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Stock market today: Wall Street rises at the start of a holiday-shortened weekFor the second time in four seasons, the Montana State football team will face UT Martin at home in the second round of the FCS playoffs. Unseeded UT Martin (9-4) cruised to a 41-10 win at No. 16-seeded New Hampshire (8-5) on Saturday to set up next week’s second-round game against top-seeded MSU (12-0).( MENAFN - PR Newswire) 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, ranging from USD200,000 to USD600,000, large businesses are the primary adopters. These platforms bring structure and cohesion to an organization's risk management and compliance efforts. Analyst Review The Governance, Risk, and Compliance (GRC) platform market is a critical business solution that helps managers mitigate risks, ensure compliance with regulations, and maintain social media governance in today's complex business environment. With the increasing costs of non-compliance and the ever-changing regulatory landscape, GRC platforms have become essential for financial institutions and other businesses, particularly those with global operations and IT Telecom infrastructure. GRC platforms provide risk management and compliance solutions through software that integrates with various business processes, intellectual property, and technology systems. These platforms help organizations manage cyberthreats, social media governance, and complex compliance requirements. However, high implementation expenses and the complexity of integration can pose challenges. Advanced technologies like artificial intelligence and machine learning are being integrated into GRC platforms, such as Azure Purview and MetricStream, to enhance their capabilities and provide more accurate risk assessments and compliance monitoring. The use of these technologies can help organizations reduce costs and improve efficiency in their GRC functions. As business processes continue to evolve and globalization increases, the importance of GRC platforms will only grow. Organizations must stay up-to-date with the latest regulatory requirements and technology trends to effectively manage their risks and ensure compliance. Market Overview The Governance, Risk, and Compliance (GRC) platform market is a dynamic and evolving industry focused on helping businesses manage complex regulatory environments, mitigate risks, and ensure compliance with various regulations and standards. GRC platforms enable managers to streamline business processes, implement cost-effective solutions, and maintain social media governance, cybersecurity, and intellectual property protection. The market caters to diverse industries, including construction and engineering, transportation and logistics, financial institutions, IT telecom, and healthcare sectors. GRC solutions offer advanced features such as risk management, policy management, audit management, and compliance management. The deployment model for GRC platforms includes on-premises and cloud-based solutions. On-premises deployment provides greater control and customization, while cloud-based solutions offer flexibility and scalability. GRC platforms utilize advanced technologies like artificial intelligence (AI), machine learning (ML), predictive analytics, and real-time monitoring to enhance their capabilities. The changing regulatory environment, globalization, and technology integration pose challenges to the market, necessitating continuous innovation and adaptation. High implementation expenses and the complexity of integration are some of the challenges faced by organizations adopting GRC platforms. However, the benefits of improved risk management, enhanced compliance, and increased operational efficiency often outweigh the costs. Key features of GRC platforms include risk management solutions, compliance solutions, software, Azure Purview, Wolters Kluwer, MetricStream, and regulatory compliance resources for various regulations such as the Sarbanes-Oxley Act, GDPR, COBIT, and HIPAA. The market also addresses the challenges posed by cyberthreats, IoT devices, and cybersecurity attacks. To understand more about this market- Download a FREE Sample Report in minutes! Key Topics Covered: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Vendor Landscape 11 Vendor Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: SOURCE Technavio MENAFN15122024003732001241ID1108995629 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

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