NEW YORK, July 1, 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. The Governance, Risk and Compliance (GRC) platform market is expected to grow significantly in the next few years, driven by the increasing need for businesses to manage risks and ensure compliance with regulations.
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Several factors are driving the growth of the GRC market, including:
Increased need to comply with regulatory requirementsGrowing adoption of cloud-based GRC solutionsIntegration of GRC platforms with artificial intelligence (AI) and machine learning (ML)
However, there are also some challenges facing the GRC market, such as:
Data security concerns associated with cloud-based solutionsDifficulty integrating GRC platforms with other systemsKeeping up with regulatory changes
Despite these challenges, the GRC market is expected to continue growing as businesses recognize the importance of effective risk management and compliance.
Here are some of the key findings of the report:
The GRC platform market is expected to reach USD 37.63 billion by 2028.The market is growing at a CAGR of 13.64%.The increasing need to comply with regulatory requirements is a major driver of market growth.Cloud-based GRC solutions are becoming increasingly popular.AI and ML are being integrated into GRC platforms to improve risk assessment and compliance reporting.Data security concerns are a challenge facing the GRC market.
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The Data Visualization Tools market continues to expand with innovations driving demand across sectors for intuitive data representation. Meanwhile, the Industrial Automation Device Manager Software market sees robust growth, leveraging advanced technologies to streamline operations and enhance efficiency. In parallel, the Governance Risk and Compliance (GRC) Platform market witnesses steady adoption, fueled by regulatory complexities necessitating comprehensive risk management solutions. These markets highlight evolving trends in technology adoption, emphasizing user-friendly interfaces, and integrated analytics for informed decision-making in complex business environments.
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SOURCE Technavio
