Pune, India, June 27, 2022 (GLOBE NEWSWIRE) -- The global Enterprise Governance, Risk, and Compliance Market size is projected to reach USD 75.24 billion by 2028, exhibiting a CAGR of 14.0% during the forecast period [2021-2028]. Tightening compliance, risk, and governance mandates by regulatory authorities worldwide is expected to emerge as the foremost growth driver for this market, shares Fortune Business Insights™ in its report, titled “Enterprise Governance, Risk, and Compliance (eGRC) Market, 2021-2028”. The market size stood at USD 27.01 billion in 2020.
Industry Developments:
- June 2020: Connor and Scalio collaborated and announced ConnorScalio, a joint venture by the companies to unify their expertise and develop cloud solutions for their clients’ GRC and license management needs.
- April 2020: MetricStream introduced its COVID-19 Solution to empower companies to manage their operations amid the coronavirus pandemic. Developed speedily in March in response to the pandemic outbreak, the aim of the solution is to enhance organizations’ abilities to manage information and processes that impact all stakeholders associated with the organization.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 14.0% |
| 2028 Value Projection | USD 75.24 Billion |
| Base Year | 2021 |
| Mobile Payment Market Size in 2020 | USD 27.01 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
The report offers?
- In-depth analysis of the different factors driving, restraining, and creating opportunities in the eGRC market;
- Tangible insights and piecemeal study of the various market segments;
- Comprehensive assessment of the regional developments influencing the market growth; and
- Exhaustive evaluation of the key Enterprise Governance, Risk, and Compliance Market players and their growth strategies.
Market Driver
Extensive Benefits of AI-enabled eGRC Solutions to Stoke Adoption
The enterprise governance, risk, and compliance market growth is slated to get propelled by the integration of smart technologies such as artificial intelligence (AI) and machine learning (ML) in eGRC systems. According to a joint report by SAP and the University of Applied Sciences, Berlin, embedding GRC solutions with AI will bring about profound changes in business operations, enabling managers to analyze risks and compliance & governance dynamics based on hardcore data. For example, the report observes that as AI becomes more prevalent in businesses, fraud examiners will be able to perform fraud assessments and design and develop key performance indicators (KPIs) to prevent future frauds. Moreover, AI-enabled eGRC will automate regulatory adherence reports and compliance managers will be able to detect external and internal dangers to the enterprise as well as efficiently manage cyber-crime threats to the organizational data. Thus, the emergence of AI-powered eGRC systems has put business process automation on the cusp of a revolution.
The world is undergoing unprecedented challenges and upheavals because of the COVID-19 pandemic. Businesses are grappling with plummeting revenues, while industries are strategizing to cope with the impending recession. Enterprises are progressively implementing solutions to counter the exposures from the COVID-19 pandemic. For instance, in April 2020 Wolters Kluwer's CPM business developed and launched "COVID-19 Noteworthy Developments Bulletins. The solution is aimed at offering COVID-19 related regulatory updates such as notices, changes, global regulatory orders, and other updates for the BFSI sector.
Regional Insights
North America to Dominate among Regions; Asia Pacific to Present Attractive Business Opportunities
With a market size of USD 11.27 billion in 2020, North America is poised to dictate the enterprise governance, risk, and compliance market share during the forecast period in terms of revenue. The major reason for the region’s leading position is the active adoption of advanced business automation technologies by companies in the US and Canada. Additionally, organizations in the region are also rapidly deploying cloud-based eGRC solutions to further optimize their processes, a trend which has gotten propelled amid the COVID-19 pandemic.
In Asia Pacific, unparalleled growth opportunities await market players owing to the increasing adoption of digitization and automation technologies by companies in the region. In Europe, the market will be primarily driven by the growing stringency of compliance and data protection regulations that enterprises have to follow.
IBM and Thomson Reuters Focus on Strategic Partnership for Developing a Combination of AI and Data
IBM, a multinational information technology company, based in the U.S., announced its partnership with Thomson Reuters, a Canadian multinational media conglomerate, headquartered in Canada in May 2019. The strategic collaboration would aid the banks in addressing the increasing regulatory requirements through a robust combination of real-time regulatory insights and artificial intelligence (AI). The developed solution is called RegTech and it would be delivered from IBM cloud.
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Ability to Analyze and Reduce Organizational Risks to Boost Growth of Software Segment
In terms of component, the global Enterprise Governance, Risk, and Compliance Market is grouped into software and services. Amongst these, the software sub-segment is anticipated to generate a high global enterprise governance, risk & compliance (eGRC) market revenue during the forthcoming years. It will occur due to the urgent requirement for streamlined and automated GRC programs across the world. A rise in the need for analyzing regulatory policies, obligations, and requirements will also impact growth positively. Additionally, eGRC software has the capability of receiving actionable insights and analyzing them to decrease the risks with the help of business intelligence tools, machine learning technology, and analytics tools.
eGRC Market segments:
- Based on the component, the market is divided into software and services. The software is expected to hold the largest share during the forecast period. Based on deployment model, the market is classified into on premise and cloud-based.
- Based on the organization size, the market is classified into small & medium enterprises (SMEs) and large enterprises.
- Based on verticals, the market is separated into government, BFSI, healthcare, telecom & IT, energy & utilities, retail & consumer goods, manufacturing, and others.
- Geographically, the eGRC market is categorized across five major regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
| Segmentation | By Component
|
By Deployment Model
| |
By Organization size
| |
By Vertical
|
Competitive Landscape
Leading Companies to Focus on Capturing Evolving eGRC Requirements
Continuous evolution of business processes and the changing compliance and risk management needs of businesses are encouraging key players in this market to design holistic eGRC solutions. As a result, most companies are engaged in development of cutting-edge solutions to meet these requirements, thus strengthening their market position.
Who are the Major Enterprise Governance, Risk, and Compliance Market Vendors?
- Origami Risk (Illinois, United States)
- Blue Umbrella Limited (Quarry Bay, Hong Kong)
- Tevora (California, United States)
- LogicManager (Massachusetts, United States)
- SAI Global (Illinois, United States)
- Software AG (Darmstadt, Germany)
- BWise (New York, United States)
- Wolters Kluwer N.V. (Alphen aan den Rijn, Netherlands)
- SAP SE (Weinheim, Germany)
- IBM Corporation (New York, United States)
- Riskonnect, Inc. (Georgia, United States)
- OneTrust, LLC (Georgia, United States)
- Ideagen Plc (Nottingham, United Kingdom)
- NAVEX Global, Inc. (Oregon, United States)
- Dell Technologies (Texas, United States)
- Infosys Limited (Bengaluru, India)
- MetricStream Inc. (California, United States)
- Thomson Reuters Corporation (Toronto, Canada)
- Microsoft Corporation (New Mexico, United States)
- SAS Institute (North Carolina, United States)
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Major Points in TOC:
-
- Global Enterprise Governance, Risk, and Compliance (eGRC) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Software
- Services
- By Deployment Model (Value)
- Cloud
- On premise
- By Organization size (Value)
- Large Enterprise
- Small & Medium Enterprise (SMEs)
- By Vertical (Value)
- BFSI
- Healthcare
- Government
- Energy & Utilities
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Others (Transportation & Logistics, Construction, etc.)
- By Region (Value)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- North America Enterprise Governance, Risk, and Compliance (eGRC) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Software
- Services
- By Deployment Model (Value)
- Cloud
- On premise
- By Organization size (Value)
- Large Enterprise
- Small & Medium Enterprise (SMEs)
- By Vertical (Value)
- BFSI
- Healthcare
- Government
- Energy & Utilities
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Others (Transportation & Logistics, Construction, etc.)
- By Country (Value)
- United States
- Canada
- By Component (Value)
- Latin America Enterprise Governance, Risk, and Compliance (eGRC) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Software
- Services
- By Deployment Model (Value)
- Cloud
- On premise
- By Organization size (Value)
- Large Enterprise
- Small & Medium Enterprise (SMEs)
- By Vertical (Value)
- BFSI
- Healthcare
- Government
- Energy & Utilities
- Manufacturing
- Retail & Consumer Goods
- Telecom & IT
- Others (Transportation & Logistics, Construction, etc.)
- By Country (Value)
- Brazil
- Mexico
- Rest of South America
- By Component (Value)
- Europe Enterprise Governance, Risk, and Compliance (eGRC) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Global Enterprise Governance, Risk, and Compliance (eGRC) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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