According to a report by Gartner, Furthermore, the industry has been rocked by the recent entrance of new providers forcing a trend toward cloud-first ITRM implementations.
ServiceNow GRC combines business, security, and IT in one integrated risk framework on the Now Platform.
Distinguished capabilities of ServiceNow GRC
- Improve choices and performance with risk intelligence incorporated into everyday work and linked across the company.
- Get real-time visibility into risks with continuous monitoring of its compliances.
- Automated cross-functional procedures that bridge operational silos boost productivity and cut expenses.
- Integrate reporting of current risk data with the Now Platform to effectively engage with stakeholders throughout the enterprise.
One of the advantages of the Now Platform is that it allows consumers to get new features quickly. As part of its quarterly release, ServiceNow added new features by increasing support for operational and vendor risk management.
The power of ServiceNow
Among the suppliers in similar areas of expertise, ServiceNow has one of the biggest R&D expenditures. In 2021, it also completed several acquisitions to improve the overall AI capabilities of its offering. These purchases give us the skills and the in-house experience needed to develop new features.
ServiceNow has great brand awareness and a worldwide reach with local sales and support groups. According to various reports, the ITRM market continues to show strong year-on-year revenue growth, with more than 13% expected customer growth in 2022.
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Introduction to the Gartner Magic Quadrant
The Leaders, Visionaries, Niche Players, and Challenger categories of technology providers are graphically positioned in the Gartner Magic Quadrant research technique for fast-growing markets. The companion studies Gartner's Critical Capabilities and analyses the potential suitability of suppliers' IT goods and services based on particular or customized use cases.
In areas where growth is high and supplier difference is unique, a Magic Quadrant shows the graphical competitive stance of four categories of technology providers :
- Leaders that follow through on their current vision are well-positioned for the future.
- Visionaries see where the market is heading or have a plan to change market rules, but they sometimes need to execute rightfully.
- Niche Players are either effective in a specific segment or are unfocused, struggling to out-innovate or exceed the competition.
- Challengers may perform well today or even dominate a huge market segment but need more market knowledge.
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Why ServiceNow is a Leader in the Magic Quadrant
ServiceNow is a Leader in this Magic Quadrant. Built on the Now platform, the ServiceNow GRC's Integrated Risk Management contains ITRM functionalities. Cyber risk management and IT risk and control assessment are two areas of expertise for ServiceNow IRM.
ServiceNow is available as software-as-a-service (SaaS). On-premises usage may be permitted on a case-by-case basis. Its activities are mostly concentrated in North America, Europe, and Asia-Pacific, with a rising presence in the Middle East and South America. Financial services, healthcare, education, life sciences, and government are among its clients.
ServiceNow intends to integrate its compliance risk capabilities more deeply into its wider ServiceNow platform and other offerings by 2022. The impact of integrating risk management into existing IT processes is likely to improve user experience. With planned UI changes, wider use of AI/ML in recommending controls, and evidence recommendation, ServiceNow hopes to improve user experience and business results even more.