NEW YORK , Dec. 15, 2024 /PRNewswire/ -- The global governance risk and compliance (GRC) platform market size is estimated to grow by USD 37.63 billion from 2024 to 2028, according to Technavio.
The market is estimated to grow at a CAGR of 13.64% during the forecast period. The report provides a comprehensive forecast of key segments below- Segmentation Overview Get a glance at the market contribution of rest of the segments - Download a FREE Sample Report in minutes! 1.
1 Fastest growing segment: On-premises Governance, Risk, and Compliance (GRC) platforms are essential for organizations to manage their structural policies, risks, and adherence to regulations. These platforms consist of three dimensions: corporate governance, risk management, and compliance. Corporate governance involves implementing policies to ensure business objectives are met.
Risk management identifies and manages operational, financial, and fraud risks. Compliance enforces adherence to regional regulations and standards. On-premises GRC solutions, such as HighBond and RSA Archer, automate reporting and documentation processes, streamline collaboration, and support international standards like GAAP and IFRS.
The market for on-premises GRC platforms is growing due to the increasing need to manage risks associated with emerging technologies like AI. For instance, Credo AI's new GRC platform caters specifically to AI systems, ensuring responsible and compliant use. Despite the high installation costs, rangi.
