Governance Risk And Compliance Platform market Size, Growth Analysis, Growth Demands, Forecast to 2033

The governance risk and compliance platform global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market. Governance Risk And Compliance Platform Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities. Market Size - The governance risk and compliance platform market size has grown rapidly in recent years. It will grow from $43.70 billion in 2023 to $50.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the emergence of ESG and sustainability mandates, third-party risk management challenges, digital transformation initiatives, corporate governance enhancements, and risk management imperatives. The governance risk and compliance platform market size is expected to see rapid growth in the next few years. It will grow to $87.12 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to increasing regulatory complexity, rising adoption of cloud services, increasing stakeholder expectations, demand for analytics and reporting, and the need for integrated risk management. Major trends in the forecast period include the integration of AI and automation, user-friendly interfaces, vendor risk management, predictive analytics, and reporting, scalability and flexibility. Order your report now for swift delivery @ https://www.thebusinessresearchcompany.com/report/governance-risk-and-compliance-platform-global-market-report Scope Of Governance Risk And Compliance Platform Market The Business Research Company's reports encompass a wide range of information, including: 1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth. 2. Drivers: Examination of the key factors propelling market growth. 3. Trends: Identification of emerging trends and patterns shaping the market landscape. 4. Key Segments: Breakdown of the market into its primary segments and their respective performance. 5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market. 6. Macro Economic Factors: Assessment of broader economic elements impacting the market. Governance Risk And Compliance Platform Market Overview Market Drivers - The increasing number of cyber threats is expected to propel the growth of the governance risk and compliance platform market going forward. Cyber threats refer to malicious activities that target computer systems, networks, and digital data, posing risks such as data breaches, malware infections, and unauthorized access. The rising risk of cyber threats is attributed to various factors, including increasing connectivity, digitalization of business processes, reliance on technology, the sophistication of cybercriminals, and software and hardware systems vulnerabilities. Governance risk and compliance platforms help organizations mitigate the increasing number of cyber threats by providing centralized control, monitoring, and response mechanisms for cybersecurity risks and compliance requirements. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime impacted 11% of businesses and 8% of charities overall in 2022. Additionally, this figure rose to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. Furthermore, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cybercrime reports received in 2022 were 76,000, up from 13% from the previous year. Therefore, the increasing number of cyber threats is driving the growth of the governance risk and compliance platform market. Market Trends - Major companies operating in the governance risk and compliance platform market focus on developing innovative solutions, such as cloud-native data governance solutions, to address the growing demand for comprehensive risk management and regulatory compliance measures. A cloud-native data governance solution is a platform designed to manage, protect, and optimize data assets within cloud environments. For instance, in September 2021, Microsoft Corporation, a US-based technology company, introduced Azure Purview, an advanced cloud-native data governance solution designed to help organizations of any size oversee and manage their on-premises, multi-cloud, and software as a service (SaaS) data effectively. Azure Purvie