Enterprise Governance Risk Compliance Market Overview
The Enterprise Governance Risk Compliance Market is forecasted to surge at a CAGR of 13% during the forecasted period of 2019-2023. The market value will rise to 48 Billion USD by the end of 2023. This implies that the Enterprise Governance Risk Compliance Market will witness huge growth. The Enterprise Governance Risk Compliance Market is usually the strategy several organisations implement to administer and ensure all their business compliance and objectives. This market trend is now at its peak, as Enterprise Governance Risk Compliance enables a business to leverage its brand value and image and keep it away from any financial disaster. What drives the market is the surge and increasing use of complex regulatory systems. The regulatory body introduces new compliances according to which a business is making changes. All these are made to offer better user satisfaction. As the government makes these compliances and imposes fines for those not ensuring it, Enterprise Governance Risk Compliance is obligatory for all businesses to avoid financial loss. The increasing use of data is always creating a surge in the Enterprise Governance Risk Compliance Market.
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.
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.
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.
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.
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.
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.
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 Business functions,
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.
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
Addex, which is a clinical and pharma based company, has presented the B.Riley securities Neuro. Addex has provided several corporate updates about the Enterprise Governance Risk Compliance Market in the presentation.
Style as a creator, maintainer and Open policy agent has offered its substantial aid to the DevOps teams. It has introduced policy-based management access that helps the employees access and evaluates all the latest policies in real-time. This will encourage the protection of the database amongst the employees and will also offer businesses to remain compliant. This is a remarkable development by Addex that will motivate and encourage all other companies to adopt the same policies as well.
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.
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.