PUBLISHER: The Business Research Company | PRODUCT CODE: 1436251
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436251
Enterprise governance, risk, and compliance (eGRC) involve strategies used by enterprises to manage governance, corporate compliance, and enterprise risk management while adhering to applicable regulations and maintaining business objectives. eGRC supports the achievement of goals through workflow automation, ensuring adherence to government regulations and internal controls company-wide.
The key elements of the enterprise governance, risk, and compliance (eGRC) market include software and services. Software comprises a set of instructions, data, or programs designed to operate a computer and perform specific tasks. Organizations are categorized based on size, with distinctions between large enterprises and small and medium enterprises. Deployment options encompass both cloud-based and on-premises solutions. The eGRC market caters to various verticals, including BFSI, healthcare, government, energy and utilities, manufacturing, retail and consumer goods, telecom and IT, and other sectors.
The enterprise governance, risk and compliance (eGRC) market research report is one of a series of new reports from The Business Research Company that provides eGRC market statistics, including eGRC industry global market size, regional shares, competitors with a eGRC market share, detailed eGRC market segments, market trends and opportunities, and any further data you may need to thrive in the eGRC industry. This eGRC market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The enterprise governance, risk and compliance (egrc) market size has grown rapidly in recent years. It will grow from $36.56 billion in 2023 to $41.52 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth observed in the historical period can be attributed to factors such as risk management requirements, concerns about data security, challenges related to globalization, needs for audit and accountability, and the pursuit of operational efficiency.
The enterprise governance, risk and compliance (egrc) market size is expected to see rapid growth in the next few years. It will grow to $71.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The anticipated growth in the forecast period can be attributed to factors such as the cybersecurity threat landscape, considerations related to climate and sustainability, real-time monitoring and reporting, and resilience planning. Major trends expected in the forecast period include the evolution of regulatory technology (RegTech), advancements in analytics and AI, technology integration, an increased emphasis on cybersecurity risk, and the integration of regulatory technology (RegTech).
The anticipated rise in cyber-attack incidents is expected to drive the growth of the enterprise governance, risk, and compliance (eGRC) market in the future. A cyber-attack involves any unauthorized attempt to access a computer, computing system, or computer network with the intention of causing damage. Organizations worldwide are increasingly adopting eGRC solutions to benefit from various features such as risk and compliance management, business resiliency applications, and financial audit management. As an illustration, a report by SonicWall, a US-based cybersecurity company, revealed a staggering 105% surge in ransomware cyberattacks in 2021. Governments experienced an 1885% increase in cyberattacks, while the healthcare industry encountered a 755% rise in cyberattacks during the same period. Consequently, the escalating incidents of cyber-attacks are a driving force behind the growth of the enterprise governance, risk, and compliance (eGRC) market.
The enterprise governance, risk, and compliance (eGRC) market is expected to experience substantial growth, driven by increased demand from the banking, financial services, and insurance (BFSI) segment. The term BFSI encompasses institutions and organizations offering a diverse range of financial products and services, including banking operations, investment management, and insurance coverage. In the BFSI sector, eGRC practices play a crucial role in ensuring effective management of business activities, supervision, and compliance with regulatory requirements. These practices contribute to operational transparency, risk mitigation, and regulatory compliance, safeguarding financial stability and enhancing overall corporate governance. As an example, in March 2022, Monster.com reported a remarkable 27% growth in the BFSI industry in India in February 2022. This growth was attributed to the rapid adoption of digital payments and cutting-edge technologies such as AI, ML, and blockchain, underscoring the necessity for robust enterprise governance, risk, and compliance (eGRC) measures. Consequently, the substantial demand from the banking, financial services, and insurance (BFSI) segment is a key driver of the enterprise governance, risk, and compliance (eGRC) market.
Technological advancements are emerging as a prominent trend in the enterprise governance, risk, and compliance (eGRC) market. Leading companies in this sector are channeling their efforts into developing innovative technological solutions to fortify their market positions. For instance, in January 2022, MetricStream, a US-based software company specializing in integrated risk management (IRM) and governance, risk, and compliance (GRC), introduced ConnectedGRC-a solution embedded with AI (artificial intelligence), deep domain capabilities, and risk quantification capabilities. This launch aims to address pressing business challenges related to risk, compliance, audit, cyber risks, and environmental, social, and governance (ESG). MetricStream's integrated GRC software enables professionals to collaborate more effectively, share information, and manage risk quantitatively. ConnectedGRC encompasses three distinct product lines: BusinessGRC, CyberGRC, and ESGRC.
Major players in the enterprise governance, risk, and compliance (eGRC) market are directing their efforts towards technological innovations, with a focus on document suites, to gain a competitive advantage. Document suites comprise a cohesive group of documents that are logically connected and commonly utilized together for a specific purpose. As an example, in May 2021, Wolters Kluwer N.V., a Netherlands-based information services company, introduced the Deposit and IRA Document Suite (DIDS). This comprehensive suite of documents and resources is tailored for credit unions, assisting them in efficiently and compliantly managing their deposit and IRA accounts. DIDS incorporates a diverse range of document templates, including account agreements, disclosures, forms, and amendments, catering to various types of deposit and IRA accounts.
In March 2022, Riskonnect Inc., a US-based company offering integrated risk management (IRM) solutions, made an undisclosed acquisition of Sword GRC. Through this strategic move, Riskonnect Inc. intends to expand its presence into new significant verticals and geographic markets. Sword GRC, also based in the US, is a software company with expertise in providing project and enterprise risk management solutions.
Major companies operating in the enterprise governance, risk and compliance (egrc) market report are Microsoft Corporation, The Archer-Daniels-Midland Company, The International Business Machines Corporation, Oracle Corporation, SAP SE, Thomson Reuters, Wolters Kluwer N.V., SAS Institute Inc., RSA Security LLC, Workiva, OneTrust LLC, MetricStream Inc., NAVEX Global Inc., Sword GRC, Riskonnect Inc., Resolver Inc., ACL Services Ltd., Convercent, ProcessUnity Inc., SureCloud, Lockpath, LogicManager Inc., Cura Software, LogicGate Inc., SAI Global, Quantivate LLC, Alyne GmbH, CyberSaint Security, 360factors Inc., ConvergePoint Inc., Bwise Beheer B.V.
North America was the largest region in the enterprise, governance, risk, and governance (eGRC) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise governance, risk and compliance (egrc) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise governance, risk and compliance (egrc) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise governance, risk, and compliance (eGRC) market consist of revenues earned by entities by providing compliance management and audit management. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Enterprise Governance, Risk and Compliance (eGRC) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on enterprise governance, risk and compliance (egrc) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enterprise governance, risk and compliance (egrc) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enterprise governance, risk and compliance (egrc) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.