by Angela Guess

According to a recent press release, “The global governance risk and compliance (GRC) platform market is expected grow at a CAGR of more than 13% during the period 2017-2021, according to Technavio’s latest research. In this research report, Technavio covers the market outlook and growth prospects of the global GRC platform market for 2017-2021. Based on deployment models, the global GRC platform market is segmented into two categories comprising of on-premises and cloud. The on-premises segment dominated the market with close to 64% of the overall market share. ‘The integration of GRC solutions with the corporate governance and risk management frameworks has become essential for organizations to meet the compliance requirements,’ says Amit Sharma, a lead enterprise application research expert from Technavio.”

The release continues, “In 2016, with a market share of over 50%, the Americas emerged as the leader in the global GRC platform market, followed by EMEA with close to 31% and APAC with a little over 19%… Americas is the largest contributor to the global GRC platform market and the US is the leading country in terms of implementation of GRC solutions. Following the global financial crisis of 2008, risk management assumed immense importance in the financial sector in the US. The country has implemented multiple measures to minimize losses and address the aftermath of the financial crisis. In the US, financial services are adopting integrated data platforms, which streamline their internal and external data sources and assist in the collection of useful insights pertaining to the customer. Some of the data virtualization tools, such as composite software and social analytics software, have led to the improvement in real-time targeting and quick decision making.”

Read more at Marketwired.

Photo credit: Technavio