Governance, Risk Management & Compliance (GRC) Market share forecast to witness considerable growth from 2018 to 2024

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Governance, Risk Management Compliance (GRC)
market share research by applications and regions
for 2018-2024 Global Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Overview of Governance, Risk Management
Compliance (GRC) Market

• North America GRC market is leading the market
  followed by Europe. The growth of the market is
  attributed to the rising incidences of the cyber
  attacks in the region. Furthermore, the adoption
  of the big data, cloud services, and IoT
  technology fosters the market growth. Asia
  Pacific is estimated to grow substantially during
  the forecast timeline. The growing adoption of
  the cloud services in the region is driving the
  market growth. Furthermore, growing adoption of
  the solutions among the SMBs is propelling the
  market growth.
• Governance, Risk Management Compliance (GRC)
  Market size is driven mainly by the increasing
  incidences of the cyber-attacks across the
  countries. In 2017, approximately 164 increase
  in the cyber security attacks across the globe
  has been witnessed as compared to 2016. This
  encourages organizations to adopt advanced risk
  management solutions to mitigate the risks of
  cyber security attacks. Furthermore, the
  stringent government regulations and growing need
  to adhere to the compliance and corporate
  governance standards are driving the growth of
  the GRC market.

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• The rise in the use of Artificial Intelligence
  (AI)-enabled eGRC solutions and the adoption of
  the software-enabled businesses IT
  infrastructure are developing myriad growth
  opportunities for the growth of the market.
  However, the high installation cost of the
  solutions and uncertain government regulations
  due to uncertain regimes are restricting the
  growth of the GRC market.
• There are three main components of GRC market,
  governance, risk, and compliance. Governance
  ensures the alignment of operational activities
  with the organizational business goals, Risk is
  associated with the identification of risks
  involved in business activities along with its
  optimal solution to avoid severe consequences and
  Compliance makes sure that the organizational
  processes and activities meet the laws and
  regulations related to those systems.
• The policy management, risk management, and audit
  compliance management are the major solutions
  available in the market. Policy management is the
  governance part of the software that involves
  specifying, updating, communicating, publishing,
  and enforcing of the policy. The audit management
  software offers a centralized process to automate
  the complete the audit lifecycle. Whereas, the
  risk compliance management part of the software
  includes processes to mitigate or minimize risks,
  utilize the opportunities, and check its
  compliance with global laws and organizational
  policies.

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• The software can be deployed in two ways on
  premise or cloud based to avail its benefits. The
  cloud-based system is widely implemented across
  the organizations as it is a quick and easy way
  to perform operations and the cloud gives optimal
  reliability, security, and scalability in lower
  cost as compared to the on-premise system.
• The GRC market is also segmented into integrated,
  domain specific, and point solutions. The
  integrated solution provides an overall
  industrial solution to an organization. The
  domain specific offers solutions applicable to
  specific industry verticals in-line with the
  organizational goals. Point solutions provide are
  used to address the customer-specific challenges.
• Transportation and logistics, IT, BFSI,
  construction and engineering, energy and utility,
  government, manufacturing, and retail are some of
  the major end users of the GRC market. BFSI
  sector holds the major share due to the rising
  need among the financial institutes to mitigate
  the risk of cyber-attacks. The solutions are also
  used to maintain transparency in the system and
  provide customized services to end users.

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• The major market players in the GRC market are
  IBM, SAP, SAS Institute, Microsoft, EMC, Fidelity
  National Information Services, Oracle, Metric
  Stream, Turnkey consulting, Thomson Reuters, RSA
  Archer, Newport Consulting Group, BWise, and ACL.
  The software providers are mainly focused on the
  development of more intuitive and configurable
  platforms, offering expanded content options and
  better integration. For instance, in June 2018,
  SAP launched GRC 12.0, the latest version of the
  on-premise software that comes with new
  dashboard, monitoring, and aggregation features.
  Similarly, in June 2017, Turnkey Consulting, the
  risk management consultancy institute launched
  its new product, Bedrock.
• Multinational companies are leveraging on the
  mergers and acquisition activities to increase
  their product line, customer base, and market
  share. For instance, in April 2018, Oracle
  acquired Grapeshot to strengthen its
  technological base and provide better services to
  the market. Also, IBM acquired Agile 3 Solutions
  in February 2017 and Promontory Financial Group
  in September 2016 to improvise its services in
  the data security and risk management segment.

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Methodology

• Market
  research reports Key analytical components

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