Enterprise Governance, Risk, & Compliance (eGRC) Market Overview
Enterprises and economies are becoming interrelated in this changing environment and giving rise to eGRC software and solution. Enterprise governance, risk, and compliance is a tactical discipline that allows organizations to identify and protect themselves against all possible risks, improving operations. Enterprise governance, risk, and compliance has several benefits upon deployment.
These benefits include reduction of costs, rationalizing controls, and identification of operational inefficiencies, among others. Such benefits are boosting the enterprise governance, risk, and compliance market. Moreover, a growing demand for corporate governance, regulatory requirements, and compliance is also supplementing the ascension of the global eGRC Market over the forecast period.
The global enterprise governance, risk, & compliance market is projected to reach a valuation of USD 48 billion by 2023, ascending at 13% CAGR. Organizations are feeling a higher need to increase their operational efficiency due to increasing competition and a need to not only retain their market position but also to expand and gain a competitive advantage over their peers. Such need has resulted in rapid adoption of the same, primarily driving the enterprise governance, risk and compliance market over the forecast period.
However, a variation in the regulatory policies in different countries is posing as a major challenge for market growth. Apart from that, the lack of awareness towards the advantages of eGRC and limited resources available to companies are other factors hampering market growth over the review period.
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The prominent players in the enterprise governance, risk, and compliance 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.
The enterprise governance, risk, and compliance (eGRC) market is segmented on the basis of component, deployment model, organization size, end-user, and region. Based on component, the market is segmented into software and service. The software segment is further sub-segmented into policy management, audit management, compliance management, financial control management, and risk management. Among these sub-segments, the risk management software accounted for the largest share of the market at the beginning of the forecast period. Such dominant hold on the market can be accredited to the increasing risks in several fields and a need to forecast, prevent and prepare against such risks. Based on service, the market is segmented into integration, consulting, and support. Within the service segments, the integration sub-segment is estimated to spearhead the global enterprise governance, risk, and compliance market during the assessment period.
Based on the deployment model, the global eGRC market is segmented into cloud and on-premise. Based on organization size, the enterprise governance, risk, and compliance market is segmented into large enterprise and SMEs. Based on end-users, the eGRC market is segmented into transportation, energy, BFSI, IT and telecom, healthcare, retail, education, manufacturing, and government.
The enterprise governance, risk, & compliance (eGRC) market is segmented into the regions of the Americas, Asia Pacific, Europe, and Rest of the World. The Americas are further segmented into North America and Latin America. North America is anticipated to hold the foremost position in the global enterprise governance, risk, and compliance market over the forecast period. This can be accredited to the prevalence of several regulations in the region.
As per the MRFR analysis, Asia Pacific is expected to show a significantly positive growth graph for enterprise governance, risk, and compliance through the forecast period. India, China, Japan, and South Korea are expected to emerge as major growth pockets in the regional enterprise governance, risk, and compliance market.
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- 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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