Posted in Compliance Management Solution Market
Compliance Management Solution Market size was valued $2,345.7 million in 2019, estimated to grow at a CAGR of 8.5% during 2020-2025. The organizations are enormously are adopting compliance in their business for managing the regulatory breaches and control failures. This adoption of compliance management solution has also provided the ability to understand the existing and emerging risk. Moreover, the growing demand for regulatory compliance solution, Americans with Disabilities Act (ADA) compliance solution, security information management and so on are surging the compliance management solution during the forecast period. The rising demand for security as service as well as rising data security regulations leading to increasingly secure web gateways will drive the Compliance Management Solution Industry.
Report Coverage
The report: “Compliance Management Solution Industry Outlook - Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Compliance Management Solution Market Report.
By Type: Regulatory Compliance Solution, Americans with Disabilities Act (ADA) Compliance Solution, HIPPA Compliance Solution, website Accessibility Services, WCAG Compliance
By Platform: Website and Mobile Application
By Storage Based: Third Party Management, Policy and Procedure Management, Product and Service Offer Management, Governance, Risk and Compliance Management
By Application: Financial Industry, Medical Industry, Legal Industry, Real Estate Industry, and Manufacturing Industry.
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina, Ecuador, Peru, Colombia, Costa Rica and others), Europe(Germany, UK, France, Italy, Spain, Russia, Netherlands, Denmark and Others), APAC(China, Japan India, South Korea, Australia, Taiwan, Malaysia and Others), and RoW (Middle east and Africa)
Key Takeaways
- In 2019, the Compliance Management Solution market was dominated by North America owing to the presence of major players such as Oracle Corporation, Thomson Reuters and so on.
- The growing demand government, risk and compliance storage-based solution for risk and performance management by the organizations are further enhancing the growth of the market
- The growing adoption of automation by organizations in order to optimize operations as per the regulatory requirements are propelling the compliance management solution market.
- The lack of latest technology-based platform in the organizations and the transformation in the work culture are effecting the adoption of compliance management solution
Storage based - Segment Analysis
Government, Risk & Compliance (GRC) segment held the largest market share in the Compliance Management Solution market in 2019. The growing demand internal audit features in the organizations which are facing increasing regulatory requirements are enhancing the need for GRC solution. Moreover, the development risk analytics in order to support integration of risk management and performance management are fueling the demand for GRC. This factors are enhancing the deployment of government, risk and compliance storage-based solution segment further propelling the growth of the market.
Geography - Segment Analysis
In 2019, North America dominated the Compliance Management Solution market with a share of more than 42%, followed by Europe and APAC. The presence of dominant players such as Oracle Corporation, Thomson Reuters and so on has highly fueled the growth of compliance management solution market in this region. Moreover, the rising need for automation in organizations are resulting in the development of risk related to cybersecurity which is leading to the growing demand for compliance management solution. Also, the presence of several startup in the US are significantly propelling the growth of the compliance management solution market.
Drivers – Compliance Management Solution Market
- Rising demand for IT Security, Privacy and Compliance
The rising risk of cyber threats has significantly led to the growing demand for right talent in order to reduce the cyber risks. Moreover, the businesses today are struggling to respond the common cyber threats which has raised the need for compliance management solutions. According to Cyber & Data Security Risk Survey from Marsh and McLennan, in 2018 18% of the small businesses said that they developed cyber incident response plan. Thus, the significant need for efficient compliance talent and efficient planning by organization for cyber incidents has led to the growing demand for IT security, privacy and compliance management solution.
- Rise of Automation
The deployment of cloud and building infrastructure, companies are looking forward to automate the validation process which will embed several ways for gaining visibility and predict parts of compliance in the architecture. This will also allow the companies to understand the security and led to the validation process by reviewing the dashboards which becomes more relevant and effective with more dynamic new technologies. Furthermore, by embedding automated dashboards for enterprise security monitoring architecture, organizations are leading to enhance the use of compliance management solution.
Challenges – Compliance Management Solution Market
- Lack of Latest Technology-based Platform
The lack of latest technology-based platforms in organizations due to the dynamic regulatory updates and transformation in the work culture are affecting the deployment of compliance management solution. The presence of this type of legacy systems results in failure while highlighting the compliance risk, and makes them more complex which leads the system to become ineffective. This creates challenge for the compliance management solutions and hampers the growth of the market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Compliance Management Solution market. In 2019, the market of Compliance Management Solution has been consolidated by the major players – Software AG, NTT Group, Oracle Corporation, Sparta Systems Inc., Arena Solutions Inc., Pilgrim Quality Solutions Inc., MasterControl Inc., Aras Corporation, SAP SE and Thomson Reuters.
Acquisitions/Technology Launches
- In December 2019, NTT Group announced the launch of compliance management solution by using robotic process automation (RPA). This solution offers the analysis of data from Internal-HR and compliance on premise and cloud-based systems. This also support customer in strengthening their responsibility and internal governance control.
- In July 2018, Thomson Reuters announced the expansion of its award-winning Connected Risk software platform with the launch of Compliance Management solution. This new solution is specifically designed to support risk and compliance professionals for demonstrating strong governance and lead to enterprise-wide regulatory scrutiny.
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