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Industry Landscape
The GRC software industry is experiencing rapid growth, driven by increasing regulatory complexities, data privacy concerns, and the need for automation. Companies are shifting from manual processes to AI-powered platforms for continuous monitoring, risk assessment, and audit readiness. The focus is on integrated solutions that provide real-time visibility and reduce the burden of compliance.
Total Assets Under Management (AUM)
GRC Software Market Size in United States
~Approximately $17.5 billion (2023)
(13.4% CAGR)
- Driven by digital transformation
- Increased regulatory compliance mandates
- Rising demand for integrated risk management
Total Addressable Market
17.5 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for Compliance Content
Generative AI can automate the creation of policy documents, risk assessments, and audit reports, significantly reducing manual effort and ensuring consistency.
Blockchain for Trust and Transparency
Blockchain can provide immutable records of compliance activities and data provenance, enhancing auditability and trust across supply chains and partnerships.
AI-Powered Predictive Risk Analytics
Advanced AI models can analyze vast datasets to predict potential compliance gaps and security vulnerabilities before they occur, enabling proactive risk mitigation.
Impactful Policy Frameworks
NIST AI Risk Management Framework (AI RMF) 1.0 (2023)
The NIST AI RMF 1.0 is a voluntary framework developed by the National Institute of Standards and Technology to help organizations manage the risks associated with designing, developing, deploying, and using artificial intelligence systems.
This framework directly impacts Scrut by creating a new compliance standard that businesses, especially those leveraging AI, will need to adhere to, presenting both a challenge and an opportunity for Scrut to offer a solution.
SEC Cybersecurity Rules (2023)
The U.S. Securities and Exchange Commission (SEC) adopted new rules requiring public companies to disclose material cybersecurity incidents within four business days and to report annually on their cybersecurity risk management, strategy, and governance.
These rules significantly increase the pressure on public companies to have robust cybersecurity and GRC programs, directly impacting Scrut's target market and increasing demand for its audit streamlining and real-time monitoring features.
California Privacy Rights Act (CPRA) (2023)
The CPRA, effective January 1, 2023, amended and expanded the California Consumer Privacy Act (CCPA), granting consumers more rights regarding their personal information and establishing the California Privacy Protection Agency (CPPA) to enforce these rights.
The CPRA tightens data privacy regulations for businesses operating in California, requiring enhanced data mapping, consent management, and incident response capabilities, which directly aligns with Scrut's GRC offerings.
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