The GRC sector is currently witnessing significant progress. The experts firmly believe these changes will likely persist till the end of the current decade. A recent report by Future Market Insights confirms this observation. The report further cites the reasons for the development. Today’s businesses have realized how critical risk management is for survival and retaining an edge over competitors in a highly competitive environment.
The report indicates that the GRC solutions market will develop steadily with a combined CAGR of 7% between 2019 to 2029.
GRC solutions are inevitable for enterprises to carry out critical business operations, including mitigating threats, ensuring compliance regulations are met, and facilitating customers’ legal rights. Nowadays, enterprises have to prioritize GRC practices and implement them in such a way that the organization’s objectives are in perfect alignment with the adopted GRC practices.
There are a plethora of GRC solutions available. Therefore, it is necessary to zero in on the exemplary practices that can specifically cater to the unique requirements and present and future goals of organizations.
The authors of the report have also made an effort to assess market drivers for the GRC sector, including;
- Recent developments in AI-driven technology
- The rapid adoption of technology across sectors
- Growth in cyber security also reflects on the development of the GRC market
- The recent need to ensure higher standards of data privacy and regulatory standards
- The enhanced focus on Eliminating silos across global projects and operations
Businesses in North America presently have the most significant share in the GRC space. However, observers say that by 2030, the Asia Pacific region will hold the largest share.