GRC platform market: Key market research findings
- Increased adoption of cloud-based GRC solutions
- Immediate adaption to new rules and regulations by organizations
Technavio market research analysts estimate the global governance, risk, and compliance (GRC) platform market to grow at a CAGR of around 8% between 2015 and 2019, owing to changing market dynamics and corporation regulations. The Americas is the largest contributor to the GRC solutions market with the US being the biggest market in this region. After the economic crisis of 2008, companies in North Americas are embracing risk management analytics that helps them to handle different types of risk such as credit and fraud detection.
The new market research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
SaaS platform is the fastest growing segment of the global GRC market and is expected to reach over US $539 million by 2019. It allows users to choose a GRC solution on-demand, based on their requirements. Cloud based GRC solution is the most popular segment of SaaS market. Data are usually stored on servers located at a remote location on a cloud platform, which minimises the maintenance expenses associated with hardware and other software installations.
Global GRC platform market by SaaS services ($ millions)
Source: Technavio Research
“GRC solutions aid firms to manage their business and reputational risks by minimising the institutional expenses and enhancing operational efficiency through providing high-quality auditing services. These solutions help enterprises to be at par with the latest regulatory changes and cope with any compliance issues accordingly,” says Navin Rajendra, Lead Analyst, IT Hardware, Software and Services, Technavio Research.
Leading vendors in the global GRC market include CMO, EMC, IBM, and MetricStream. There are quite a few players in the market that have been providing GRC solutions for many years. Currently, companies are choosing to develop an economical cost structure by adopting a comprehensive and holistic GRC solution to understand enterprise-wide risks.
A more detailed analysis is available in the Technavio report, Global Governance, Risk, and Compliance Platform – Market Research 2015-2019.
https://www.technavio.com/%3Cp%3E%3Cu%3E%3Cstrong%3EWe%20can%20customize%…
