Enterprise Governance, Risk and Compliance Market Research Report- Forecast to 2030

Enterprise Governance, Risk, and Compliance Market Research Report Information By Component (Software, Service), By Type (Compliance Management, Policy Management, Risk Management, Audit Management, Incident Management, Others), By Business functions (IT, Operation, Legal, Finance), 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), And By Region โ€“ Industry Forecast Till 2030

ID: MRFR/SEM/2069-HCR | 100 Pages | Author: Ankit Gupta | March 2024         

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Global Enterprise Governance, Risk, and Compliance Market Overview:


Enterprise Governance, Risk, and Compliance Market Size were valued at USD 16.95 Billion in 2021. The Enterprise Governance, Risk, and Compliance industry are projected to grow from USD 22.61 Billion in 2022 to USD 67.80 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.72% during the forecast period (2022 - 2030). This implies that the Enterprise Governance Risk Compliance (eGRC) Market will witness huge growth. The Enterprise Governance Risk Compliance Market is usually the strategy several organizations 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. 


 Enterprise Governance Risk Compliance Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Enterprise Governance, Risk, and Compliance Market Trends




  • Increasing Compliance Requirements to Drive the Market




The demand for eGRC systems is expected to increase due to the complexity of regulatory requirements and compliance with governmental rules. The Sarbanes Oxley Act is being replaced by traditional regulatory compliance standards and guidelines, as well as sophisticated risk- and compliance-related regulatory concerns, by businesses. To prevent operational losses, businesses must maintain compliance with laws such as HIPAA, GDPR, COBIT, and other national and federal standards. During the forecast period, the market for corporate governance, risk, and compliance is projected to rise due to the increasing rigor of compliance standards. The market growth is anticipated to be accelerated by trends toward combining technologies such as Al, loT, and machine learning with eGRC solutions. Al-powered systems are becoming more popular since they have strong analytical skills and can handle massive amounts of data every day. Additionally, these solutions provide benefits including increased productivity, improved processes, lower costs, and more.


Enterprise Governance, Risk, and Compliance Market Segment Insights:


Enterprise Governance, Risk, and Compliance Component Insights


The market segmentation, based on Components, includes Software and Services. The Software segment held the majority share in 2021, contributing to around ~30% of the Enterprise Governance, Risk, and Compliance market revenue. Due to factors such as the rising need for software like SAP GRC, GRC Envelop, SAI360, and IBM OpenPages along with growing automation & innovation in eGRC programs, it is predicted that demand for enterprise, governance, risk, and compliance software would rise.


Enterprise Governance, Risk, and Compliance Type Insights


Based on Type, the market segmentation includes Compliance Management, Policy Management, Risk Management, Audit Software Management, Incident Management, and Others. The Compliance Management segment dominated the market in 2021. Choosing compliance management comprises, among other things, making cooperation simple, automating compliance procedures, making it easier to follow regulatory changes, cutting expenses associated with operations, and raising customer satisfaction. Several businesses on the market provide compliance management solutions, some of which include IBM and Microsoft.


Enterprise Governance, Risk, and Compliance Business functions Insights


Based on Business functions, the market segmentation includes IT, Operation, Legal, and Finance. The IT segment dominated the market in 2021 with market growth. The IT department faces a variety of difficulties, such as compliance issues and technical hazards. Many IT GRC programs offer decision-makers a framework for ensuring that the IT initiatives are in line with the strategic goals of the firm. Organizational risks that might be impacted by different policies and controls must be managed by businesses.


Enterprise Governance, Risk, and Compliance Application Insights


Based on Application, the market segmentation includes BFSI, Transportation and Logistics, Energy and Utility, IT and Telecom, Construction and Engineering, Retail and Consumer goods, Healthcare, Mining and Natural Resources, Government, and Others. The Healthcare segment dominated the market in 2021 the market growth. There is more pressure on the healthcare sector to improve performance while lowering costs overall, and there are different compliance-related rules that must be followed to avoid fines.


Figure 2: Enterprise Governance, Risk, and Compliance Market, by Business Functions, 2021 & 2030 (USD Million)Enterprise Governance, Risk, and Compliance Market, by Business functions, 2021 & 2030


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Enterprise Governance, Risk, and Compliance Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. 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 to maintain their position in the market. The growth rate of this market is assigned to the various vendors associated with the eGRC market that are expanding their reach in their respective regions to serve their changing customer demands.


Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil


Figure 3: ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET SHARE BY REGION 2021 (%)ENTERPRISE GOVERNANCE, RISK, AND COMPLIANCE MARKET SHARE BY REGION 2021


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Enterprise Governance, Risk, and Compliance Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Enterprise Governance, Risk, and Compliance industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Enterprise Governance, Risk, and Compliance industry to benefit customers and expand the market sector. Major market players, including Microsoft, SAP, IBM, Oracle, SAS Institute, and others, are attempting to increase market demand by funding R&D initiatives.


Microsoft is a technology firm that creates and maintains software, services, and hardware. It is divided into three business segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Productivity and Business Processes include Office Commercial, Office Consumer, LinkedIn, and Dynamics business products, as well as productivity, communication, and information services.


SAP is a software development business that specializes in corporate application software. It provides solutions for many business sectors, such as enterprise resource planning and finance, network and spend management, customer relationship management and customer experience, digital supply chain, HR and people engagement, and so on. The company serves automotive, energy and natural resources, consumer, financial services, public services, aerospace and defense, and other industries.


Key Companies in the market include




  • Microsoft




  • SAP




  • Oracle




  • Alyne




  • ProcessGene




  • Wolters Kluwer




  • SAS Institute




  • IBM




  • Software AG




  • MetricStream




  • LogicManager




Enterprise Governance, Risk, and Compliance Industry Developments


June 2023: Copyleaks, the industry-leading platform for AI-based text analysis, plagiarism detection, and AI-content detection, today declared the official launch of the Generative AI Governance, Risk, & Compliance (GRC) solution, a comprehensive set of security measures designed to guarantee generative AI enterprise compliance, lower overall risk, and protect confidential information. It is more important than ever for the Chief Information Security Officers to identify the content created by AI in order to prevent any potential privacy, accuracy, and security vulnerabilities across the enterprise. This is due to the proliferation of AI-generated content, the risk of unintended use of copyrighted content or code without a license, as well as potential AI regulation on the horizon. In response, Copyleaks has created a new product specifically for corporate organizations using its award-winning plagiarism & AI content detection capabilities.


May 2023: A crucial round of investment has been successfully obtained for Onspring, a SaaS (software as a service) platform which specializes in governance, risk, & compliance (GRC).The automated SaaS GRC software provides no-code connectivity throughout an organization, providing firms with a creative and comprehensive solution. Capital IP, a leading strategic partner meant to support Onspring's future growth, contributed this round of funding. The money will be used for a variety of upgrades, such as new product development and platform advancements in AI (artificial intelligence), integrations, & user experience. The ultimate objective is to hasten market share growth within the emerging GRC industry.


January 2023: Exterro, a provider of Legal Governance, Risk and Compliance (GRC) software, is a portfolio company of Leeds Equity Partners. It has acquired a majority stake in Zapproved, a provider of e-discovery software for corporate legal teams. Vista Equity Partners ("Vista"), a chief global investment firm exclusively focused on enterprise software, data, and technology-enabled businesses, announced the transaction today. Vista will continue to own a small minority share in the growing company. The deal's financial specifics were not made public.


March 2022: IBM came up with IBM OpenPages embedded with Watson 8.3. This integrated GRC platform does deliver a task-focused user interface for assisting organizations in the maintenance of risk and compliance initiatives.


January 2022: SAP launched access violation management technology to assist in real-time risk analysis & provisioning. Additionally, it helps in user access reviews, in the management of roles, and provides emergency access management for various enterprise applications.


May 2021: Wolter Kluwer's Compliance Solution announced the Deposit and IRA Document Suite (DIDS). The Suite features a full library of deposit and IRA (individual retirement account) banking documents, with access to both tailored and static content, including IRA amendments and unlimited rights to warrantied deposit disclosure language.


Enterprise Governance, Risk, and Compliance Market Segmentation


Enterprise Governance, Risk, and Compliance Component Outlook




  • Software




  • Service




Enterprise Governance, Risk, and Compliance Type Outlook




  • Compliance Management




  • Policy Management




  • Risk Management




  • Audit Management




  • Incident Management




  • Others




Enterprise Governance, Risk, and Compliance Business functions Outlook




  • IT




  • Operation




  • Legal




  • Finance




Enterprise Governance, Risk, and Compliance Application Outlook




  • BFSI




  • Transportation and Logistics




  • Energy and Utility




  • IT and Telecom




  • Construction and Engineering




  • Retail and Consumer goods




  • Healthcare




  • Mining and Natural Resources




  • Government




  • Others




Enterprise Governance, Risk, and Compliance Regional Outlook




  • North America








    • US




    • Canada








  • Europe








    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe








  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World








    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 16.95 Billion
Market Size 2022 USD 22.61 Billion
Market Size 2030 USD 67.80 Billion
Compound Annual Growth Rate (CAGR) 14.72% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Component, Business functions, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Microsoft, SAP, Oracle, Alyne, ProcessGene, Wolters Kluwer, SAS Institute, IBM, Software AG, MetricStream, LogicManager
Key Market Opportunities The increasing extent of data is offering a broad range of Enterprise Governance
Key Market Dynamics The complex regulatory system which is increasing day by day needs to adjust to various regulations that are imposed by the government




Frequently Asked Questions (FAQ) :

The Enterprise Governance, Risk, and Compliance market size was valued at USD 16.95 Billion in 2021.

The market is projected to grow at a CAGR of 14.72% during the forecast period, 2022-2030.

North America had the largest share of the Enterprise Governance, Risk, and Compliance market.

The key players in the market are Microsoft, SAP, Oracle, Alyne, ProcessGene, Wolters Kluwer, SAS Institute, IBM, Software AG, MetricStream, and LogicManager.

The Compliance Management category dominated the market in 2021.

Healthcare had the largest share in the market for Enterprise Governance, Risk, and Compliance.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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