Enterprise Governance, Risk and Compliance Market to be Worth $39.6 Billion by 2030
Enterprise
Governance, Risk and Compliance Market to be Worth $39.6 Billion by 2030
|
Download Free sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5702
According to this latest publication from
Meticulous Research®, the global enterprise governance, risk and compliance market is
projected to reach $39.6 billion by 2030, at a CAGR of 15.8% from 2023-2030.
The growth of this market is attributed to stringent government regulations
and industry standards for eGRC solutions and the increasing demand for eGRC
solutions in the BFSI sector. Additionally, the integration of AI, ML, and
blockchain technologies into eGRC solutions, as well as the growing automation
in eGRC solutions, are expected to offer significant growth opportunities for
stakeholders in the enterprise governance, risk, and compliance market.
However, diverse regulatory policy structures
may restrain the market's growth. Furthermore, concerns related to data
privacy and security, along with a lack of awareness and training on eGRC
solutions, are expected to pose challenges to the growth of the market.
The global enterprise governance, risk and
compliance market is segmented by component (solutions [risk management
solutions, regulatory & compliance solutions, audit management solutions,
incident management solutions, policy management solutions, and other
solutions], services [professional services, managed services]), organization
size (large enterprises, Small & Medium-sized Enterprises), deployment
mode (on-premise deployments, cloud-based deployments), business function
(finance & accounting, information technology, legal & compliance,
operation management, human resource, other business functions), and sector
(IT & telecommunications, BFSI, energy & utilities, government,
healthcare, manufacturing, retail & consumer goods, transportation &
logistics, and other sectors). The study also evaluates industry competitors
and analyzes the market at the regional and country levels.
Based on component, the global
enterprise governance, risk and compliance market is segmented into solutions
and services. In 2023, the solutions segment is expected to account for the
larger share of the global enterprise governance, risk and compliance market.
The large market share of this segment can be attributed to several factors,
including the increasing adoption of regulatory and compliance solutions, the
growing need to monitor and manage compliance with industry regulations and
government mandates, the rising deployment of incident management solutions
for tracking and handling security incidents, breaches, or compliance
violations, and the rising demand for eGRC solutions to maintain a
comprehensive audit trail, thereby ensuring accountability and transparency in
governance processes.
Speak to analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5702
However, the services segment is projected to
register the highest CAGR during the forecast period. The growth of this
segment is attributed to several factors, including the rising demand for
specialized consulting and support services to aid organizations in the
implementation, optimization, and management of their eGRC solutions and
programs, the increasing need for implementation and integration services of
eGRC solutions, the growing popularity of risk management and compliance
management services, and the need for managed services to outsource the
management and operation of eGRC processes, technologies, and programs.
Based on organization size, the global
enterprise governance, risk and compliance market is segmented into large
enterprises and small & medium-sized enterprises. In 2023, the large
enterprises segment is expected to account for the larger share of the global
enterprise governance, risk and compliance market. The large market share of
this segment can be attributed to the increasing demand for eGRC solutions
from large enterprises. Large enterprises navigate a complex and rapidly
changing business environment. They require comprehensive solutions to manage
operational, financial, strategic, and reputational risks, unify compliance
management across multiple regions and business units, and mitigate the risks
of data breaches and regulatory violations. Large enterprises often operate
across diverse jurisdictions and industries, each with its unique set of
regulations and compliance requirements, making eGRC solutions invaluable for
centralizing and streamlining compliance efforts and ensuring regulatory compliance
to avoid costly penalties.
However, the small & medium-sized
enterprises segment is projected to register the highest CAGR during the
forecast period. The growth of this segment can be attributed to several
factors, including the increasing need for a structured approach to risk
identification, assessment, and mitigation and the growing need for
safeguarding sensitive data, implementing robust access controls, and ensuring
data privacy compliance across SMEs. Furthermore, SMEs often face resource
constraints, with limited staffing and budget allocation for risk and
compliance management. eGRC solutions offer these businesses streamlined
processes, reduced manual work, and efficient resource utilization, enabling
them to enhance their operations despite limited resources.
Based on deployment mode, the global
enterprise governance, risk and compliance market is segmented into on-premise
deployments and cloud-based deployments. In 2023, the on-premise deployments
segment is expected to account for the larger share of the global enterprise
governance, risk and compliance market. The large market share of this segment
can be attributed to the increasing on-premise deployments of eGRC solutions
due to data security and control requirements, particularly in heavily
regulated industries like finance and healthcare. On-premise solutions also
offer customization and seamless integration with existing systems. Moreover,
this mode of deployment significantly reduces the risks associated with data
breaches and unauthorized access by maintaining sensitive data within an
enterprise’s secure, firewall-protected environment.
Download request sample here: https://www.meticulousresearch.com/request-sample-report/cp_id=5702
However, the cloud-based deployments segment
is projected to register the highest CAGR during the forecast period. The
growth of this segment is attributed to the increasing number of new security
options for cloud deployments, the enhanced flexibility offered by cloud
solutions, and the high adoption of cloud-based risk compliance solutions by
SMEs due to their cost-effectiveness.
Based on business function, the global
enterprise governance, risk and compliance market is segmented into finance
& accounting, information technology, legal & compliance, operation
management, human resource, and other business functions. In 2023, the finance
& accounting segment is expected to account for the largest share of the
global enterprise governance, risk and compliance market. The large market
share of this segment can be attributed to several factors, including the
rising need for risk management, compliance with financial regulations, and
enhancing governance and the growing adoption of eGRC solutions for audit and
internal controls, financial document management, records retention, and
automating approval processes for financial transactions, ensuring due
authorization and compliance. Moreover, the finance & accounting segment
is projected to register the highest CAGR during the forecast period.
Based on sector, the global
enterprise governance, risk and compliance market is segmented into IT &
telecommunications, BFSI, energy & utilities, government, healthcare,
manufacturing, retail & consumer goods, transportation & logistics,
and other sectors. In 2023, the BFSI segment is expected to account for the
largest share of the global enterprise governance, risk and compliance market.
The large market share of this segment is attributed to the increased adoption
of eGRC solutions for ensuring compliance, asset protection, and maintaining
financial integrity. These solutions help assess and quantify various risks,
such as credit, market, operational, and liquidity risks. Furthermore, they
facilitate the creation of audit trails for financial transactions and
streamline the preparation and validation of financial statements.
However, the healthcare segment is projected
to register the highest CAGR during the forecast period, driven by the
increasing need for enhanced performance, cost reduction, and compliance
management in the healthcare sector. Additionally, the rising adoption of
telemedicine and remote healthcare services, the risk of data breaches, and
the surge in research and development activities within the healthcare sector
are expected to drive this segment's growth.
Based on geography, the global enterprise
governance, risk and compliance market is segmented into North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In
2023, North America is expected to account for the largest share of the global
enterprise governance, risk and compliance market. North America's major
market share is attributed to the high adoption of eGRC solutions within
highly regulated sectors like BFSI, healthcare, and pharmaceuticals.
Additionally, the region's focus on data privacy and cybersecurity, along with
the presence of established market players like IBM Corporation (U.S.),
Microsoft Corporation (U.S.), Dell Inc. (U.S.), SAS Institute Inc. (U.S.),
Oracle Corporation (U.S.), and Future Shield Inc. (Canada) contribute to this
significant market share.
Geogrphic Review
North America, especially the U.S. and
Canada, faces a complex and evolving regulatory landscape. Organizations are
adopting eGRC solutions to navigate changing compliance requirements and laws
like the Sarbanes-Oxley Act (SOX), the Health Insurance Portability and
Accountability Act (HIPAA), and various industry-specific regulations.
Furthermore, the growing use of cloud computing, the heightened risk of
cyberattacks, the rapid evolution of IT infrastructure, and the need to
address internal and external business risks are driving demand for eGRC
solutions, thereby fostering the growth of this regional market.
However, Asia-Pacific is projected to
register the highest CAGR during the forecast period. The growth of this
regional market is attributed to the implementation of data protection laws in
emerging economies, where businesses are prioritizing data privacy and
cybersecurity. The market’s growth is further fueled by technological
innovation, the rapid pace of digital transformation, and a growing demand for
comprehensive risk management solutions across enterprises.
Key Players
The key players operating in the global
enterprise governance, risk and compliance market are IBM Corporation (U.S.),
Microsoft Corporation (U.S.), SAP SE (Germany), Dell Inc. (U.S.), SAS
Institute Inc. (U.S.), Wolters Kluwer N.V. (Netherlands), Software AG
(Germany), Oracle Corporation (U.S.), Mphasis Limited (India), Future Shield
Inc. (Canada), SAI Global Compliance, Inc. (U.S.), OneTrust LLC (U.S.), Blue
Umbrella Limited (Hong Kong), MetricStream Inc. (U.S.), and SureCloud Ltd
(U.K.).
Quick Buy: https://www.meticulousresearch.com/Checkout/65831832
Key questions answered in
the report:
· Which are
the high-growth market segments in terms of component, organization size,
deployment mode, business function, sector, and geography?
· What is
the historical market size for enterprise governance, risk and compliance
across the globe?
· What are
the market forecasts and estimates for 2023–2030?
· What are
the major drivers, restraints, opportunities, and challenges in the global
enterprise governance, risk and compliance market?
· Who are
the major players in the global enterprise governance, risk and compliance
market, and what are their market shares?
· How is the
competitive landscape?
· What are
the recent developments in the global enterprise governance, risk and
compliance market?
· What are
the different strategies adopted by the major players in the market?
· What are
the geographic trends and high-growth countries?
· Who are
the local emerging players in the global enterprise governance, risk and
compliance market, and how do they compete with other players?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
Post a Comment