Global Enterprise Governance, Risk and Compliance Market Research Report- Forecast to 2027

Enterprise Governance, Risk, and Compliance Market, by Component (Software and Service), by Organization Size (SME, Large Enterprise), by Deployment Model (Cloud, On-Premise) and End-User (Retail, Education, Government) - Forecast 2027

ID: MRFR/SEM/2069-HCR | February 2021 | Region: Global | 100 pages

Market Overview


Enterprise, Governance, Risk and Compliance or eGRC is defined as a strategy that is usually adopted by various organizations, enterprises and agencies to manage their governance and also maintaining the business objectives. The Enterprise Governance, Risk and Compliance Market Trends are now at a hike. The eGRC not only helps to maintain the brand image of the company but also reduces the overall financial risks.


According to the pre-COVID-19 Enterprise Governance, Risk and Compliance Market Analysis, The global enterprise governance, risk, and compliance market is expected to grow at USD ~48 Billion by 2023, at 13% of CAGR between 2017 and 2023. The major factors that are responsible for the eGRC market growth are the increasing need to meet the compliance requirements and regulations that are imposed by the governing bodies.


COVID-19 Analysis


COVID-19 pandemic has affected almost all the industries around the world. Due to the sudden outbreak of the pandemic, compliance officers and the risk managers are facing difficulty. In such a situation, in order to ensure the continuity of the eGRC market, the risk management optimization has emerged quickly to be one of the best defense systems an organization can have. Various businesses are making use of the capabilities of their risk through great investments into the risk technology. State governments have set up various rules and regulations to contain the virus. Therefore, the compliance is also ensured by the compliance managers.


Market Dynamics



  • Drivers


The complex regulatory system which is increasing day by day needs to adjust with various regulations that are imposed by the government. These create a demand for eGRC solutions. Remaining cooperative with the regulations are getting critical for the enterprises to avoid further loss.  The business can incur a huge loss if it fails to meet the regulations and the compliance requirements.



  • Opportunities


The increasing extent of data is offering a broad range of Enterprise Governance, Risk and Compliance Market Opportunities for most business professionals like risk, audit, and compliance, to intensify the way they are performing the tasks. Several companies have now started providing artificial intelligence powered solutions in order to help the businesses meet their various requirements based on compliance and regulations. However, AI technologies have the capability to task automation which helps to deal with risk management in an effective way.


 


  • Restraints


 The regulatory policy structures changes from one business to another and from one country to another. There are countries that do not have any such body assigned to govern these policies.  Some regions are still lacking in developing a regulatory structure, hence the organizations are currently focusing on carrying out an in-house regulatory policies and guidelines.



  • Challenges


 Most organizations, enterprise or agencies focus on delivering products and services to a variety of industries like legal, retail, BFSI, healthcare, and many others. They also focus on developing the various solutions to meet these industry sector’s needs and demands. Hence, the major challenge lies in the delivering of a proper eGRC solution that can meet their business requirements.



  • Cumulative Growth Analysis


Based on application, the banking, insurance and financial services is to hold the largest market size during the forecast period in the Enterprise Governance, Risk and Compliance Market. Hence, the BFSI contributes the most of its revenue to the global eGRC market. This industry faces the ultimate pressure to increase its overall performance and also deliver a better facility to the customers.


Value Chain Analysis / Technology Analysis / Regulatory Implications


With the increased emergence of technology, the growth of various industries are also increasing. The banking slowdown and the introduction of GDPR or General Data Protection Regulation in few countries have led to the recent regulations across the country. The privacy regulations and laws for the consumer in Europe and other countries have invented unique challenges for various organizations that provides their advertisement across the web.


Segment Overview:


The global Enterprise Governance, Risk and Compliance Market is categorized into 4 segments as by type, by application, by services, and by business functions. Here are the sub-segments of the above mentioned segments.


By Services,



  • Integration

  • Training and Consulting

  • Support


By Application,



  • BFSI

  • Transportation and Logistics

  • Energy and Utility

  • IT and Telecom

  • Construction and Engineering

  • Retail and Consumer goods

  • Healthcare

  • Mining and Natural Resources

  • Government

  • Others which includes hospitality and Tourism, Media, entertainment, oil and gas


By Business functions,



  • IT

  • Operation

  • Legal

  • Finance


By Type,



  • Compliance Management

  • Policy Management

  • Risk Management

  • Audit Management

  • Incident Management

  • Others which includes financial controls management, business continuity management and issue management


 


Regional Analysis


Based on region, Enterprise Governance, Risk and Compliance Industry is segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Among all of them, North America holds the largest Enterprise Governance, Risk and Compliance Market Size during the forecast period. This region is home to many vendors who acquired various innovative strategies in order to maintain their position in the market. The growth rate of this market is assigning to the various vendors associated with the eGRC market that are expanding their reach in their respective region to serve their changing customer demands. Asia Pacific is leading the charge.


Competitive Landscape


Currently, many new companies are joining the eGRC market share with new strategies and innovations like joint ventures, acquisitions, partnerships. However, here is a list of some of the key companies that are responsible for the growth of the market.


List of Key Companies



  • Microsoft (US)

  • SAP (Germany)

  • Oracle (US)

  • Alyne (Germany)

  • ProcessGene (Israel)

  • Wolters Kluwer (Netherlands)

  • SAS Institute (US)

  • IBM (US)

  • Software AG (Germany)

  • MetricStream (US)

  • LogicManager (US)

  • Thomson Reuters (Canada)

  • FIS (US)

  • Dell EMC (US)

  • SAI Global (US)

  • Ideagen (UK)

  • NAVEX Global (US)

  • MEGA International (France)


Recent Developments



  • A company named MetricStream Inc. introduced its COVID-19 solution which helped various enterprises to manage the outbreak of the pandemic. This was launched in 2020 during April when the world was under lockdown. This solution also allowed the enterprises to tackle the information, responses and to take smart decisions that can impact the employees, partners, customers and vendors of the organization.



  • Prior to the COVID-19 pandemic, IBM planned to expand its business by collaborating with Thomson Reuters which helped the banks to carry on with the increasing regulatory requirements. The collaboration occurred in May, 2019, which aimed to enhance the risk management by combining the real-time regulatory insights and Artificial Intelligence (AI).

  • Microsoft introduced a new compliance tool known as the Compliance Manager, in February, 2018. This tool helps the organization to meet compliance obligations, such as the ISO 27001, NIST 800-53, EU GDPR, HIPAA, ISO 27018, HIPAA, and NIST 800-171.

  • Oracle announced a risk management cloud based on Artificial Intelligence which provided an improved fraud monitoring and an increased security capabilities to the customers. This also provides automated advanced analysis for various other purposes like segregating duties, designing ERP, preventing financial frauds, and protecting data.


Report Overview


This research report provides all the information about the Enterprise Governance, Risk and Compliance Market Growth in the forecast period. This report also consists of a detailed qualitative and quantitative analysis of various segments like drivers, opportunities, challenges, restraints, competitive landscape, COVID-19 analysis, regional analysis and so on.


Report Detail



  • Historic Period: 2016-2018

  • Base Year: 2019

  • Forecast Period: 2020-2027


By Geographically,



  • North America

  • Asia Pacific

  • Europe

  • Middle East and Africa

  • Latin America



Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :


eGRC is an umbrella term that covers the areas of Governance, Risk, and Compliance from an organization’s approach. It consists of activities such as risk management of an enterprise, corporate governance and corporate agreement with relevant laws and regulations. Through automation of workflows, it also helps the organization to achieve their desired goals.

Microsoft, SAP, Oracle, IBM and SAS Institute are the key market players in the eGRC market. These players have embraced various types of techniques and growth strategies such as product enhancements, product launches, partnerships, mergers and acquisitions.

The various types of eGRC software that are present in the report are audit management, risk management, issue management, compliance management, incident management, and financial controls management.

Prior to COVID-19 pandemic, the Enterprise Governance, Risk, and Compliance market is estimated to grow from USD 32.6 million in the year 2020 to USD 61.2 billion by 2025 in the forecast period. The CAGR rate or the Compound Annual Growth Rate is expected to be around 13.4% in the upcoming years. After the COVID-19 pandemic, the eGRC market size is expected to grow at a CAGR of 13.5% from 32.3 billion in 2020 to USD 60.8 billion in the forecast period.

TABLE OF CONTENTS
1 MARKET INTRODUCTION

1.1 INTRODUCTION

1.2 SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS

1.2.3 LIMITATIONS

1.3 MARKET STRUCTURE

2 RESEARCH METHODOLOGY

2.1 RESEARCH TYPE

2.2 PRIMARY RESEARCH

2.3 SECONDARY RESEARCH

2.4 FORECAST MODEL

2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST

2.4.2 MARKET SIZE ESTIMATION

2.4.3 MARKET CRACKDOWN & DATA TRIANGULATION

3 MARKET DYNAMICS

3.1 INTRODUCTION

3.2 MARKET DRIVERS

3.3 MARKET CHALLENGES

3.4 MARKET OPPORTUNITIES

4 EXECUTIVE SUMMARY

5. MARKET FACTOR ANALYSIS

5.1 PORTER’S FIVE FORCES ANALYSIS

5.2 SUPPLY CHAIN ANALYSIS

6 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET

6.1 INTRODUCTION

6.2 MARKET STATISTICS

6.2.1 BY COMPONENT

6.2.1.1 SOFTWARE

6.2.1.1.1 AUDIT MANAGEMENT

6.2.1.1.2 POLICY MANAGEMENT

6.2.1.1.3 COMPLIANCE MANAGEMENT

6.2.1.1.4 RISK MANAGEMENT

6.2.1.1.5 FINANCIAL CONTROL MANAGEMENT

6.2.1.2 SERVICE

6.2.1.2.1 SUPPORT

6.2.1.2.2 INTEGRATION

6.2.1.2.3 CONSULTING

6.2.2 BY DEPLOYMENT TYPE

6.2.2.1 CLOUD

6.2.2.2 ON PREMISE

6.2.3 BY ORGANIZATION SIZE

6.2.3.1 SMES

6.2.3.2 LARGE ENTERPRISE

6.2.4 BY END-USER

6.2.4.1 BFSI

6.2.4.2 TRANSPORTATION

6.2.4.3 RETAIL

6.2.4.4 HEALTHCARE

6.2.4.5 ENERGY

6.2.4.6 EDUCATION

6.2.4.7 GOVERNMENT

6.2.4.8 IT AND TELECOM

6.2.4.9 MANUFACTURING

6.2.4.10 OTHERS

6.2.5 BY REGION

6.2.5.1 NORTH AMERICA

6.2.5.2 EUROPE

6.2.5.3 ASIA-PACIFIC

6.2.5.4 REST OF THE WORLD

7 COMPANY PROFILES

7.1 DELL EMC (U.S.)

7.2 SAS (U.S.)

7.3 ORACLE (U.S.)

7.4 IBM CORPORATION (U.S.)

7.5 MICROSOFT CORPORATION (U.S.)

7.6 METRICSTREAM (U.S.)

7.7 RESOLVER (UK)

7.8 BWISE (NETHERLANDS)

7.9 RESOURCES CONNECTION, INC. (U.S.)

7.10 THOMSON REUTERS (U.S.)

7.11 OTHERS


LIST OF TABLES
TABLE 1 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 2 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 3 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 4 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 5 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY REGIONS

TABLE 6 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 7 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 8 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 9 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 10 U.S. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 11 U.S. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 12 U.S. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 13 U.S. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 14 CANADA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 15 CANADA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 16 CANADA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 17 CANADA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 18 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 19 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 20 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 21 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 22 GERMANY ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 23 GERMANY ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 24 GERMANY ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 25 GERMANY ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 26 FRANCE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 27 FRANCE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 28 FRANCE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 29 FRANCE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 30 U.K. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 31 U.K. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 32 U.K. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 33 U.K. ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 34 REST OF EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 35 REST OF EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 36 REST OF EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 37 REST OF EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET,

TABLE 38 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 39 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 40 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 41 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

TABLE 42 REST OF WORLD ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT

TABLE 43 REST OF WORLD ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE

TABLE 44 REST OF WORLD ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE

TABLE 45 REST OF WORLD ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER

LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY

FIGURE 2 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET: BY COMPONENT (%)

FIGURE 3 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET: BY DEPLOYMENT TYPE (%)

FIGURE 3 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET: BY ORGANIZATION SIZE (%)

FIGURE 3 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET: BY END-USER (%)

FIGURE 4 ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET: BY REGION

FIGURE 5 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT (%)

FIGURE 6 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE (%)

FIGURE 6 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE (%)

FIGURE 6 NORTH AMERICA ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER (%)

FIGURE 7 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT (%)

FIGURE 8 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE (%)

FIGURE 8 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE (%)

FIGURE 8 EUROPE ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER (%)

FIGURE 9 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT (%)

FIGURE 10 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE (%)

FIGURE 10 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE (%)

FIGURE 10 ASIA-PACIFIC ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER (%)

FIGURE 11 ROW ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY COMPONENT (%)

FIGURE 12 ROW ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY DEPLOYMENT TYPE (%)

FIGURE 12 ROW ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY ORGANIZATION SIZE (%)

FIGURE 12 ROW ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET, BY END-USER (%)