PUBLISHER: Acute Market Reports | PRODUCT CODE: 1486527
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1486527
The enterprise governance, risk and compliance (eGRC) market is expected to grow at a CAGR of 14.1% during the forecast period of 2024 to 2032, driven by increasing regulatory complexity, a heightened focus on cybersecurity, and the globalization of businesses. Integration challenges pose a significant restraint that needs to be addressed for the market to reach its full potential. The segmentation by component emphasizes the pivotal role of software solutions, while services play a complementary role in successful eGRC implementation. The market dynamics for software modules highlight the dominance of risk management solutions, while compliance management maintains a substantial market share. Geographically, North America leads in 2023, with Asia-Pacific expected to surpass in CAGR. The competitive landscape showcases key players adopting strategic approaches, with IBM, SAP, and Microsoft at the forefront. As the industry progresses from 2024 to 2032, the enterprise governance, risk and compliance (eGRC) market is poised for continued growth, playing a crucial role in enhancing organizational governance, risk management, and compliance globally.
Increasing Regulatory Complexity and Stringency
The enterprise governance, risk, and compliance market are driven by the escalating complexity and stringency of regulations across industries. Companies such as IBM and SAP strategically position themselves to address the growing demand for eGRC solutions. Evidence of this driver can be found in the increasing adoption of software solutions that automate compliance processes, helping organizations navigate intricate regulatory landscapes. For instance, IBM's OpenPages provides a comprehensive GRC platform that assists businesses in managing regulatory compliance efficiently. The continuous evolution and tightening of regulatory frameworks globally are key drivers propelling the demand for eGRC solutions.
Heightened Focus on Cybersecurity and Data Privacy
The intensifying focus on cybersecurity and data privacy is a significant driver in the enterprise governance, risk and compliance (eGRC) market. Leading companies like RSA Security and MetricStream strategically invest in technologies that enhance risk management and cybersecurity measures. The evidence lies in the increased adoption of eGRC software, particularly risk management modules, to mitigate cybersecurity threats and ensure compliance with data protection regulations. For example, MetricStream's IT Risk Management solution enables organizations to proactively address cybersecurity risks, contributing to the market's growth as businesses prioritize securing sensitive data in the digital age.
Globalization and Expansion of Businesses
The globalization and expansion of businesses contribute significantly to the demand for eGRC solutions. Companies like Microsoft and Oracle position themselves as key players in providing eGRC software and services that cater to the diverse regulatory landscapes in various regions. Evidence of this driver can be seen in the adoption of eGRC solutions by multinational corporations seeking a unified approach to governance, risk management, and compliance across geographies. Microsoft's Dynamics 365 offers a comprehensive eGRC platform, enabling organizations to streamline their global compliance efforts and adapt to diverse regulatory requirements.
Integration Challenges and Implementation Complexity
While the enterprise governance, risk and compliance (eGRC) market is driven by multiple factors, challenges related to integration and implementation complexity present a significant restraint. Companies such as MetricStream and Oracle face obstacles in seamlessly integrating eGRC solutions with existing enterprise systems. The evidence lies in instances where organizations encounter difficulties aligning eGRC platforms with diverse software infrastructures, leading to delays in implementation and suboptimal utilization of these solutions. Overcoming integration challenges and simplifying implementation processes are crucial for ensuring the effectiveness of eGRC solutions and maximizing their impact on organizational governance, risk management, and compliance.
Market Analysis by Component: Software Dominates the Market
The market segmentation by component includes software and services. In 2023, software dominated the market, contributing significantly to revenue. The forecast for 2024 to 2032 indicates sustained dominance by eGRC software, with the highest expected CAGR. Services, encompassing implementation, consulting, and support, are expected to maintain a substantial market share during the forecast period. The market dynamics highlight the critical role of software solutions in automating and optimizing eGRC processes.
Market Analysis by Software: Risk Management Software Dominates the Market
The market segmentation by software includes audit management, compliance management, risk management, policy management, incident management, and other specialized modules. In 2023, risk management software generated the highest revenue, driven by the increasing focus on cybersecurity and the need to mitigate evolving risks. The forecast for 2024 to 2032 indicates sustained dominance by risk management software, with the highest expected CAGR. Compliance management software is expected to maintain a substantial market share, addressing the complexities of regulatory adherence.
North America Remains the Global Leader
The enterprise governance, risk and compliance (eGRC) market exhibits diverse geographic trends. In 2023, North America led in terms of both the highest revenue and CAGR, driven by the complex regulatory environment and the heightened focus on cybersecurity. However, Asia-Pacific is expected to surpass North America in terms of CAGR during the forecast period, indicating the region's growing adoption of eGRC solutions. Europe is anticipated to maintain a substantial market share, with businesses prioritizing compliance in a globally connected economy. The Middle East and Africa showcase a rising interest in eGRC, contributing to the overall market expansion.
Market Competition to Intensify during the Forecast Period
The competitive landscape of the enterprise governance, risk and compliance (eGRC) market is characterized by key players such as IBM, SAP, RSA Security, MetricStream, Microsoft, Oracle, FIS, Genpact, Maclearglobal.com, Microsoft, Navex Global, Inc., SAI Global Pty Limited, SAS Institute Inc., Software AG, Thomson Reuters, and Wolters Kluwer N.V. These companies strategically position themselves by focusing on technological innovation, addressing integration challenges, and providing comprehensive eGRC solutions. In 2023, IBM reported significant revenue, leveraging its GRC platform's capabilities. SAP excelled in providing eGRC solutions tailored for diverse industries. RSA Security and MetricStream demonstrated leadership in cybersecurity-focused eGRC modules. Microsoft and Oracle showcased global leadership by offering eGRC platforms that cater to the complexities of international business. The key strategies of these players involve continuous research and development, strategic partnerships, and addressing the evolving needs of businesses in governance, risk management, and compliance.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Enterprise Governance, Risk And Compliance (eGRC) market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Enterprise Governance, Risk And Compliance (eGRC) market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Component
Software
Services
Organization Size
Vertical
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Enterprise Governance, Risk And Compliance (eGRC) market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Enterprise Governance, Risk And Compliance (eGRC) market?
Which is the largest regional market for Enterprise Governance, Risk And Compliance (eGRC) market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Enterprise Governance, Risk And Compliance (eGRC) market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Enterprise Governance, Risk And Compliance (eGRC) market worldwide?
FIG. 12Market Positioning of Key Enterprise Governance, Risk And Compliance (eGRC) Market Players, 2023
FIG. 13Global Enterprise Governance, Risk And Compliance (eGRC) Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032