Global GRC Platform Market to Witness Increased Utilization of Mobile Technology, Big Data, Social Media, and Cloud Computing

The global GRC platform market was valued at almost $2 billion in 2016 and is expected to reach around $3 billion by 2021, says Technavio.

Technavio has announced its latest market research report on GRC platforms for the forecast period, 2017-2021. This market analysis, under the enterprise application vertical, discusses the major drivers and key emerging trends that will influence the growth of the global GRC platform market during the forecast period. Some of the top vendors listed in this industry analysis include CMO Software, Dell, IBM, MetricStream, and NASDAQ BWise.

In terms of geographical analysis, the Americas is expected to continue its domination over the global market and is likely to reach a revenue of almost $2 billion by 2021. The US will emerge as the key revenue-generator.

“The growing utilization of new generation technologies such as mobile technology, big data, social media, and cloud computing, is an upcoming trend in the GRC platform market. The introduction of cloud computing in GRC space simplifies the execution of compliance. It enables central administration and control of all resources, SLA-backed agreements, and vendor accomplished infrastructure. Besides, cloud computing also eliminates the requirement to maintain and update IT infrastructure for users to store information,” says Amit Sharma, a lead analyst at Technavio for enterprise application.

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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.

Increased need to comply with regulatory requirements

Enterprises are increasingly adopting cloud-based GRC platform to ensure regulatory compliance and gain a competitive advantage in the market. Organizations in healthcare, insurance, and banking sectors are in the process of developing new data sharing policies that are in compliance with the external regulations as they deal with vulnerable information. Cloud-based GRC solutions are cost-effective when compared with isolated regulation-specific compliance programs. Hosted GRC solutions enable organizations to align their data and communication, records management, and information security policies efficiently.

Exponential growth in corporate data

The sky-rocketing adoption of mobile, social, and other online communication channels are resulting in an exponential increase in data pertaining to customers, operations, suppliers, and other stakeholders. Some organizations are compelled to store data securely at low cost and to improve efficiency. In such instances, the cost-effective, cloud-based information management infrastructure is an ideal option. Such an infrastructure offers several advantages such as minimal IT infrastructure support, rapid and predictable implementation, automatic and seamless upgrading, and ease of leveraging cloud‐based data across the organization.

Quick and easy deployment of GRC policies

GRC policies include business and jurisdictional requirements that control the use of sensitive information. Policies constantly change due to new business requirements, increasing costs, and regulatory demands. Cloud centralizes all GRC policies across information sources such as databases and data warehouses, desktops and shared services, email systems, enterprise content management systems, and cloud-based applications, thereby creating a single policy engine. This enables policy updating or enforcement central, without disrupting the regular business operations at reduced costs.

Some of the other prominent vendors identified in this report are Check Point Software Technologies, Enablon, LogicManager, MEGA International, NAVEX Global, Oracle, Protiviti, Rsam, SAI Global, SAP, SAS, Software AG, and Thomson Reuters.

This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.

A more detailed analysis is available in the Technavio report titled, ‘Global GRC Platform Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.

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