Enterprise Governance, Risk & Compliance Market by Component, Deployment Mode, Organization Size, Vertical

Description

List of Tables

[183 Pages Report] The Enterprise Governance, Risk & Compliance Market size was estimated at USD 48.96 billion in 2023 and expected to reach USD 55.64 billion in 2024, at a CAGR 14.22% to reach USD 124.21 billion by 2030.

Enterprise Governance, Risk, and Compliance (GRC) involves the practices and strategies that organizations adopt to manage and monitor their overarching governance, risk management, and compliance with laws and regulations. Such an integrated approach is designed to ensure that a business operates efficiently, adheres to legal and ethical standards, and minimizes its exposure to risk. Increasing government regulations and standards across different industries are compelling businesses to invest in GRC solutions. In addition, organizations are leveraging GRC platforms to improve decision-making processes, reduce costs associated with compliance and audits, and enhance operational efficiency. However, the high cost of GRC implementation, especially for small to medium enterprises, can be a significant barrier. The complexity and time-consuming nature of integrating GRC practices into existing systems can deter organizations. Furthermore, combining advanced analytics and AI can provide predictive insights into potential risks, automate compliance processes, and enhance risk management strategies. Additionally, the adoption of cloud-based GRC solutions is expanding, offering scalability, flexibility, and cost-effectiveness to businesses of all sizes.

KEY MARKET STATISTICS
Base Year [2023]	USD 48.96 billion
Estimated Year [2024]	USD 55.64 billion
Forecast Year [2030]	USD 124.21 billion
CAGR (%)	14.22%

Regional Insights

The American region encompassing the United States & Canada has a highly developed GRC market, driven by stringent regulations across sectors such as finance, healthcare, and energy. Companies across the region are significant investors in GRC technologies due to a strong culture of corporate governance and the high cost of non-compliance. Trends include a growing emphasis on cybersecurity measures and integrating artificial intelligence (AI) to predict and manage risks. The regulatory environment in the European Union is a major driver for GRC adoption, with directives such as GDPR (General Data Protection Regulation) imposing strict data protection and privacy requirements. Organizations in the EU are focused on integrating GRC practices into their operations to manage compliance risks effectively. There's a rising demand for solutions that offer comprehensive views of compliance across multiple jurisdictions. The Middle East is witnessing a growing acceptance of GRC frameworks, primarily driven by the financial and oil & gas sectors. The UAE and Saudi Arabia are investing laboriously in digital transformation, which includes updating their GRC capabilities to support diversification away from oil dependency and to promote sustainable economic growth. In APAC, the GRC market is growing rapidly, fueled by the government's push for digitalization and stringent regulations regarding cybersecurity and data protection. Companies are increasingly recognizing the importance of GRC practices in safeguarding their operations and enhancing competitiveness.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Enterprise Governance, Risk & Compliance Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Rise in adoption of more secured and integrated software technologies
- Government regulations encouraging safe use of data in enterprises
- Increasing demand due to improved operational efficiency and quality information in business organizations

Market Restraints
- Issues associated with integration of eGRC practices into existing systems

Market Opportunities
- Adoption of AI and blockchain technologies into eGRC solutions
- Increasing funding and investments in FinTech

Market Challenges
- Concerns regarding third-party risk and lack of skilled professionals

Market Segmentation Analysis
- Component: Growing usage of services for maintaining the operational efficiency of eGRC systems
- Deployment Mode: Increasing cloud deployment due to its flexibility and scalability to manage governance, risk, and compliance

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Enterprise Governance, Risk & Compliance Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Enterprise Governance, Risk & Compliance Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

anecdotes Secures USD 25 million in Series B Funding to Revolutionize Enterprise GRC Through Data-Driven Innovations

anecdotes, an enterprise in the Governance, Risk, and Compliance (GRC) technology sector has successfully raised USD 25 million in the financing round, bringing its total capital to USD 55 million. This financial achievement is a review of the company's robust growth and the tripling of its Annual Recurring Revenue (ARR) over the last year, largely due to its expansion in the United States. [Published On: 2024-01-09]

Deloitte Unveils New Sustainability Accelerators in Strategic Alliance with Workiva to Enhance ESG Reporting

Deloitte has rolled out three innovative sustainability accelerators, expanding its partnership with Workiva. These accelerators, now available in the Workiva Marketplace, aim to streamline Scope 3 emissions calculation, continuous controls monitoring, and ESG report generation. This initiative responds to the growing interconnection between ESG reporting and governance, risk, and compliance (GRC) sectors, driven by evolving ESG mandates. [Published On: 2023-04-21]

Strategic Partnership Between OneTrust and Dow Jones, Elevating Third-Party Due Diligence Through Trust Intelligence

OneTrust has strategically partnered with Dow Jones Risk & Compliance to enhance third-party due diligence. This collaboration introduces an integrated solution designed to empower companies in effectively navigating legal, financial, and reputational hazards. Leveraging OneTrust's acclaimed risk management and automation expertise with Dow Jones's comprehensive database covering over three million entities for various risks, including sanctions, bribery, and ESG concerns, this solution stands out for its ability to streamline due diligence processes. [Published On: 2023-04-18]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Enterprise Governance, Risk & Compliance Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Enterprise Governance, Risk & Compliance Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Archer Technologies LLC, BarnOwl, Cura Global GRC Solutions PTE LTD, Dell Technologies Inc., Deloitte Touche Tohmatsu Limited, Diligent Corporation, dotNext (Pty) Ltd, DSS Sustainable Solutions Switzerland SA, Ernst & Young Global Limited, Fidelity National Information Services, Inc., HCL Technologies Limited, i-Manage Compliance, Infosys Limited, International Business Machines Corporation, IsoMetrix, KPMG International Limited, Maclear, LLC, Masthead (Pty) Ltd, MetricStream, Inc., Microsoft Corporation, Moonstone Group, LLC, mySolutions, Nkwali Compliance Consultants, OneTrust LLC, Oracle Corporation, PKF International Limited, PricewaterhouseCoopers International Limited, Protiviti Inc., RELX PLC, RSA Security LLC, RSM International Limited, SAI Global, SAP SE, SAS Institute Inc., ServiceNow, Inc., Software AG, Statucor (Pty) Ltd., Thomson Reuters Corporation, WNS (Holdings) Limited, and Wolters Kluwer N.V..

Market Segmentation & Coverage

This research report categorizes the Enterprise Governance, Risk & Compliance Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Services
  - Integration
  - Support
  - Training & Consulting

Software
- Audit Management
- Compliance Management
- Incident Management
- Policy Management
- Risk Management

Deployment Mode
- Cloud
- On-Premises

Organization Size
- Large Enterprise
- Small & Medium Enterprise

Vertical
- BFSI
- Construction & Engineering
- Energy & Utilities
- Government
- Healthcare
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Transportation & Logistics

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-4348D129FAD0

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rise in adoption of more secured and integrated software technologies
  - 5.1.1.2. Government regulations encouraging safe use of data in enterprises
  - 5.1.1.3. Increasing demand due to improved operational efficiency and quality information in business organizations
- 5.1.2. Restraints
  - 5.1.2.1. Issues associated with integration of eGRC practices into existing systems
- 5.1.3. Opportunities
  - 5.1.3.1. Adoption of AI and blockchain technologies into eGRC solutions
  - 5.1.3.2. Increasing funding and investments in FinTech
- 5.1.4. Challenges
  - 5.1.4.1. Concerns regarding third-party risk and lack of skilled professionals
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing usage of services for maintaining the operational efficiency of eGRC systems
- 5.2.2. Deployment Mode: Increasing cloud deployment due to its flexibility and scalability to manage governance, risk, and compliance
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Enterprise Governance, Risk & Compliance Market, by Component

6.1. Introduction
6.2. Services
6.3. Software

7. Enterprise Governance, Risk & Compliance Market, by Deployment Mode

7.1. Introduction
7.2. Cloud
7.3. On-Premises

8. Enterprise Governance, Risk & Compliance Market, by Organization Size

8.1. Introduction
8.2. Large Enterprise
8.3. Small & Medium Enterprise

9. Enterprise Governance, Risk & Compliance Market, by Vertical

9.1. Introduction
9.2. BFSI
9.3. Construction & Engineering
9.4. Energy & Utilities
9.5. Government
9.6. Healthcare
9.7. Manufacturing
9.8. Retail & Consumer Goods
9.9. Telecom & IT
9.10. Transportation & Logistics

10. Americas Enterprise Governance, Risk & Compliance Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Enterprise Governance, Risk & Compliance Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Enterprise Governance, Risk & Compliance Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. anecdotes Secures USD 25 million in Series B Funding to Revolutionize Enterprise GRC Through Data-Driven Innovations
- 13.3.2. Deloitte Unveils New Sustainability Accelerators in Strategic Alliance with Workiva to Enhance ESG Reporting
- 13.3.3. Strategic Partnership Between OneTrust and Dow Jones, Elevating Third-Party Due Diligence Through Trust Intelligence
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio