As per the latest report by IMARC Group, titled “Governance, Risk and Compliance Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 24.9 Billion in 2018. Governance, risk and compliance (GRC) refers to a coordinated strategy which is used by an organization for managing issues associated with corporate governance, enterprise risk management (ERM) and complete compliance to regulatory requirements. It assists in improving the decision-making process, increasing optimal investments, and reducing fragmentation among different divisions or departments. It also helps users in enforcing regulations, identifying operational inefficiencies, minimizing complexity for managers, eliminating costs of multiple installations and automating most of the paperwork.
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Global Governance, Risk and Compliance Platform Market Trends:
A GRC platform aids users in centralizing the complete program, identifying problems before they occur and integrating risk management in all processes. Strong growth has been experienced in the market on account of a substantial increase in the number of emerging organizations. Apart from this, the demand for GRC platforms is rising as these platforms help organizations in enhancing operational activities and achieving their targets by automating the workflow. Further, various firms are using these platforms as a standard approach for solving conformity and risk issues rather than solving them individually. Looking forward, the market is projected to reach a value US$ 47.1 Billion by 2024, expanding at a CAGR of around 11% during 2019-2024.
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Market Summary:
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