Compliance Management Solution Market
The Business Research Company recently released a comprehensive report on the Global Compliance Management Solution Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The compliance management solution market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.28 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to demand for transparency and accountability, litigation and legal liability, heightened security threats, digital transformation, corporate scandals and regulatory failures.
The compliance management solution market size is expected to see strong growth in the next few years. It will grow to $4.75 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increasing third-party risk management, increasing cybersecurity threats, increasing data privacy concerns, changing corporate governance, integration with emerging technologies. Major trends in the forecast period include regulatory technology innovations, advanced cloud-based solutions, integrated risk management solutions, artificial intelligence (AI) and machine learning integration, blockchain technology adoption.
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Market Drivers and Trends:
The rising risk of cyber threats is expected to propel the growth of the compliance management solution 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 risk of cyber threats is growing due to the increasing digitalization of business processes, reliance on technology, and software and hardware systems vulnerabilities. The compliance management solution employed in organizations helps to mitigate risks and cyber security threats, ensure data security, and adhere to evolving regulatory requirements in an increasingly complex digital landscape. For instance, in April 2023, according to the Identity Theft Resource Center, a US-based non-profit organization, the number of data breach incidents reported increased by 68% in 2022, with 1,862 breaches reported compared to 1,108 breaches in 2021. Therefore, the rising risk of cyber threats is driving the growth of the compliance management solution market.
Major companies operating in the compliance management solution market are developing AI-enabled compliance solutions to help organizations streamline their compliance processes, reduce manual effort, and mitigate the risk of non-compliance. AI-enabled compliance management solutions to help organizations reduce the burden of manual compliance processes, improve accuracy and efficiency, and enhance overall compliance posture. For instance, in April 2024, Securiti, a US-based software development company, introduced Securiti’s compliance management platform, an automated compliance management solution. It is designed to simplify the intricate landscape of artificial intelligence (AI) and data regulations for enterprises. The solution can efficiently adhere to rapidly changing regulations, such as the European Union AI Act, the NIST AI risk management framework, and the Singapore model AI governance framework. It also aids businesses in navigating overlapping regulations, reducing compliance costs, and fostering seamless collaboration across organizational divisions.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer NV, RSA Security LLC, Workiva Inc., Diligent Corporation, NAVEX Global, Riskonnect Inc., MetricStream Inc., ComplyAdvantage, Resolver Inc., LogicGate Inc., Convercent Inc., LogicManager Inc., Healthicity LLC, SAI Global, Quantivate LLC, Compliancy Group LLC, ProcessGene Ltd., Compliance.ai Inc., Reciprocity Inc., Hiperos LLC
Compliance Management Solution Market 2024 Key Insights:
• The compliance management solution market size is expected to see strong growth in the next few years. It will grow to $4.75 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Increasing Cyber Threats on Compliance Management Solutions Market
• Advanced Features To Simplify Regulatory Adherence For Businesses
• North America was the largest region in the compliance management solution market in 2023
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