big Frog aims to achieve double-digit revenue growth for its stores while exploring advancements in artificial intelligence to simplify store operations. The e-commerce solution, once fully launched, is expected to play a pivotal role in boosting franchisee revenue.

ABOUT BIG FROG CUSTOM T-SHIRTS & MORE:
Founded in 2008 and headquartered in Dunedin, Florida, Big Frog Custom T-Shirts and More, Inc. is an international franchise system with over 75 independently owned and operated stores serving consumers and businesses across the U.S. and Canada. Big Frog specializes in direct to garment printing (DTG) and is a one-stop shop for all custom apparel decorating techniques, as well as branded promotional products. Big Frog offers free design help, no minimums, no art/setup fees, and fast turnaround. Find a store at BIGFROG.COM, U.S. franchise opportunities at BIGFROGFRANCHISE.COM, Canadian franchise opportunities at BIGFROG.CA, and Big Frog on YouTube.

Media Contact

Chad Cohen, Mainland, 3125263996, ccohen@hellomainland.com, www.hellomainland.com 

View original content:https://www.prweb.com/releases/big-frog-custom-t-shirts–more-ends-2024-with-steady-growth-and-major-innovations-302351517.html

SOURCE Big Frog Custom T-Shirts & More

Continue Reading

Technology

New Website Helps Consumers Navigate an Important Battery Choice for their EV or Hybrid Vehicle

Published

on

By

East Penn has developed a new website to help navigate through the new ways batteries are being used in EV and Hybrid vehicles.

LYON STATION, Pa., Jan. 15, 2025 /PRNewswire-PRWeb/ — East Penn has developed a new website to help navigate through the new ways batteries are being used in EV and Hybrid vehicles. These vehicles are more complex with different battery voltage systems within the same vehicle. They use both lithium and lead battery solutions, which are dependent on each other to operate a vehicle.

The lithium batteries that power the high voltage system are designed by the automotive manufacturer and most likely last for the life of the vehicle. However, the battery for the low voltage system will eventually need to be replaced. Making the right choice when replacing the 12-volt battery will protect both voltage systems. The battery that’s chosen could either enhance or hinder the overall performance and safety of the EV or Hybrid vehicle over time.

Traditional vehicles use a 12-volt battery to start the engine and to stabilize the electronics. Electric and Hybrid vehicles use the 12-volt battery for all types of safety critical and auxiliary power reasons. Here are a few:

Start-stop functions in micro hybridsStarting assistPowering cabin accessoriesSteer-by-wire power backupBrake-by-wire power backupOther smart controls or enhanced functions

It is more important than ever that the consumer understands the capabilities of the replacement battery for their EV or Hybrid. Battery manufacturers and distributors are beginning to designate their products so that the consumer has the reassurance that they have the right type of replacement battery to meet these safety-critical demands. East Penn has designated its Deka Intimidator line of AGM batteries with the EHP symbol that stands for Electric Hybrid Performance to help give the consumer added reassurance. It’s also important to note, that these lead batteries have achieved the highest Recycled Content (98%) Environmental validation from UL further accrediting them as one of the most sustainable products in the world.

East Penn is a leading manufacturer of high-quality lead batteries and accessories for the automotive, commercial, marine, motive power, UPS, and telecommunication markets. The company’s quality and environmental systems for its entire 520-acre complex have been certified to ISO 9001:2015, ISO/TS 16949:2016, and ISO 14001:2015 requirements. To learn more about the company visit https://www.eastpennmanufacturing.com. To learn more about the power you have to recycle visit https://www.eastpennmanufacturing.com/power2recycle.

Media Contact

Joel Brady, East Penn Manufacturing, Co., 1 610-682-6361 2740, jbrady@dekabatteries.com, https://www.eastpennmanufacturing.com/

View original content to download multimedia:https://www.prweb.com/releases/new-website-helps-consumers-navigate-an-important-battery-choice-for-their-ev-or-hybrid-vehicle-302351570.html

SOURCE East Penn Manufacturing, Co.

Continue Reading

Technology

Get Covered Welcomes Dharmesh Shroff as VP of Engineering

Published

on

By

NEW YORK, Jan. 15, 2025 /PRNewswire/ — Get Covered, a leading renters insurance technology company, is thrilled to announce the appointment of Dharmesh Shroff as VP of Engineering. Dharmesh brings over 18 years of experience driving technology innovation in the PropTech space, where he has consistently delivered scalable platforms and seamless integrations.

“We are excited to welcome Dharmesh to the Get Covered family,” said CEO, Brandon Tobman. “His deep expertise in building robust integrations and API ecosystems will be instrumental as we continue to redefine the renter’s insurance experience for our customers and partners and expand our offering.”

Proven Expertise in Technology Leadership

Dharmesh joins Get Covered following a distinguished career that includes serving as SVP of Engineering at Entrata and other leading Property Management Systems companies. “I’m excited about the opportunity to bring transformative technology to the insurance industry, much like I did in the PropTech space,” Dharmesh said. “The parallels between PropTech and InsurTech—both dealing with highly fragmented data and the need for seamless integrations—make this an exciting new challenge.”

Vision for the Future

As VP of Engineering, Dharmesh aims to enhance the customer experience by advancing real-time data integration, incorporating AI-driven capabilities for smarter interactions, and setting new standards for API security and interoperability. His goal is to help create a highly adaptable integration framework that empowers partners and developers while delivering faster, more personalized insurance solutions.

“APIs are more than just tools; they’re the backbone of connected, smarter customer experiences,” Dharmesh explained.

Building on a Culture of Excellence

In addition to his technical expertise, Dharmesh is known for his leadership in building world-class engineering teams. At Pattern he hired over 95 employees across development roles, while at Entrata, he built a robust operation which grew to over 800 employees.

“Attracting and retaining top talent starts with creating a culture of innovation, ownership, and growth,” Dharmesh said.

Dharmesh’s leadership style is also influenced by his commitment to mindfulness, which helps him stay empathetic, focused, and resilient in high-pressure situations.

About Get Covered

Get Covered is revolutionizing the renters insurance industry with cutting-edge technology that simplifies the insurance process for tenants, landlords, and property managers. By combining innovative solutions with a customer-centric approach, Get Covered is setting a new standard for insurance technology.

For more information about Get Covered and its leadership team, visit www.getcovered.io

View original content to download multimedia:https://www.prnewswire.com/news-releases/get-covered-welcomes-dharmesh-shroff-as-vp-of-engineering-302349793.html

SOURCE Get Covered

Continue Reading

Trending