The global eGRC market size will touch USD 48 billion at a 13% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Enterprise, governance, risk compliance or eGRC, is a strategy that is generally adopted by different agencies, enterprises, and organizations for managing their governance and maintaining the business objectives.
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Various factors are fuelling the global enterprise governance risk and compliance (egrc) market growth. As per the recent MRFR market estimates, such factors include the growing need to cater the compliance needs and regulations which are imposed by governing bodies, the increasingly complex regulatory, compliance, and risk management environment in business, rapid commercialization and globalization, security needs with growing AI and IoT technology, external reporting obligations, the digitalization of banking operations, the changing landscape of businesses and government policies across different industries such as retail, manufacturing, energy and utilities, construction and engineering, BFSI, and others, increasing use during COVID-19 pandemic, growing needs to meet stringent compliance mandates, growing data and security breaches, and growing integration of blockchain technologies and AI with GRC solutions.
On the contrary, the challenge to deliver a proper eGRC solution which can meet one’s business needs and change in regulatory policy structures from country to country and business to business may limit the global enterprise governance risk and compliance market growth over the forecast period.
The MRFR report throws light on an inclusive segmental analysis of the global enterprise governance risk and compliance market based on services, application, business functions, and type.
By services, the global enterprise governance risk and compliance market is segmented into support, training and consulting, and integration. Of these, the training and consulting segment will lead the market over the forecast period.
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By application, the global enterprise governance risk and compliance market is segmented into government, mining and natural resources, healthcare, retail and consumer goods, construction and engineering, IT and telecom, energy and utility, transportation and logistics, and others (oil and gas, entertainment, media, and tourism). Of these, the BFSI segment will dominate the market over the forecast period.
By business functions, the global enterprise governance risk and compliance market is segmented into finance, legal, operation, and IT.
By type, the global enterprise governance risk and compliance market is segmented into incident management, audit management, risk management, policy management, compliance management, and others (issue management, business continuity management, and financial controls management). Of these, the risk management segment will spearhead the market over the forecast period.
By region, the global enterprise governance risk and compliance market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. The region being the home to several vendors that acquired various innovative strategies, the presence of several large-scale companies which are constantly at the risk of government scrutiny and cyber-attacks, organizations opting for advanced and agile software solutions which entail fewer resources owing to cyber threats and veritable staffing, and the growing adoption of cloud software, IoT, and big data are adding to the global enterprise governance risk compliance market growth in the region.
In the APAC region, the global enterprise governance risk and compliance market is predicted to have favorable growth over the forecast period. Growing IT industry in India, growing manufacturing sector in China, impact of COVID-19 on business operations of these industries, need for risk assessments, the rapidly developing IT infrastructure, and the need for tackling external and internal risks are adding to the global enterprise governance risk and compliance market growth in the region. Indonesia, Vietnam, Taiwan, South Korea, and Japan have the utmost market share.
The eminent players profiled in the global enterprise governance risk and compliance market report include Resources Connection, Inc. (U.S.), BWise (Netherlands), Resolver (UK), MetricStream (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle (U.S.), SAS (U.S.), and Dell EMC (U.S.), among others.
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