According to the report, the global enterprise governance, risk, and compliance market is projected to grow at a CAGR of 13.7% between 2024 and 2032 reaching a value of approximate USD 154.62 billion by 2032. Aided by the increasing demand for EGRC from various sectors, the market is expected to grow significantly by 2032.
Enterprise Governance, Risk, and Compliance represent a structured approach enabling organisations to align their business objectives with regulations, manage risks effectively, and achieve operational excellence. In an era marked by rapidly evolving regulatory landscapes and increasing business complexities, EGRC solutions have become indispensable for organisations across various sectors.
The burgeoning necessity to comply with regulatory standards and mitigate risks efficiently is propelling the enterprise governance, risk, and compliance market growth. As organisations grapple with a multitude of regulations, the demand for comprehensive EGRC solutions that streamline compliance processes, manage risks, and deliver actionable insights is escalating.
Technological advancements play a pivotal role in the EGRC market's expansion. The integration of Artificial Intelligence (AI), Machine Learning (ML), and data analytics in EGRC solutions enhances their capability to predict risks, automate compliance processes, and offer real-time monitoring. This technological integration not only elevates operational efficiency but also offers a competitive edge to businesses.
Moreover, the increasing instances of cyber threats and data breaches have accentuated the need for robust EGRC solutions. As organisations strive to safeguard their digital assets and ensure data privacy, the adoption of EGRC solutions equipped with advanced security features is witnessing a significant surge.
The financial sector, in particular, is a major contributor to the enterprise governance, risk, and compliance market demand. Banks and financial institutions, facing stringent regulatory scrutiny, are increasingly adopting EGRC solutions to ensure compliance, manage risks, and maintain transparency in operations.
Additionally, industries such as healthcare, energy, and telecommunications, dealing with a complex array of regulations, are also key drivers for the EGRC market. The healthcare sector, for instance, requires stringent compliance with regulations like HIPAA, making EGRC solutions indispensable for managing compliance and mitigating risks effectively.
Geographically, North America holds a significant portion of the enterprise governance, risk, and compliance market share, attributed to the presence of a robust regulatory framework and the rapid adoption of advanced technologies in the region. The United States, in particular, is a significant market, with numerous organisations implementing EGRC solutions to navigate the complex regulatory environment.
Enterprise Governance, Risk, and Compliance represent a structured approach enabling organisations to align their business objectives with regulations, manage risks effectively, and achieve operational excellence. In an era marked by rapidly evolving regulatory landscapes and increasing business complexities, EGRC solutions have become indispensable for organisations across various sectors.
The burgeoning necessity to comply with regulatory standards and mitigate risks efficiently is propelling the enterprise governance, risk, and compliance market growth. As organisations grapple with a multitude of regulations, the demand for comprehensive EGRC solutions that streamline compliance processes, manage risks, and deliver actionable insights is escalating.
Technological advancements play a pivotal role in the EGRC market's expansion. The integration of Artificial Intelligence (AI), Machine Learning (ML), and data analytics in EGRC solutions enhances their capability to predict risks, automate compliance processes, and offer real-time monitoring. This technological integration not only elevates operational efficiency but also offers a competitive edge to businesses.
Moreover, the increasing instances of cyber threats and data breaches have accentuated the need for robust EGRC solutions. As organisations strive to safeguard their digital assets and ensure data privacy, the adoption of EGRC solutions equipped with advanced security features is witnessing a significant surge.
The financial sector, in particular, is a major contributor to the enterprise governance, risk, and compliance market demand. Banks and financial institutions, facing stringent regulatory scrutiny, are increasingly adopting EGRC solutions to ensure compliance, manage risks, and maintain transparency in operations.
Additionally, industries such as healthcare, energy, and telecommunications, dealing with a complex array of regulations, are also key drivers for the EGRC market. The healthcare sector, for instance, requires stringent compliance with regulations like HIPAA, making EGRC solutions indispensable for managing compliance and mitigating risks effectively.
Geographically, North America holds a significant portion of the enterprise governance, risk, and compliance market share, attributed to the presence of a robust regulatory framework and the rapid adoption of advanced technologies in the region. The United States, in particular, is a significant market, with numerous organisations implementing EGRC solutions to navigate the complex regulatory environment.
Market Segmentation
The market can be divided based on component, software, services, enterprise size, industry vertical, and region.Market Breakup by Component
- Software
- Services
Market Breakup by Software
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Others
Market Breakup by Services
- Integration
- Consulting
- Support
Market Breakup by Enterprise Size
- Small and Medium Enterprise (SME)
- Large Enterprise
Market Breakup by Industry Vertical
- BFSI
- Construction and Engineering
- Energy and Utilities
- Government
- Healthcare
- Manufacturing
- Retail and Consumer Goods
- Telecom and IT
- Transportation and Logistics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global enterprise governance, risk, and compliance market. Some of the major players explored in the report are as follows:- BWise
- Dell EMC
- Microsoft Corporation
- IBM Corporation
- Maclear
- MetricStream, Inc.
- Others
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market15 Value Chain Analysis17 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Enterprise Governance, Risk, and Compliance Market Analysis
9 North America Enterprise Governance, Risk, and Compliance Market Analysis
10 Europe Enterprise Governance, Risk, and Compliance Market Analysis
11 Asia Pacific Enterprise Governance, Risk, and Compliance Market Analysis
12 Latin America Enterprise Governance, Risk, and Compliance Market Analysis
13 Middle East and Africa Enterprise Governance, Risk, and Compliance Market Analysis
14 Market Dynamics
16 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- BWise
- Dell EMC
- Microsoft Corporation
- IBM Corporation
- Maclear
- MetricStream Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 180 |
| Published | November 2023 |
| Forecast Period | 2024 - 2032 |
| Estimated Market Value ( USD | $ 55.36 Billion |
| Forecasted Market Value ( USD | $ 154.62 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 6 |
