The global enterprise governance, risk & compliance market size is expected to reach USD 97.3 billion by 2028, according to a new report by Grand View Research, Inc., recording a CAGR of 13.7% over the forecast period. The growing need to comply with regulations related to data privacy, business function, and IT infrastructure has compelled industries, such as BFSI, IT & telecom, and oil & gas, to adopt enterprise governance, risk & compliance (EGRC) solutions. For instance, the BFSI sector is required to comply with regulations that safeguard the interest of investors. Non-compliance can lead to huge monetary losses or cancellation of operating licenses.
Moreover, EGRC offers a range of benefits, such as efficient management of policies, audits, compliances, risks, and incident response, enabling companies to effectively safeguard their operations. All these factors are contributing to the growing demand for EGRC across enterprises. The integration of analytics and big data technology with EGRC solutions has resulted in enhanced operational features, offering new growth prospects for the market.
Potential advancements in big data, IoT, artificial intelligence, and cloud computing in GRC solutions are expected to augment the industry growth. The consequent need for regularly monitoring and analyzing the rising volumes of digital data to ensure data security and privacy protection, coupled with mandatory compliance are driving the demand for EGRC. Countries with continuously growing economies, such as China, Japan, India, Brazil, France, and Germany, often change or upgrade their regulations for international and national trades.
This requires enterprises to stay abreast with updated EGRC solutions and be wary of the potential risks of non-compliance. Advanced EGRC solutions are capable of handling data-driven GRC using big data, and data analytics tools. Moreover, appropriate governance ensures the economic growth and success of an enterprise. Robust corporate governance enables investors to maintain their confidence and helps enterprises in effectively raising funds.
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Enterprise Governance, Risk & Compliance Market Report Highlights
• The BFSI segment accounted for the largest market share in 2020 and is anticipated to record a CAGR exceeding 10.0% over the forecast period due to the stringent regulatory policies across the financial sector that safeguards public money and investor interest
• The compliance management segment is expected to register the fastest CAGR over the forecast period
• Compliance management is the essence of the EGRC solution, which monitors the changes in governance policies or updates in regulations to ensure compliance and prevent financial losses due to non-compliance
• North America led the global market in 2020 and is expected to maintain its dominance even during the forecast period.
• The presence of many large-scale enterprises that are prone to financial and reputational losses due to risks of non-compliance and data theft are contributing to the market growth in North America.
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Enterprise Governance, Risk & Compliance Market Segmentation
Grand View Research has segmented the global enterprise governance, risk & compliance market on the basis of component, software, services, enterprise type, vertical, and region:
EGRC Component Outlook (Revenue, USD Million, 2016 – 2028)
EGRC Software Outlook (Revenue, USD Million, 2016 – 2028)
• Audit Management
• Compliance Management
• Risk Management
• Policy Management
• Incident Management
EGRC Services Outlook (Revenue, USD Million, 2016 – 2028)
EGRC Enterprise Type Outlook (Revenue, USD Million, 2016 – 2028)
• Small and Medium Enterprise (SME)
• Large Enterprise
Enterprise Governance, Risk & Compliance Outlook (Revenue, USD Million, 2016 – 2027)
• Construction & Engineering
• Energy & Utilities
• Retail & Consumer Goods
• Telecom & IT
• Transportation & Logistics
EGRC Regional Outlook (Revenue, USD Million, 2016 – 2028)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
List of Key Players of Predictive Analytics Market
• SAP SE
• MetricStream, Inc.
• Thomson Reuters
• Wolters Kluwer
• SAS Institute
• RSA Archer
• Software AG
• SAI Global
• NAVEX Global
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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