New York, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Governance, Compliance And Risk Management Software Global Market Report 2022" - https://www.reportlinker.com/p06228512/?utm_source=GNW
, Lockpath, ProcessGene, ReadiNow, LogicGate, Microsoft Corporation, RSA Security LLC and BWise BV.
The global governance, compliance and risk management software market is expected to grow from $33.74 billion in 2021 to $38.44 billion in 2022 at a compound annual growth rate (CAGR) of 13.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic. The market is expected to reach $63.59 billion in 2026 at a CAGR of 13.4%.
The governance, compliance and risk management software market consists of sales of software tools by entities (organizations, sole traders, and partnerships) that automates the processes of identifying risks, adhering to regulations, and developing company policies, lowering costs, and expanding business potential.The governance, compliance, and risk management software (GRC software) is used by risk managers, accounts officers, and auditors to simplify their activities in an organization.
The GRC software deals with audit management, Internal policy management, compliance management, risk and incidence management, and information security management.
The main types of components in governance, compliance and risk management software are software and services.GRC software manages the risks in different organizational areas.
Software used in GRC is used in IT sectors to tackle the risks in the organization.The different deployment modes include on-premises, cloud, and hybrid.
This software is used in small and medium enterprises (SME), large enterprises. GRC software is used in different industry verticals such as BFSI, construction and engineering, energy and utilities, government, healthcare, manufacturing, retail and consumer goods, telecom and IT, transportation and logistics, and others.
Asia Pacific was the largest region in the governance, compliance and risk management software market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Automation of GRC programs through specialized software applications is shaping the governance, compliance and risk management software market.GRC software assists firms in managing all of the relevant documentation and processes to ensure optimal productivity and preparation.
For Instance, in 2020 IBM, a US-based software company launched an IBM OpenPages with Watson.IBM OpenPages with Watson is a GRC platform powered by AI and data that helps enterprises manage risk and regulatory compliance.
GRC is made easier with IBM OpenPages because it unifies segmented risk management tasks into a single, highly visual interface. It makes use of a variety of IBM technologies and capabilities, such as Watson Assistant, Watson Natural Language Translator, and IBM Cloud Pak for Data, to reduce the requirement for user training and enable organizations to standardize and automate their responses to GRC concerns.
The rising use of cloud-based networking is expected to propel the growth of the governance, compliance and risk management software market going forward.Cloud networking consists of on-premises cloud and public cloud which manages the network capabilities in organizations.
Cloud networking is used by risk managers, accounts officers, and auditors to simplify their activities in an organization.For instance, Cisco Global Cloud Index (2016-2021), 94% of all workload runs on cloud networking and virtualized environment.
Furthermore, according to the Flexera 2020 State of the Cloud Study, 20% of large organizations spend more than $12 million on public clouds each year, up by 7% in 2019. Therefore, the rise in the use of cloud-based networking drives the growth of the governance, compliance and risk management software market.
In February 2020, Symplr, a US-based provider of healthcare governance, risk, and compliance solutions and services acquired The Patient Safety Company from Main Capital Partners for an undisclosed amount.The combination of Symplr and The Patient Safety Company (TPSC) broadens the healthcare sector’s leading end-to-end GRC platform of scale to incorporate patient safety as well as incident reporting and monitoring.
The Patient Safety Company is a Netherlands-based company that provides web-based quality management and integrated GRC software for the healthcare sector.
The countries covered in the governance, compliance and risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06228512/?utm_source=GNW
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