Dallas, Texas, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Global Enterprise Governance, Risk and Compliance Market:
The enterprise governance, risk, and compliance (eGRC) market is expected to register a CAGR of 12.5% in the forecast period (2019-2024). Organizations operate in a complex and highly dynamic global environment. Hence, managing risk and compliance due to the impact of the changes around is one of the biggest challenges that an organization faces.
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The enterprise governance, risk, and compliance market is relatively a high competition market and is moderately concentrated. The major companies have been using various strategies such as new product development, acquisition, and collaboration to strengthen their market share. Innovation and updating the features are common as the corporate governance and compliance policies evolve for the end users.
Key Players Analysis:
- Dell EMC
- IBM Corporation
- Maclear LLC
- MetricStream, Inc
- Microsoft Corporation
- Future Shield, Inc
- Oracle Corporation
- SAP SE
- SAS Institute, Inc
- Wolters Kluwer
- Software AG
Multiple facets of enterprise operations comprising law, finances and corporate relationship and security necessitate adoption of advanced enterprise governance risk and compliance for impeccable management across enterprises. Advances such as cybersecurity and risk management further enhance growth potential in global eGRC market.
Enterprise Governance, Risk and Compliance Market Segmentation:
By Type:
- Software, Audit Management, Compliance Management, Risk Management, Policy Management, Incident Management, Internal Control, Information Security, Services
By Size of the Enterprise:
- Small & Medium Enterprise, Large Enterprise
By End-user Industry:
- BFSI, Government, Healthcare, Manufacturing, Telecom & IT, Other End-user Vertical
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North America Expected to Dominate the Market:
- North America is projected to continue its dominance in terms of revenue in the forecast period. This is majorly due to the early adoption of enterprise governance, risk, and compliance management solutions in the region. Demand for EGRC solutions is highest in the US due to stringent corporate governance regulations.
- Moreover, the emergence of technologies such as big data, IoT, and cloud software is anticipated to propel the growth of GRC software over the forecast period. Due to this, a significant rise in cyber-attacks within the region has increased over the last few years, hence proliferating the market growth.
- Also, the region dominates the life sciences industry; hence, significant players are aggressively enhancing their ability to deliver advanced products in the life sciences market. Efforts are also made by the vendors to deliver the products on time which is not impacted by regulatory compliance, which in turn encourages them to deploy enterprise GRC solutions.
Scope of the Report:
Enterprise GRC is defined as a company's coordinated strategy for managing the broad issues of corporate governance, enterprise risk management (ERM) and corporate compliance concerning regulatory requirements. It is the integrated collection of capabilities that enable an organization to achieve objectives reliably, address uncertainty, and act with integrity.
Several market participants are evaluating the potential of AI integration in eGRC. Digitization of enterprise operations increases the risks of cyber threats, thus bolstering adoption of eGRC. Data driven organizations such as IT industry likely to emerge as first adopters of AI and ML integrated eGRC services in the coming years. Backed by rampant adoption the market is likely to remain conclusively bullish over the years, positioning market veterans such as CyberSaint Security to witness massive growth in terms of diverse functionalities such as risks and compliance that are crucial for digital expansion across enterprises. The company boasts of over 833% hike in bookings for cybersecurity in 2019 alone, and is hopeful to further leverage the growth spurt further.
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Some Points from Table of Content:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Stringent Government Regulations and Mandates
4.3.2 Cyber Security Threat Owing to Digitalization
4.4 Market Restraints
4.4.1 Lack of Awareness
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Government Policies
………..Continued
Global Data Governance Market:
The data governance market is expected to register a CAGR of over 21.44% during the forecast period (2019 - 2024) and expected to reach a value of USD 4.35 billion by 2024. The amount of data created by devices is nearly 100 times greater than the amount of data stored, according to the Cisco Global Cloud Index. According to Forbes, there are 2.5 quintillion bytes of data created each day at the current pace, but that pace is only accelerating with the growth of the Internet of Things (IoT).
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Key Players Analysis:
- Collibra Inc
- SAS Institute Inc
- TIBCO Software Inc
- SAP SE
- Alation Inc
- Alfresco Software Inc
- Informatica Corporation
- Symantec Corporation
- IBM Corporation
- Oracle Corporation
- Talend Inc
- Varonis Systems Inc
Need for precise monitoring of diverse data and processes integration across enterprises to reap maximum profits and operational efficiency drive data governance market towards favorable growth scope, in global data governance market.
Scope of the Data Governance Market Report:
Financial institutions constantly face challenges related to data quality and accessibility and data security. Data governance solutions help these institutions handle such challenges with effective data management solutions that can prevent data duplication and data loss. Moreover, data governance solutions help BFSI firms maintain an edge in the market, with constant updates to their policies and procedures. Apart from finance, other businesses like Operation and IT, Legal also make use of these solutions.
By Deployment:
Cloud, On-premise
By Organisation Size:
Large Scale Business, Small and Medium Scale Business
By Component:
Software, Service
By Business Function:
Operation and IT, Legal, Finance, Other Business Functions
By End User:
IT and Telecom, Healthcare, Retail, Defence, BFSI, Other End Users
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Data intensive enterprise operations necessitate heavy reliance on data governance that enable improved accessibility, analytical understanding and safety of al enterprise data. Data governance practices improve efficiency and consistence of decision making across enterprises to improve income generation. Rising enterprise investments towards risk management perch high net growth in global data governance market in the coming years. Incessant technological breakthroughs such as cloud based operations and machine learning integration and big data to manage enormous data burden likely to enhance growth potential in data governance market.
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