Enterprise Governance, Risk, and Compliance Market, By Component (Software and Services), By Enterprises (Small and Medium Enterprise and Large enterprise), By End-User (Banking, Financial Services and Insurance , Construction and Engineering, Energy and Utilities, Government and Private, Healthcare and Education, Manufacturing and Automotive, Retail and Consumer Goods, Telecommunication and Information Technology, Transportation and Logistics and Media & Communication Services), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2029

Introduction:

Governance, Risk and Compliance is a set of processes and procedures to help organizations achieve business objectives, address uncertainty and act with integrity. The basic purpose of GRC is to embed good business practices in everyday life. EGRC is how an enterprise addresses governance, manages risk and compliance by creating policies, procedures, regulatory controls, risk assessments, risk monitoring and internal controls that employees must adhere to company-wide. Enterprise governance, risk compliance regulates the organization by monitoring risk management, controlling risk and identifying risks that may arise in a critical business environment. Enterprise, governance, risk and compliance (EGRC) is a multi-dimensional approach where factors affecting corporate governance, risk management and compliance issues are viewed as integrated and aligned strategic activities with direct impact on business objectives. The main factor responsible for the emergence of EGRC as a business imperative in the organization is the increasing demand for corporate governance, regulatory requirements and compliance. Enterprise governance, risk and compliance play an important role in reducing capital expenditure. Widespread adoption of EGRC software systems across companies to reduce financial and reputational penalties associated with non-compliance is driving market growth. Enterprise Governance, Risk, and Compliance Market size accounted for US$ 35.10 billion in 2020 and is estimated to be US$ 123.33 billion by 2030 and is anticipated to register a CAGR of 13.5%.

                                    Increasing incidences of non-compliance & growing adoption

Rising incidences of non-compliance penalties and asset losses is the key factor that is driving the global market. however, growing adoption for compliance solutions among different type of financial industries those provides fast recovery actions in response to cyber threat is expected to support growth of global market. Additionally, beneficial features of EGRC application such as optimized workflow, effective monitoring mechanism, integrated risk and control activities and assured data and information quality are expected to support the growth of global EGRC. Moreover, the growing need to manage business risks and support industry specific regulations and adhere to internal policies drives the growth of the global target market due to business expansion to generate more revenue. However, the flexible existing regulatory policy framework is a major factor that is expected to lead to moderate growth of the global EGRC market. In Besides, lack of awareness among industries from emerging economies is another factor that restricts growth to a certain extent.

Technological advancement

Significant technological advancements in the digital age are expected to play a significant role in expanding the global EGRC (enterprise governance, risk and compliance) market.  Increasing access to information technology (IT) has led to technological advancements in various industrial sectors. Businesses are adopting eGRC (Enterprise Governance, Risk and Compliance) measures to reduce financial losses, optimize risk management and reduce fraud. The solution must include risk management, mandate and compliance for industry end users and help them manage the complexity of changing business requirements. Creating such a solution is another complex task, as every industry has different regulatory and compliance requirements that need to be followed. However, with technological advancements and business growth on developing innovative solutions, vendors are expected to focus on developing integrated solutions to meet the needs of customers in the eGRC market.

 

Source: Prophecy Market Insights

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

The Global Enterprise Governance, Risk, and Compliance Market is segmented based on component, enterprises, end user and region.

On the basis of component, the global market is sub divided into software’s and services. On the basis of enterprises, the target market is segmented into small and medium enterprise and large enterprise. On the basis of end-users, the global market is characterized into banking, financial services and insurance , construction and engineering, energy and utilities, government and private, healthcare and education, manufacturing and automotive, retail and consumer goods, telecommunication and information technology, transportation and logistics and media & communication services. The healthcare component of the EGRC market is projected to witness the largest CAGR. Increased pressure on the healthcare industry to increase its efficiency while reducing various compliance-related requirements to avoid overall costs and penalties. For example, health care providers must comply with the Health Insurance Portability and Accountability Act (HIPAA), which is designed to provide data privacy and security to protect medical data.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

On region the Global Enterprise Governance, Risk, and Compliance Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is currently dominating the global EGRC market in terms of owing to high technology innovations, business collaborations, and high awareness among industries about EGRC in region. Market in Asia Pacific is expected to witness fastest growth in terms of revenue in the near future, owing to rising research and development for product innovations, reduction in operational cost, and increasing adoption of internet of things among diverse industries. High growth of information technology (IT) infrastructure in Latin America and Middle East and Africa is expected to support growth of global EGRC market in countries in the region.

Report Scope:

Attribute	Details
Base year for estimation	2020
Forecast period	2020 – 2030
Market representation	Revenue in USD Billion & CAGR from 2020 to 2030
Market Segmentation	By Component - Software and Services By Enterprises - Small and Medium Enterprise and Large enterprise By End-User - Banking, Financial Services and Insurance , Construction and Engineering, Energy and Utilities, Government and Private, Healthcare and Education, Manufacturing and Automotive, Retail and Consumer Goods, Telecommunication and Information Technology, Transportation and Logistics and Media & Communication Services
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the Global Enterprise Governance, Risk, and Compliance Market report based on component, enterprises, end user and region:

Global Enterprise Governance, Risk, and Compliance Market, By Component:

• Software
• Services

Global Enterprise Governance, Risk, and Compliance Market, By Enterprises:

• Small and Medium Enterprise 
• Large enterprise

Global Enterprise Governance, Risk, and Compliance Market, By End User:

• Banking
• Financial Services and Insurance
• Construction and Engineering
• Energy and Utilities
• Government and Private
• Healthcare and Education
• Manufacturing and Automotive
• Retail and Consumer Goods
• Telecommunication and Information Technology
• Transportation and Logistics and Media
• Communication Services

Global Enterprise Governance, Risk, and Compliance Market, By Region:

• • • North America
      • • U.S.
        • Canada
    • Europe
      • • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

The key players operating the Global Enterprise Governance, Risk, and Compliance Market includes Dell EMC, SAS, Oracle Corporation, IBM Corporation, Microsoft Corporation, MetricStream Corporation, Resolver, BWise, and Resources Connection, Inc., For instance, in September 2022, Forbright Bank Announces Key Additions to Executive Management Team, Forbright announced three additions to its executive management team to position the bank for long-term success and continue to build a nationwide full-service bank that accelerates the transition to a sustainable and clean energy economy.

In September 2022, MetricStream Awarded Bronze Stevie Award for ESGRC SaaS by 2022 International Business Awards. Metricstream is a global SaaS leader in integrated risk management (IRM) and governance, risk management and compliance (GRC) solutions that enable organizations to thrive on risk while accelerating growth through risk-aware decisions. We connect governance, risk management and compliance across the extended enterprise.

• Dell EMC*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• SAS
• Oracle Corporation
• IBM Corporation
• Microsoft Corporation
• MetricStream Corporation
• Resolver
• BWise
• Resources Connection, Inc

 “*” marked represents similar segmentation in other categories in the respective section

1. Research Objective and Assumption
   • Preface
   • Research Objectives
   • Study Scope
   • Years Considered for the study
   • Assumptions
   • Abbreviations
2. Research Methodology
   • Research data
   • Primary Data
     • Primary Interviews
     • Primary Breakdown
     • Key data from Primary Sources
     • Key Thickness Insights
   • Secondary Data
     • Major Secondary Sources
     • Secondary Sources
   • Market Estimation
   • Top-Down Approach
     • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
   • Bottom-Up Approach
     • Approach for estimating market share by Bottom-up Analysis (Demand Side)
   • Market Breakdown and Data Triangulation
   • Research Assumptions
   • PORTER’s
   • Investment Outlook
3. Market Purview
   • Executive Summary
   • Key Findings—Global Outlook for Enterprise Governance, Risk, and Compliance Strategies
     • Key Questions this Study will Answer
     • • By Component (Software and Services),
       • By Enterprises (Small and Medium Enterprise and Large enterprise),
       • By End-User (Banking, Financial Services and Insurance , Construction and Engineering, Energy and Utilities, Government and Private, Healthcare and Education, Manufacturing and Automotive, Retail and Consumer Goods, Telecommunication and Information Technology, Transportation and Logistics and Media & Communication Services),
       • By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
   • Opportunity Map Analysis
   • Executive Summary—3 Big Predictions
4. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restraints
     • Market Opportunities
     • Market Trends
   • DR Impact Analysis
   • PEST Analysis
   • Porter’s Five Forces Analysis
   • Opportunity Orbit
   • Overview
   • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
   • Y-o-Y Growth Analysis (%), 2020 – 2030
   • Regional Trends
   • Market Investment Feasibility Index
   • Macroeconomic Factor Analysis
5. Regional Analysis
   • Regional Revenue Analysis
   • Regional By segment Analysis
   • Reasons for regional growth
   • Key Player of particular region
   • Countries Include in the report:

1. • • North America (U.S., Canada)
     • Europe (UK, France, Germany, Russia, Italy, Rest of Europe)
     • Asia Pacific (India, Japan, South Korea, China, Rest of Asia Pacific)
     • Latin America (Brazil, Mexico, Rest of Latin America)
     • Middle East & Africa (GCC, Israel, South Africa, Rest of Middle East)

1. Competitive Landscape
   • Heat Map Analysis
   • Market Presence and Specificity Analysis
   • Competitive Overview
   • Competitive Benchmarking
   • Market Share Analysis
   • Key Developments In The Global Enterprise Governance, Risk, and Compliance Market
   • Key Developments: Mergers & Acquisitions
   • Key Developments: Collaboration
   • Key Developments: Contracts & Agreements
   • Key Developments: Expansion
   • Key Developments: Product Developments
2. Company Profiles

• Company Overview
• Product Portfolio
• Key Highlights
• Financial Performance
• Business Strategies
• SWOT Analysis

• Dell EMC, SAS, Oracle Corporation, IBM Corporation, Microsoft Corporation, MetricStream Corporation, Resolver, BWise, and Resources Connection, Inc.

1. The Last Word
   • Future Impact
   • About Us
   • Contact