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Industry Landscape
The GRC and Compliance Automation industry is experiencing significant growth, driven by increasing regulatory scrutiny, the proliferation of data, and the need for operational efficiency. AI is increasingly integrated to streamline processes, automate evidence collection, and provide real-time insights. Cloud-based solutions are dominant, catering to a diverse set of industries like FinTech, Health-Tech, and SaaS, which face stringent compliance demands. The market is competitive, with a focus on comprehensive, integrated platforms.
Total Assets Under Management (AUM)
Market Size of GRC Software in United States
~Approximately 12.8 billion USD (2023) in North America
(13.6% CAGR)
- Driven by increasing regulatory compliance needs. - Rise in digital transformation and cloud adoption. - Growing demand for integrated risk management solutions.
Total Addressable Market
12.8 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for Compliance Document Automation
Generative AI can automate the creation, review, and summarization of compliance documents, policies, and audit reports, significantly reducing manual effort and increasing accuracy.
Blockchain for Immutable Audit Trails
Blockchain technology can provide immutable and transparent records of compliance activities and evidence, enhancing auditability and trust in data integrity.
Automated Continuous Control Monitoring (CCM)
Advanced CCM, leveraging AI and machine learning, enables real-time monitoring of security controls and compliance posture, shifting from periodic audits to continuous assurance.
Impactful Policy Frameworks
NIST AI Risk Management Framework (AI RMF 1.0, 2023)
The NIST AI Risk Management Framework (AI RMF 1.0), published in January 2023, provides a voluntary framework for managing risks associated with artificial intelligence across its lifecycle.
This policy will drive the need for dedicated AI governance solutions, directly impacting companies using AI in their compliance and operations by requiring them to manage AI-specific risks and ensure ethical deployment.
Cybersecurity and Infrastructure Security Agency (CISA) 'Shields Up' Guidance (Ongoing, 2022-Present)
CISA's 'Shields Up' initiative, ongoing since early 2022, provides guidance and resources for organizations to strengthen their cybersecurity defenses against potential threats, especially from state-sponsored actors.
This guidance increases the pressure on organizations, particularly critical infrastructure and those handling sensitive data, to bolster their cybersecurity posture, creating higher demand for integrated GRC and cybersecurity solutions like Akitra's penetration testing and cloud security offerings.
SEC Cybersecurity Disclosure Rules (Effective 2023)
The U.S. Securities and Exchange Commission (SEC) adopted new rules in July 2023 requiring public companies to disclose material cybersecurity incidents within four business days and provide annual disclosures about their cybersecurity risk management, strategy, and governance.
This policy significantly increases the compliance burden for public companies regarding cybersecurity incident reporting and risk management transparency, driving demand for automated compliance and risk management platforms that can facilitate these disclosures.
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