The global enterprise governance risk compliance (EGRC) market is touted to touch USD 48 billion at 13% CAGR over the predicted years (2017-2023). Enterprise Governance Risk Management and Compliance is a way in which any enterprise addresses governance, handles risk and compliance via creating internal controls, risk monitoring, risk assessment, regulatory controls, policies and procedures which employees must follow. EGRC plays a vital role. It aids organizations in managing risks across an enterprise along with preparing safeguards for minimizing risks and its impact. It ensures standardized workflows and streamlined processes, buffers an organization against errors and regulatory scrutiny and ensures that the systems and controls are in place for the data to remain constant across the enterprise.
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There are plentiful factors that is boosting the growth of the enterprise governance risk compliance market. These factors as per the Market Research Future (MRFR) report include reduced costs, need for better operational efficiency, improve business performance, need for corporate governance, growing regulatory requirements, and various benefits such as identifying operational inefficiencies, rationalizing controls and reducing costs, growing associations and business partnerships, and compliance mandates. On the contrary, lack of awareness regarding EGRC in small & medium businesses coupled with fluctuating regulatory policies are factors that may impede the growth of the enterprise governance risk compliance market over the predicted years.
The prominent players in the eGRC Market are – Dell EMC (U.S.), SAS (U.S.), Oracle (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), MetricStream (U.S.), Resolver (UK), BWise (Netherlands), Resources Connection, Inc. (U.S.), among others.
Enterprise Governance, Risk, and Compliance Market Segmentation
The enterprise governance, risk, and compliance market has been segmented on the basis of component, deployment model, organization size, end-user and region. Looking through the component segment, considering the software sub-segment, the risk management software has accounted for a largest share in enterprise governance, risk, and compliance market due to increasing risks in various fields. Considering the service sub-segment, the integration services are expected to show a positive growth in the enterprise governance, risk, and compliance market.
Market Research Analysis:
On geographic basis, enterprise governance, risk, and compliance market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of World. It has been observed that North America region is leading in the enterprise governance, risk, and compliance market. North America region has a higher focus towards risk management and has strict regulations for risk and compliance management. The study shows that European region has a positive growth in the enterprise governance, risk, and compliance market. The developing economies in Asia-Pacific regions like China, Japan and others are showing high adoption in the enterprise governance, risk, and compliance systems. Asia-Pacific region is expected to show a sudden hike in the enterprise governance, risk, and compliance market during the forecast period.
- Software investors
- Managed service providers
- Enterprise governance, risk, and compliance service providers
- Governance, Risk Management, Compliance (GRC) staff
- Investors and Venture Capitalist
- IT Compliance directors
- IT Security Directors
- System Integrators
- Research/Consultancy firms
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