Global Enterprise Governance, Risk, and Compliance (eGRC) Market In-Depth Analysis, Business Forecast and Dynamics 2024-2032

Enterprise Governance, Risk, and Compliance (eGRC) Market Size And Forecast

Enterprise Governance, Risk, and Compliance (eGRC) Market size was valued at USD 39.11 Billion in 2021 and is projected to reach USD 110.29 Billion by 2030, growing at a CAGR of 12.21% from 2023 to 2030.

The growing need to meet stringent compliance orders and to get a comprehensive view of policy, compliance, risk-related data, and increasing data and security breaches is driving the Enterprise Governance, Risk, and Compliance (eGRC) Market growth. Moreover, the growing integration of Artificial Intelligence (AI) and technologies with Governance Risk Compliance (GRC) witness a criterion shift to propel the growth of the Global Enterprise Governance, Risk, and Compliance (eGRC) Market. The market is comprehensively evaluated in the study on the Global Enterprise Governance, Risk, and Compliance (eGRC) Market. The research provides a thorough analysis of the market’s key segments, trends, drivers, restraints, competitive environment, and other important elements.

Global Enterprise Governance, Risk, and Compliance (eGRC) Market Definition

Enterprise governance, risk, and compliance (eGRC) refer to the structured strategy that is adopted by enterprises in order to manage their governance, enterprise risk management, and corporate compliance with applicable regulations while effectively maintaining business objectives. eGRC helps enterprises to achieve anticipated goals through the automation of workflow, while simultaneously ensuring that is in adherence to policy guidelines and government regulations.

With growing complexities surrounding stringent regulatory policies and changing external reporting obligations, business scenarios, and security needs, more businesses across the globe are seeking unprecedented requirements for governance, risk, and compliance management at an enterprise level. More companies are realizing that the enablement of enterprise governance, risk, and compliance processes through technology is valuable in achieving business goals and strategies. Enterprise governance, risk, and compliance reduce overall financial risks and help maintain the company’s brand image.

The growth of several industries can in part be attributed to the advent of technology which contributes to various aspects of business functions from manufacturing to marketing. The implementation of eGRC has been instrumental in leading the way through the complexities that come as a result of this hyper-connected business model. An aspect that is driving the Enterprise Governance, Risk, and Compliance (eGRC) Market growth is the increasing volumes of digital data which is boosting the need for continuous monitoring and analysis in order to provide adequate data security and privacy protection.

Global Enterprise Governance, Risk, and Compliance (eGRC) Market Overview

The growing globalization and commercialization of companies across the globe (particularly in developing regions such as the Asia Pacific and Latin America) has led to growing complexity surrounding the regulatory environment. In response to this, it can be seen that there is a broadening range of enterprises that require compliance with regulations that have been imposed by the various governing bodies. The growing business functions and stringent compliance mandates have been the biggest driver of the Enterprise Governance, Risk, and Compliance (eGRC) Market.

Also, in response to the growing awareness of, and demand for eGRC solutions, vendors have been updating their eGRC solutions to support the new challenges that companies are facing. With the increasing number of eGRC solutions and updates becoming available, companies are adopting these solutions more. With the integration of technology across industries and regions, there is a growing volume of data. There is also observed to be an increasing number of cyber-attacks as a result of this digital transformation.

This offers a wide scope of opportunities for businesses to optimize task performance and also drives the need for analyzing the data silos for identifying risk. Increasing business complexities have led to an increased demand for solutions. eGRC solutions help organizations to understand their risk exposure and manage it cost-effectively. Companies are expected to show increased interest in eGRC solutions with the integration of AI technology during the forecast period.

The definition of a suitable eGRC solution varies from company to company and is dependent on several factors such as the type of business, in-house regulatory guidelines, and policies of the company, the location of the business, and the structure of regulatory policies in the area. Due to the fluctuating nature of business functions, it is difficult for eGRC solution providers to cater to the various end-user requirements. The development of such an eGRC solution can be difficult as the requirements and interests of various companies can be particular to their governing bodies or business functions.

However, the variation in the regulatory policy of every country, owing to not having specific regulatory policies and regulations for the execution of various factors is a major restraining factor for the growth of the Enterprise Governance, Risk, and Compliance (eGRC) Market. Also, the lack of awareness among industries from emerging countries is another factor expected to hamper growth to a certain extent. Besides, the weak government funding for industrial research, the absence of a technological roadmap, and no clear vision for investment communities are some of the other important factors that are expected to hamper the growth of the Enterprise Governance, Risk, and Compliance (eGRC) Market.

Global Enterprise Governance, Risk, and Compliance (eGRC) Market: Segmentation Analysis

The Global Enterprise Governance, Risk, and Compliance (eGRC) Market is Segmented on the basis of Component, Business Functions, Application, and Geography.

Enterprise Governance, Risk, and Compliance (eGRC) Market, By Component

• Software
• Services

To Get Summarized Market Report By Component:-

Based on Component, the market is segmented into Software and Services. Software accounted for the largest market share in 2019. The software is used to meet the strategies involving compliance management, policy management, audit management, incident management, and risk management to coordinate and control the requirements. With the advancement of technology, the Enterprise Governance, Risk, and Compliance (EGRC) framework is intended to focus on IT and other organizations.

Enterprise Governance, Risk, and Compliance (eGRC) Market, By Business Functions

• Finance
• IT
• Legal
• Operation

Based on Business Functions, the market is segmented into Finance, IT, Legal, and Operation. Finance accounted for the largest market share in 2019. Financial organizations need to implement enterprise, governance, risk, and compliance (GRC) solutions to get a better understanding of the challenges such as unrelenting market volatility, disruptive competitors, financial crime, cyber threats, and increasingly complex regulations. The solution helps to improve risk reporting and offers flexibility to adapt the regulatory change to deploy across a large number of users.

Enterprise Governance, Risk, and Compliance (eGRC) Market, By Application

• Construction and Engineering
• Energy and Utility
• BFSI
• Retail and Consumer Goods
• Transportation and Logistics
• IT and Telecom
• Others

Based on Application, the market is segmented into Construction and Engineering, Energy and Utility, BFSI, Retail and Consumer Goods, Transportation and Logistics, IT and Telecom, and Others. BFSI accounted for the largest market share in 2019 followed by IT and Telecom. With the penetration of technological innovations, the banking finance service and insurance are intended to operate the functions with the integration of data and technology architecture to manage the emerging risk landscape. Enterprise governance, risk, and compliance play a vital role in providing compliance with finance-related mandates and head exact operations with respect to the financial process.

Enterprise Governance, Risk, and Compliance (eGRC) Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of regional analysis, the Global Enterprise Governance, Risk, and Compliance (eGRC) Market is classified into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the Global Enterprise Governance, Risk, and Compliance (eGRC) Market in 2019. North America is witnessing the adoption of high technology in almost every part of business sectors, and therefore it is considered the primary driving factor to upsurge the growth of implementation of the enterprises, governance, risks, and compliance in the North American market. The majority of the supplier in this region is engaged in developing products and services based on , analytics, , and and therefore anticipated to propel the region in the market growth.

Key Players

The “Global Enterprise Governance, Risk, and Compliance (eGRC) Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are IBM Corporation, Wolters Kluwer N.V., Convercent, NAVEX Global, Inc., Refinitive, SAS Institute Inc., SAI Global Pty Limited, Microsoft Corporation, Oracle Corporation, and SAP SE. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• Oracle will collaborate with CherryRoad Technologies in April 2021. (CherryRoad). CherryRoad is well-known for its experience in developing and executing customized and unique solutions using the Oracle Governance, Risk, and Compliance (GRC) family of applications.
• Microsoft collaborated with PwC in February 2021 to address the demand for improved risk procedures bolstered by powerful artificial intelligence (AI) and analytics. PwC’s new Risk Command portfolio of products centers on a typical GRC workflow tool and wraps connectors and best-of-breed solutions around it to provide an expanded armor of capability around a core platform.

Mergers and Acquisitions

• Wolters Kluwer GRC plans to acquire eOriginal in December 2020. The acquisition positions GRC Compliance Solutions as a market leader in mortgage and loan document generation and analytics in the rapidly expanding digital loan closure and storage adjacency in the United States.
• A partnership of Ontario Teachers’ Pension Plan Board (Ontario Teachers), Symphony Technology Group (STG), and AlpInvest Partners completed the acquisition of RSA Archer in September 2020. (AlpInvest). The acquisition was intended to allow RSA Archer to function as an autonomous organization specializing in cybersecurity and risk management.
• Nasdaq, Inc. bought BWise, a risk, and regulatory compliance management platform, from SAI Global Pty Limited in March 2019. BWise’s risk management, regulatory compliance management, and internal audit platforms were merged with SAI Global Pty Ltd’s SAI360 risk and compliance platform as part of the transaction. In addition, as part of the acquisition, BWise provided its customers with SAI Global Pty. Ltd.’s risk and compliance solutions, as well as ethical and compliance instructional materials.

Product Launches and Product Expansions

• IBM announced the launching of IBM OpenPages Data Privacy Management in March 2021, a new module in the OpenPages platform that enables enterprises to face emerging data privacy challenges straight on. This module will provide users with a uniform view of all private data assets housed across their business, as well as the ability to execute privacy evaluations on them.
• ServiceNow launched Now Platform Quebec in March 2021. The latest edition of the Now Platform has improved native AI capabilities as well as new low-code app development tools, allowing clients to innovate faster, realize quick time to value, boost productivity, and offer outstanding experiences.

Report Scope