Global Compliance Management Software Market 2023-2030

Global Compliance Management Software Market 2023-2030

Global Compliance Management Software Market Size, Share & Trends Analysis Report by Deployment (Cloud and On-Premises), by Software Type (Regulatory Compliance Management, Corporate Compliance Management, and Others), and by Vertical (BFSI, Construction and Engineering, Energy and Utilities, Government, Healthcare, Manufacturing, Retail & Consumer Goods, Telecom & IT, Transportation & Logistics, and Others) Forecast Period (2023-2030)

The global compliance management software market is anticipated to grow at a considerable CAGR of 11.2% during the forecast period. Compliance management software refers to a type of software that helps organizations to manage their compliance obligations. Compliance management software can automate and streamline compliance processes, provide real-time monitoring of compliance risks, and help organizations to identify and address compliance issues before they become serious problems. The growth of the market is attributed to factors such as increasing regulatory compliance requirements and the need for effective risk management. Further, the growing adoption of cloud-based compliance management software solutions, and growing investment in companies providing compliance solutions are some of the factors anticipated to fuel the demand for compliance management software. For instance, in February 2020, Compliancy Group, a leading healthcare compliance Software-as-a-Service business, has closed a significant investment from Virginia-based growth equity firm, Aldrich Capital Partners. Aldrich Capital Partners has committed to invest $75 million.

Segmental Outlook

The global compliance management software market is segmented based on deployment, software type, and vertical. Based on the deployment, the market is categorized into cloud and on-premises. Further, based on the software type, the market is segmented into regulatory compliance management, corporate compliance management, and others. Among these, the regulatory compliance management segment is anticipated to hold a prominent market share, as regulatory compliance is a critical aspect of many industries, and failure to comply with regulations can result in legal and financial penalties, reputational damage, and other negative consequences.

BFSI Sub-Segment is Anticipated to Register a Significant Market Growth

Among the verticals, the BFSI sub-segment is anticipated to register significant growth during the forecast period. The growth of the sub-segment is attributed to the increasing need to comply with regulations and protect against financial crimes such as money laundering, fraud, and terrorist financing. The use of compliance management software in the BFSI industry helps companies to streamline their compliance processes, reduce the risk of non-compliance, and ensure that they meet regulatory requirements. The software can also provide real-time monitoring of compliance risks, automate compliance reporting, and reduce the costs associated with manual compliance processes.

Regional Outlooks

The global Compliance Management Software market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, North America is anticipated to hold a significant share in the global compliance management software market. However, the Asia-Pacific region is projected to experience considerable growth in the compliance management software market. The growth of the market is attributed to the increasing trend of automation in compliance processes

Global Compliance Management Software Market Growth, by Region 2023-2030

Source: OMR Analysis

North America is Anticipated to Hold a Significant Share in the Global Compliance Management Software Market

Among all regions, North America is expected to hold a significant share in the global compliance management software market. This can be attributed to the increasing adoption of compliance management solutions by organizations to comply with various regulations and policies implemented by the US government. For instance, The US government has implemented several regulations, such as the Sarbanes-Oxley Act and the Health Insurance Portability and Accountability Act (HIPAA), which have led to the adoption of compliance management software solutions in the region. Additionally, the presence of key market players and the availability of advanced IT infrastructure in the region are also contributing to the growth of the market.

Market Players Outlook

The major companies serving the global compliance management software market include IBM Corp., Microsoft Corp., Oracle Corp., SAP SE, SAS Institute Inc., ServiceNow Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. in July 2022, Bengaluru-headquartered fintech software-as-a-service (SaaS) startup Clear, acquired compliance risk management automation platform CimplyFive. CimplyFive is a cloud-hosted application that automates company law and Sebi listing obligations (LODR). With this acquisition, Clear’s enterprise customers will have access to comprehensive Compliance Risk Management Software that eliminates many procedural non-compliance under the Companies Act, of 2013.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global compliance management software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.