The Latest Compliance Software Industry Statistics Explained
The global governance, risk and compliance (GRC) platform market size was valued at USD 25.2 billion in 2018.
The statistic indicates that the global market for governance, risk, and compliance (GRC) platforms was estimated to be worth $25.2 billion in 2018. This market encompasses technology solutions designed to help organizations manage and address their governance, risk management, and compliance requirements more effectively. The significant market size suggests a growing recognition of the importance of GRC practices in organizations across various industries. The value of the market serves as a reflection of the increasing need for robust tools and systems to navigate complex regulatory environments, mitigate risks, ensure compliance with laws and regulations, and ultimately enhance overall organizational governance practices.
The annual growth rate (CAGR) in this field was projected to be 12.2% between 2015 and 2022.
The annual growth rate (CAGR) of 12.2% projected between 2015 and 2022 indicates the average annual rate at which a particular field is anticipated to grow over this specific time period. This statistic suggests that the industry is expected to expand rapidly and steadily, with an annual growth of 12.2% serving as a reliable estimate of overall growth. Investors, market analysts, and other stakeholders can utilize this projection to assess the potential for future market performance and make informed decisions regarding investments, resource allocation, and strategic planning within the field.
The compliance software industry in North America composed 38% of the global market in 2019.
The statistic stating that the compliance software industry in North America accounted for 38% of the global market in 2019 quantifies the market dominance of North American companies in this specific sector. This figure indicates that a significant portion of compliance software sales and usage worldwide originate from North America, suggesting a high level of market penetration and influence within the industry. The data highlights the importance of North American firms in shaping trends, setting standards, and driving innovation within the compliance software space on a global scale. Additionally, the statistic underscores the competitive landscape of the compliance software industry, with North American players playing a prominent role in serving clients and meeting regulatory requirements around the world.
The Asia-Pacific compliance software market is expected to grow at the highest CAGR of 13.9% from 2020 to 2027.
This statistic indicates that the Asia-Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) in the compliance software market between the years 2020 and 2027 at 13.9%. This suggests a significant level of expansion and demand for compliance software solutions in the Asia-Pacific region, driven by factors such as increasing regulatory requirements, adoption of technology-driven compliance solutions, and a growing awareness of the importance of compliance in the business landscape. This growth rate highlights the potential opportunities for companies operating in the compliance software sector to target and capitalize on the market in the Asia-Pacific region during the forecast period.
As of 2018, large enterprises held the lion’s share at nearly 56.5% in the global GRC market.
This statistic indicates that in 2018, large enterprises dominated the global Governance, Risk, and Compliance (GRC) market, holding a significant market share of nearly 56.5%. This suggests that a majority of the market was captured by large organizations, likely due to their extensive resources and capabilities to invest in GRC solutions and services. The high market share held by large enterprises signifies their strong presence and influence in shaping the GRC landscape, potentially indicating that smaller businesses may face challenges in competing or accessing the same level of GRC tools and technologies. This data emphasizes the importance of understanding the market dynamics and the competitive positioning of different-sized enterprises within the GRC sector.
By 2024, regulatory compliance management software market will reach USD 64.61 billion.
The statistic “By 2024, regulatory compliance management software market will reach USD 64.61 billion” implies that the global market for software designed to assist businesses in adhering to regulatory requirements is projected to grow significantly by the year 2024. This suggests an expected increase in demand for tools and technologies that help companies streamline processes related to compliance with laws and industry regulations. The estimated market size of USD 64.61 billion reflects the anticipated scale of investment in regulatory compliance management software, indicating the importance of such solutions in helping organizations navigate complex legal frameworks and maintain compliance across various sectors.
85% of the businesses said that compliance regulations have a prominent influence on their strategic agenda.
The statistic that 85% of businesses indicate compliance regulations have a significant impact on their strategic agenda suggests that the majority of businesses prioritize complying with regulations when forming their long-term plans and objectives. This indicates that businesses acknowledge the importance of adhering to legal requirements in shaping their overall strategies and decision-making processes. The high percentage also implies that compliance regulations play a crucial role in guiding key business operations, such as resource allocation, risk management, and goal setting, showing the significant influence of regulatory requirements on the strategic direction of these businesses.
74% of large organizations are using over 10 different compliance software solutions.
The statistic “74% of large organizations are using over 10 different compliance software solutions” indicates that a significant majority of large organizations are utilizing a wide array of software tools to manage their compliance-related activities. This suggests that organizations are recognizing the complexity and importance of compliance requirements and are investing in multiple solutions to effectively address various aspects of compliance, such as regulatory requirements, industry standards, data privacy laws, and internal policies. The use of multiple compliance software solutions can allow organizations to enhance compliance monitoring, reporting, and management processes, ensuring they meet their legal obligations and maintain a strong compliance posture in today’s complex regulatory landscape.
Small businesses are predicted to exhibit the highest CAGR of 14.2% during 2020-2027 in the compliance management software market.
This statistic indicates that small businesses are expected to experience the highest Compound Annual Growth Rate (CAGR) of 14.2% within the compliance management software market between the years 2020 and 2027. This forecast suggests that small businesses will see the most substantial growth in the adoption and utilization of compliance management software during this period compared to other business sizes. This can be due to factors such as increasing regulatory requirements, the need for enhanced efficiency and accuracy in compliance processes, and the recognition of the importance of compliance management tools for avoiding fines and penalties. As a result, small businesses are projected to significantly invest in compliance management software to streamline operations, mitigate risks, and maintain regulatory compliance, driving their growth within the market.
By the year 2027, policy management solutions will dominate the GRC platform market, at a CAGR of 13.3%
The statistic mentioned indicates that by the year 2027, policy management solutions are projected to become the leading category within the Governance, Risk, and Compliance (GRC) platform market. This dominance is expected to occur at a Compound Annual Growth Rate (CAGR) of 13.3%, suggesting a significant rate of growth over the forecast period. This growth indicates a shifting focus towards the importance of managing policies within organizations to mitigate risks, ensure compliance with regulations, and maintain good governance practices. The projection underscores the increasing recognition of the value that policy management solutions bring to overall GRC initiatives, emphasizing their importance in shaping the future landscape of the market by 2027.
Healthcare industry is expected to record the fastest growth at a CAGR of 15.8% from 2020-2027 in compliance management software market.
The statistic indicates that the healthcare industry is projected to experience the highest growth rate within the compliance management software market, with a compound annual growth rate (CAGR) of 15.8% between the years 2020 and 2027. This growth suggests a significant increase in the adoption and use of compliance management software within the healthcare sector over the forecasted period. The rising demand for regulatory compliance, data security, and risk management solutions in the healthcare industry may be contributing factors driving this rapid growth. Organizations within the healthcare sector are likely investing in compliance management software to enhance their operational efficiency, ensure adherence to strict regulatory requirements, and mitigate risks associated with non-compliance.
U.S. businesses spending on regulatory compliance software is set to rise by 7.4% annually from 2018 to 2022.
The statistic indicates that spending by U.S. businesses on regulatory compliance software is projected to increase by an average annual rate of 7.4% between the years 2018 and 2022. This suggests a growing recognition among businesses of the importance of investing in technology that helps them navigate an increasingly complex regulatory environment, ensuring compliance with laws and regulations. The anticipated rise in spending can be attributed to factors such as evolving regulatory requirements, advancements in compliance software technology, and a desire by businesses to avoid costly penalties and risks associated with non-compliance. Overall, the statistic highlights a proactive approach by U.S. businesses towards enhancing their compliance capabilities through the utilization of specialized software solutions.
By 2026, AI in the regulatory compliance market is expected to reach USD 3.24 billion.
The statistic “By 2026, AI in the regulatory compliance market is expected to reach USD 3.24 billion” indicates that the market for artificial intelligence (AI) technology specifically focused on regulatory compliance is projected to grow significantly by the year 2026, reaching a value of $3.24 billion. This suggests a growing trend towards the adoption of AI solutions in the regulatory compliance sector, driven by the increasing complexity of regulations and the need for efficient and precise compliance monitoring and management. The forecasted substantial investment in AI technologies for regulatory compliance reflects the industry’s recognition of the potential benefits of AI in improving compliance processes, reducing risks, and enhancing overall regulatory adherence.
30% of executives in a survey reported that their companies are planning to invest in Compliance Management System (CMS) software within the year.
The statistic stating that 30% of executives in a survey reported that their companies are planning to invest in Compliance Management System (CMS) software within the year suggests a significant interest and commitment among businesses to improve their compliance processes through technology. This finding implies that a notable portion of companies see value in adopting CMS software to enhance their compliance management practices, potentially aiming to streamline regulatory compliance efforts, ensure adherence to laws and industry standards, mitigate risks, and improve overall governance within their organizations. The statistic reflects a growing recognition among executives of the importance of investing in technology-driven solutions to effectively manage compliance requirements and navigate the increasingly complex regulatory landscapes impacting businesses today.
References
0. – https://www.www.researchandmarkets.com
1. – https://www.www.alliedmarketresearch.com
2. – https://www.www.statista.com
3. – https://www.www.kpmg.de
4. – https://www.www.marketdataforecast.com
5. – https://www.www.technavio.com
6. – https://www.www.grandviewresearch.com
7. – https://www.www.globenewswire.com
8. – https://www.thomsonreuters.com
