Enterprise Governance, Risk and Compliance Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The Enterprise, Governance, Risk, and Compliance Market Set to Skyrocket with a Projected Value of Over $62 Billion by 2033

Global Market Analysis Reveals Unprecedented Growth Opportunities

The enterprise, governance, risk, and compliance (eGRC) market is poised for remarkable expansion, according to a comprehensive analysis of market trends and projections from 2024 to 2031. The market, valued at US$ 19 Bn in 2024, is forecasted to surge to a staggering US$ 60 Bn by the end of 2031.

Understanding Enterprise Governance, Risk, and Compliance

Enterprise governance, risk, and compliance systems play a pivotal role in modern corporate cybersecurity risk management. With cyber threats on the rise, organizations increasingly rely on these systems to manage risks efficiently without disrupting business operations. By enabling anticipatory risk management and strategic decision-making, eGRC solutions help organizations navigate the complex landscape of threats and opportunities.

Market Drivers

The growing demand for eGRC solutions stems from their ability to address operational and financial risks effectively. Governments and organizations worldwide are embracing these solutions for their features, including precise risk management, compliance management, business resiliency solutions, and auditing management. Additionally, the surge in cyber-attacks further fuels the demand for eGRC solutions, driving market growth.

Regional Dynamics

In 2023, North America dominated the global eGRC market with a market share of 29.1%. Meanwhile, Europe is poised to witness significant growth, with a projected CAGR of 13.5% during the forecast period. Germany leads the European market, holding a substantial market share of 9.2%, fueled by economic prosperity and stringent regulatory requirements.

Restraints and Challenges

Despite the promising growth trajectory, the adoption of eGRC technologies faces obstacles such as high costs, lack of awareness, and concerns about data security and privacy, particularly with cloud-based solutions. These challenges underscore the need for ongoing innovation and education within the industry.

Key Developments

Recent industry developments highlight the ongoing innovation and collaboration within the eGRC sector. In January 2022, SAP SE launched access violation management technology to enhance real-time risk analysis and provisioning. Meanwhile, CyberNB partnered with FutureShield Inc. in April 2021 to develop solutions for cybersecurity in both physical and IT infrastructure.

Market Segmentation Insights

The software segment dominates the eGRC market, capturing a significant market share of 55.5%. This dominance is attributed to increased demand for software solutions such as SAP GRC, GRC Envelop, SAI360, and IBM OpenPages, coupled with advancements in automation.

Large enterprises represent the largest segment in the eGRC market, accounting for 59.2% of the market share in 2023. These enterprises benefit from eGRC solutions' customization, automation, and real-time monitoring capabilities, making them indispensable for complex organizational structures.

Growth Opportunities in India and the BFSI Sector

India presents significant growth opportunities in the eGRC market, driven by the widespread adoption of AI and IoT technologies. AI-enabled eGRC solutions offer advanced analysis features, aiding in data processing and optimization for governments and businesses alike. The market in India is projected to grow at a CAGR of 10.7% over the forecast period.

The Banking, Financial Services, and Insurance (BFSI) sector hold the largest market share of 16.7% in the eGRC market, fueled by digitalization trends and the integration of advanced technologies. The sector's embrace of fintech innovations underscores the crucial role of eGRC solutions in ensuring regulatory compliance and risk management.

Competitive Landscape

Key market players are diversifying their product portfolios by introducing solutions based on AI and ML technologies. This strategic approach reflects a commitment to innovation and meeting evolving market demands.

Key companies functioning in the market are:

• IBM (US)
• Microsoft (US)
• Oracle (US)
• SAP (Germany)
• SAS Institute (US)
• Thomson Reuters (Canada)
• Wolters Kluwer (Netherlands)
• Dell EMC (US)
• FIS (US)
• MetricStream (US)
• Software AG (Germany)
• SAI Global (US)
• ProcessGene (Israel)
• LogicManager, (US)
• NAVEX Global (US)
• Ideagen (UK)
• Alyne(Germany)
• MEGA International (France)

Main Segments of Enterprise, Governance, Risk and Compliance Market Industry Research

By Solution :

• Software
• Audit Management
• Risk Management
• Business Continuity
• Compliance & Policy Management
• Information Security & Data Management
• Regulatory Change Management
• Services
• Consulting
• Integration & Implementation
• Support & Maintenance

By Organization size :

• Large Enterprise
• Medium Enterprise
• Small Enterprise

By Vertical :

• Aerospace & Defense
• Automotive
• Consumer goods & Retail
• Healthcare & Life science
• ITES & Telecom
• Others

By Region :

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa