LONDON--(BUSINESS WIRE)--The global governance risk and compliance (GRC) platform market is expected grow at a CAGR of more than 13% during the period 2017-2021, according to Technavio’s latest research.
In this research report, Technavio covers the market outlook and growth prospects of the global GRC platform market for 2017-2021. Based on deployment models, the global GRC platform market is segmented into two categories comprising of on-premises and cloud. The on-premises segment dominated the market with close to 64% of the overall market share.
“The integration of GRC solutions with the corporate governance and risk management frameworks has become essential for organizations to meet the compliance requirements,” says Amit Sharma, a lead enterprise application research expert from Technavio.
Technavio’s ICT research analysts segment the global GRC platform market into the following regions:
In 2016, with a market share of over 50%, the Americas emerged as the leader in the global GRC platform market, followed by EMEA with close to 31% and APAC with a little over 19%.
Americas: largest contributor to the global GRC platform market
Americas is the largest contributor to the global GRC platform market and the US is the leading country in terms of implementation of GRC solutions. Following the global financial crisis of 2008, risk management assumed immense importance in the financial sector in the US. The country has implemented multiple measures to minimize losses and address the aftermath of the financial crisis.
In the US, financial services are adopting integrated data platforms, which streamline their internal and external data sources and assist in the collection of useful insights pertaining to the customer. Some of the data virtualization tools, such as composite software and social analytics software, have led to the improvement in real-time targeting and quick decision making.
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EMEA: implementation of strict legislation to boost growth
The adoption of GRC services is increasing in EMEA, especially in the EU countries, due to the implementation of strict legislation such as the European Union Data Protection Act (1995). The latest version of the data protection law, General Data Protection Regulation, adopted in 2016 provides guidelines for companies operating in the region regarding the implementation of data security measures and for ensuring transparency and accountability.
In 2015, Europe had the largest market share for consumer financing products. The European Central Bank (ECB) is pumping liquidity into the market to reduce pressure on issuers and boost funding in the mortgage, auto, and the credit card markets. Technavio expects the European finance market to launch different consumer credit products that would help in project financing by 2018. This will Increase the need for data governance and subsequent management of risks. The above development will have a positive impact on the GRC technology market in the region.
APAC: high growth in the adoption of GRC platform services in Asia
APAC accounted for a share of approximately 19% in the global GRC platform market and will grow at a CAGR is more than 10% during the forecast period. GRC adoption has been slow in the region due to the complex business processes and lack of infrastructural support among organizations. Many companies in Asia are not aware of GRC technologies due to the un-coordinated marketing efforts of the vendors in the region.
However, organizations have started implementing GRC solutions to minimize risks and safeguard the business from different compliance issues. The implementation of GRC solutions is still confined to a selected few business processes like operational, transactional, and financial information of companies. Technavio expects high growth in the adoption of GRC platform services in Asia compared with other regions due to increasing popularity of SaaS-based solutions, mobile apps, big data and analytics, and social media services in the region. Companies relying on these technologies will implement GRC solutions to safeguard their data from cyber-attacks.
“The market in APAC is still in its nascent stage, however, high demand for risk management solutions to address enterprise-wide risks will drive market growth during the forecast period,” says Amit.
The top vendors in the global GRC platform market as highlighted in this research analysis are:
- CMO Software
- NASDAQ BWise
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