Regulatory Compliance Management Software Market Segment Analysis by Deployment Type
By deployment type the market is segmented into on premise and cloud. Cloud based is set to grow at highest CAGR of 13.52% during the forecast period 2021-2026 owing to its high adoption across the industry verticals. According to Flexera 2020 State of the Cloud Report, 87% of the enterprises are deploying the cloud solutions thus suggesting it has the highest market share in 2020. The nearly infinite computing power reduced operational cost, simple deployment, installation and up-gradation process, higher flexibility, easy maintenance, greater reliability and many other benefits, make cloud-based regulatory compliance management software more desirable than on-premise ones. Due to the above-mentioned factors, the demand for cloud-based regulatory compliance management software is growing and to meet the requirements many organizations are launching this type OS cloud-based product. For instance, in 2019, AssurX launched its new cloud-based regulatory compliance software specifically designed to extend the quality processes across the organizations. Hence, the above-mentioned factors are set to boost the growth of cloud-based regulatory compliance management market in 2021-2026.
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Regulatory Compliance Management Software Market Segment Analysis By End Users
The Regulatory Compliance Management Software market is segmented into ICT, Construction & Engineering, Mining, Retail, Healthcare, Transportation & Logistics, General Manufacturing, BFSI and Others, based on the End-Users. According to Regulatory Compliance Management Software market report of IndustryARC, ICT industry vertical has registered the largest market share of about 20.16% for regulatory compliance management software market in 2020 and is estimated to grow at a significant rate owing to the nature as well as the amount of data this sector collects, stores, processes and handles. The ICT industry collects, stores, and processes data from users on a large scale, which makes this sector a prime target for cyber-attackers, thus making it necessary to regularly update their policies in order to avoid the cyber threats. PCI-DSS, GDPR, FISMA, SOX, HIPAA are some of the prominent regulations followed by the ICT companies worldwide. Regulatory compliance management software helps the enterprises by sensing and interpreting threats, introducing modern data formats and leveraging technologies to create relevant and actionable perspectives.
Regulatory Compliance Management Software Market Segment Analysis by Geography
North America has dominated the market with highest market share around 30.52%, during the forecast period 2021-2026, owing to the early penetration of advanced technologies, growing cyber-threats and stringent Government regulatory norms. Furthermore, rapid commercialization and globalization led to an increased intervention of the government by making stringent policies for fair trade practice, which in turn drives this market. The introduction of enterprise governance, risk and compliance (EGRC) was aimed to address the complexity of complying with the stringent regulatory policies resulting in a higher demand for the EGRC solutions. Furthermore, the slow down or growth in the economy of Asian countries such as India, China, among many others is poised to result in updates in existing regulations or further introduction of new compliances. In February 2021, The India Information Technology Ministry introduced a new rule to regulate the digital content, which will make the social media companies and online streaming websites more accountable for the content shared in their platforms. This is set to provide the highest growth to the regulatory compliance management software market in the forecast period 2021-2026.
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Regulatory Compliance Management Software Market Drivers
Integration of Advanced Technologies such as AI in Regulatory Compliance Management Software
With high penetration of cloud computing as well as IoT across industries, there has been a substantial rise in the amount of data generated from every end point, leading to increasing requirement for data silos to be analyzed for risk identification and to provide the stakeholders at the right time. Therefore, to help the organizations to fulfill these requirements, different vendors have begun to provide AI-powered solutions to help businesses meet various regulatory and compliance requirements. Integrated with analytical tools, AI-powered solutions and the platforms help the businesses extract insights from large volumes of data which in turn help them in making informed decisions. In April 2020, OneTrust launched a new product completely integrated with OneTrust platform, OneTrust DataDiscovery, which helps the organizations to discover as well as classify data from structured, unstructured data types. This product also helps the business to automatically fulfill privacy rights requests under the GDPR, CCPA, LGPD, PDPA and demonstrate compliance through built-in reporting along with governance. Similarly, in December 2020, a global leader in SaaS governance, risk and compliance (GRC) software, Galvanize announced about its strategic partnership with Compliance.ai, to increase the regulatory content available in Galvanizes HighBond platform. In addition, different tasks that deal with risk management can be automated by AI technology. Hence these advantages are analyzed to drive the Regulatory Compliance Management Software Market in the forecast period 2021-2026.
Stringent Regulations Imposed by Government and Other Governing Bodies
Massive demand for regulatory compliance management software, created by the increasing complexity of regulatory standards and the growing requirement to comply with different regulations imposed by governing bodies, is one of the major growth drivers for this market. IT infrastructure and related business processes are directly influenced by regulatory compliance policies, which affects the growth of this market positively. Enterprises are focused on transitioning from traditional rules and directives to regulatory compliance such as the Sarbanes-Oxley Act (SOX), 2002 to advanced risk- and compliance-related regulatory concerns. Furthermore, various businesses are adopting regulatory compliance management software solutions in the current economic scenario to advance their business prospects and to prevent operational as well as financial loss while staying compliant with regulations such as HIPAA, GDPR, COBIT as well as other states and federal mandates. In January 2019, Google was fined $57m in France for non-compliance with General Data Protection Regulations (GDPR). Such failures of complying with these regulations and requirements can contribute to devastating business losses, thus the increasing rigor of compliance mandates in the coming years is likely to drive market growth for regulatory compliance management software market.
Regulatory Compliance Management Software Market Challenges
High variation in policy structure
The framework of regulatory policies and governance structure varies from business to business and from nation to nation, which hampers the growth of this market. Many countries such as Afghanistan, Iraq, Nigeria and others, do not have enough governing bodies for the enforcement and governance of these policies. Furthermore, such policies need to be enforced and governed by, considering different aspects, such as micro and macro-economic risk factors along with the different business requirements. Lack of a global standard of these policies and the above-mentioned factors make it difficult for vendors of this market to meet the different end-user requirements. In those countries, where regulatory standards and frameworks implemented by governing bodies are lacking, companies have to focus on enforcing in-house regulatory policies and guidelines. Hence, these factors are set to impede the growth of the market during the forecast period 2021-2026.
Regulatory Compliance Management Software Market Landscape
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Regulatory Compliance Management Software Market. Regulatory Compliance Management Software top 10 companies include MasterControl Inc., MetricStream Inc., IBM Corporation, Intelex Technologies Inc., SAP SE, BWise B.V., Sparta Systems Inc., Quantivate, LLC, Kofax Inc., RSA Security LLC, and among others.
Acquisitions/Technology Launches
In April 2020, Metric Stream launched its COVID-19 related regulatory compliance software to provide COVID-19 related regulatory updates such as global regulatory notices, updates, changes and other related information for multiple industry domains. This features a rapid deployable in a secure cloud environment that facilitates easier and safe platform for employees, partners and vendors to share the right information needed for management of COVID-19 programs effectively
In April 2020, Wolters Kluwers CPM business had announced its COVID-19 related regulatory compliance software to provide COVID-19 related regulatory updates. The prime aim was to provide COVID-19 related regulatory updates such as global regulatory notices, updates, changes and other related information for the BFSI sector.
Key Takeaways
ICT sector dominated the market in 2020 with the highest Regulatory Compliance Management Software market share and is analyzed to grow with a significant amount of growth, owing to the nature and the amount of data this sector collects, processes and stores.
North America held the major market share and is anticipated to witness significant growth during the forecast period, owing to early penetration of advanced technologies, growing cyber-threats and stringent Government regulatory norms.
The market of Regulatory Compliance Management Software is estimated to witness a significant upsurge during the forecast period, owing to the integration of smart technologies in regulatory compliance management software.
Regulatory Compliance Management Software industry outlook is consolidated with top market players including MasterControl Inc., MetricStream Inc., IBM Corporation, Intelex Technologies Inc., SAP SE and others.
Related Reports:
A. Compliance Management Solution Market
https://www.industryarc.com/Report/18642/compliance-management-solution-market.html
B. Governance, Compliance and Risk Software Market
https://www.industryarc.com/Report/18637/governance-compliance-and-risk-software-market.html
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