IDC said revenues for governance, risk and compliance (GRC) software will be $11.8 billion in 2021, growing at a compound annual rate of 6.7 percent over the 2016-2021 forecast period.
The growth drivers for GRC software market are challenges from regulatory change, cybersecurity threats, third-party exposure, and reputation risk.
“GRC software vendors are developing more intuitive and configurable platforms, providing expanded integration and content options, and focusing on user engagement through automated reporting, alerting, and mobile accessibility,” said Angela Gelnaw, senior research analyst, Legal, Risk & Compliance Solutions at IDC.
Another important factor driving growth in the GRC market is the rise of cloud solutions, which are growing faster than the overall market. Adoption of GRC applications among small and medium-sized businesses, line of business managers, and less-regulated industries have been central to the growth of these cloud-based solutions.
GRC software helps enterprises to identify, track, and analyze enterprise and technology risks and to monitor and manage corporate and IT governance and compliance initiatives to enhance performance and stay in compliance with global laws and regulations, industry standards, and company policies.