The global Governance, Risk, and Compliance platform market (GRC) to grow at a CAGR of 8.35% over the period 2014-2019. This report covers the current scenario and the growth prospects of the global GRC platform market for the period of 2015-2019. To calculate the market size, the report considers revenue generated from the on-premise, SaaS, and hosted GRC platform services segments.
The report, Global GRC Platform Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the Americas, APAC, and EMEA; it also covers the landscape of the market and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
GRC platform is an umbrella term used to cover the approach of an organization toward the three areas: governance, risk, and compliance. Governance can be defined as the boundaries within which an organization should operate. It focuses on providing definitions for an organization’s code of conduct to ensure compliance. Risk management consists of developing strategies for tackling the risks to which an organization is exposed. Its framework involves identification, assessment, evaluation, and potential solutions for risks. Compliance focuses on adhering to external requirements such as wider corporate policies, laws, and regulations. GRC platform enables organizations to reinvent themselves, develop a more economical cost structure, and increase overall efficiency.
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According to the governance, risk, and compliance platform market (GRC) report, notably, the finance, energy, and environment sectors usually see frequent changes to legal and ethical rules. It is difficult for organizations in these sectors to adapt quickly to any changes in regulations. We predict high adoption of GRC solutions among such organizations, as they ensure quick adaption to new rules and regulations.
Global Governance, Risk, and Compliance Platform Market key players are CMO, EMC, IBM, MetricStream and NASDAQ. Other Prominent Vendors in the market are: Cura, CMO Compliance, Enablon, Jade, MEGA, Oracle, Protiviti, Resolver, SAI Global Compliance, SAP, SAS Institute, Software, Sword Achiever, Thomson Reuters, Wolters Kluwer.
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The governance, risk, and compliance platform market report, an analyst says, efficient business process functioning is underpinned by the effectiveness of risk management paradigms and strategies, and compliance with regulatory frameworks. Therefore, we predict a steep increase in the demand for an integrated solution that monitors and analyzes the risks associated with the business process. Following the incorporation of an integrated GRC framework with the business process, the complexities associated with the process reduce considerably, as it provides better insights to company decision makers. This helps the companies make effective and well-informed business decisions. Some IT majors (IBM, for example) are providing integrated GRC platforms, which help resolve any issues related to GRC.
Further, the report states that many vendors in this market are unable to comply with all the data protection and cyber security standards.
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