The [FURL=https://www.industryarc.com/Report/18637/governance-compliance-and-risk-software-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Global Governance, Compliance and Risk Software Market[/FURL] is estimated to reach $55.0 billion by 2026, growing at a CAGR of 12.1% from 2021 to 2026. The governance, compliance and risk software also known as GRC software is an application that establishes enterprise policies by streamlining the process of assessing risks thereby increasing opportunities and reducing costs and business complexities for business improvement. In IT firms risks associated with the use, ownership, operation, involvement, influence and adoption of IT are mitigated by using governance, compliance and risk software.Key Takeaways
Rise in cyber threats, data thefts, risks and audit security in an organization along with wide adoption of GRC software to reduce business complexities and manage cyber threats, data thefts are driving the growth of the market.
Cloud based deployment is dominating the market owing to its cost effectiveness and upsurge in cloud deployment by most of the end users globally.
APAC is expected to dominate the global Governance, Compliance and Risk Software Market in the forecast period 2021-2026 owing the rising use of cloud based networking and growth in new enterprises among which IT firms are the major ones with high risk of vulnerabilities are driving the growth of the market.
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Governance, Compliance and Risk Software Market Segment Analysis – By Geography
Global Governance, Compliance and Risk Software Market is dominated by APAC region with a market share of 34.9% in 2020. The growth of developing economies in the APAC region are more vulnerable towards data theft, cyber-attacks and other financial data stealing. These factors have projected the demand for installation of GRC software in these new enterprises. The increased regulations and new expectations for corporate governance are also continuously fueling the growth of GRC software in the APAC region. In many organizations supervisory functions are still relatively low owing to which the agenda for adoption of GRC software in these organizations are very high across the region.
Governance, Compliance and Risk Software Market Drivers
Rise in adoption of more secured and integrated software technologies for business applications
Growth in cloud computing, GRC software and vulnerability assessment
Governance, Compliance and Risk Software Market Landscape
Governance, Compliance and Risk Software Market is dominated by major companies such as IBM Corporation, Microsoft Corporation, SAP SE, Lockpath Inc., SAS Institute Inc., Metric Steam Inc., LogicManager Inc., Oracle Corporation, RSA Security LLC, Thomson Reuters among others.
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