# SOC 2 Is a $23 Billion Business Now

> SOC 2 used to be a dull audit checkbox. Now it anchors a governance, risk and compliance software market worth roughly $23 billion in 2026. A cohort of startups - Vanta, Drata, Secureframe, Sprinto, Orbiq - turned a painful PDF ritual into recurring revenue, while incumbents like AuditBoard and OneTrust and security giants like CrowdStrike circle the same prize: the business of proving you can be trusted.

## Achievements

- GRC software market valued at roughly $23.32 billion in 2026, projected to reach ~$39 billion by 2031 (CAGR ~10.8%).
- Vanta reached a $4.15B valuation and ~$300M ARR by April 2026.
- AuditBoard acquired by Hg for over $3 billion in 2024 on $200M+ ARR.
- Drata surpassed $100M ARR by early 2025 after raising $328M.
- OneTrust scaled past $500M ARR, exploring a private-equity sale in late 2025.
- Roughly 60-70% of first-time SOC 2 organizations now use a GRC automation platform.

## Latest updates

- **2025-07** — Vanta raised $150M at a $4.15B valuation led by Wellington, with CrowdStrike Ventures, Sequoia, Atlassian and JPMorgan participating.
- **2026-04** — Sacra estimates Vanta hit ~$300M ARR, up 69% year over year.
- **2026** — Mordor Intelligence pegs the GRC software market at ~$23.32 billion for 2026.

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Last updated: 2026-07-30