Regulatory Compliance Management Software Market size was valued at $27.8 billion in 2020 and it is estimated to grow at a CAGR of 12.5% during 2021-2026. The main factor behind the growth of Regulatory Compliance Management Software market is increasing implementation of regulatory control solutions such as policy management, compliance management, audit management, incident management, risk management, case management, financial control management and others. Different business organizations are opting for these solutions in order to reduce the monetary and reputational damage caused by non-compliance. Hence, the above-mentioned factors will drive the growth of Regulatory Compliance Management Software industry in 2021-2026.
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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.
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. For instance, in 2019, AssurX launched its new cloud-based regulatory compliance software specifically designed to extend the quality processes across the organizations.
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Email: sales@industryarc.com