HIPAA Compliance Services Market
To provide an overview for the HIPAA compliance services market, including its size, growth, breakdown by vertical, typical company budgets for compliance, and the top HIPAA compliance services competitors.
Throughout our research, we were able to find information pertaining to the HIPAA compliance software market and the enterprise governance, risk and compliance market. We were able to also find information pertaining to the breakdown of each market by type and services, including software and consulting. As the previous report touched a bit on the eGRC segment, we focused on going deeper, with the goal of providing more information on the different segments and services that dominate the market. We did focus on the global market in this report as information for it was more readily available. Unfortunately, while many reports exist for the HIPAA compliance software market, all of them were behind a paywall, which means that we were not able to gather much information about the market size or its growth. A such, we used the eGRC software segment as a way to estimate the potential market value for the HIPAA software sector.
HIPAA Compliance Software Market
- The global HIPAA compliance software market was worth about $20 billion in 2019 (0.64% * $31.27 billion).
- The market is expected to continue dominating the eGRC market due to the adoption of IoT and other digital frameworks.
- Risk management and audit management were the two largest software service segments in the eGRC market.
- Risk management software accounted for over 25% of the overall revenue share of the EGRC market in 2019, generating a revenue of $7.8 billion.
- Audit management software reached roughly $4.4 billion in 2019.
- Some of the biggest HIPAA compliance software companies include Ostendio, Virtru, Zenefits, Congruity 360, and Accountable.
eGRC Consulting Market
- According to Grand View Research, the global enterprise governance, risk and compliance market was worth $31.27 billion in 2019.
- The market is expected to grow to $32.6 billion by the end of 2020 and to $61.2 billion by 2025, increasing at a CAGR of about 13.5% to 14%.
- The consulting services segment had a market share of about 39% of the overall market, reaching $12.2 billion in revenue in 2019 (0.39 * $31.27 billion).
- It is expected that the increased adoption of big data will be a primary driver for the future expansion of consulting services, as companies will be able to more easily adhere to regulations, legislation, and form processes through the use of the new technology.
- Some of the major players in the compliance consulting segment include SAP SE, Thomson Reuters, Bwise, MetricStream Inc, and Wolters Kluwer.
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