The global enterprise governance, risk and compliance market share is expected to value at USD 88.48 billion by 2027, according to the new report by Grand View Research, Inc. Widening scope of data management and growing demand for network resilience across banking and IT sector signifies the importance of enterprise governance, risk and compliance.
Corporate governance can enhance accountability and lessen the likelihood of systems failure and ensure the policies that reinforce the safety of people, and corporation. This helps in identifying the different phases of governance under project management. Rise in ransomware attacks and cyber crimes is expected to propel the market growth in the forecast period. Growing data size within multinationals and safety measures to protect data is expected to empower governance and risk compliance factors. Moreover, enterprise governance, risk and compliance is expected to grow further owing to the increase in demand for cost-effective solutions. Regulatory policies such as Foreign Account Tax and Compliance Act (FATCA), GDPR, Payment Card Industry Data Security Standard (PCI-DSS) are some of the prominent IT acts implemented worldwide.
With the growing adoption of work home from policies, organizations have become agile and flexible with data management. For example, video conferencing, and tele-meetings have become highly common in the past few months and there have been use of various apps that help in achieving work-oriented goals. Despite, the existence of robust technology, the need for enterprise governance, risk and compliance forms the regulatory core therein boosting effective communication methods. Apart, the commercialization of 5G infrastructure is now postponed amidst the ongoing coronavirus pandemic.
Further findings from the report suggest:
l Stringent policies in the telecom sector wherein regulatory policies fulfill the objectives of governance and help in reinforcing transparency in the data management services. These factors are expected to have a positive impact on the market growth
l Software segment held a huge share in the past few years owing to demand for data management and integrated technology
l North America maintains a dominant position in data regulatory and compliance owing to high presence of technological startups with a high risk of cyber and ransomware attacks
l The key players are emphasizing on expanding their product portfolio and communication solutions due to the significance of governance and adoption of centralized technology in the government sectors
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l MetriStream Inc.;
l Thomson Reuters
l Dell EMC
l Software AG
l SAI Global
l NAVEX Global
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