Meticulous Research®, a leading global market research firm, has published an essential report titled “Enterprise Governance, Risk, and Compliance Market by Component (Solutions, Services), Organization Size, Deployment Mode, Business Function (Legal & Compliance, Operation Management), Sector (Healthcare), and Geography - Global Forecast to 2030.”

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The report indicates that the global enterprise governance, risk, and compliance (eGRC) market is set to experience substantial growth, projected to reach $39.6 billion by 2030 at a CAGR of 15.8% from 2024 to 2030. Key drivers of this growth include the increasing pressure of government regulations, evolving industry standards, and the rising demand for eGRC solutions across sectors, especially in BFSI. The growing integration of technologies such as AI, ML, and blockchain into eGRC platforms is also anticipated to create significant opportunities for market stakeholders.

Despite the positive growth forecast, challenges remain, including varying regulatory frameworks across regions, data privacy concerns, and a lack of awareness regarding eGRC solutions. These factors highlight the need for improved education and training on the adoption of eGRC systems.

The report segments the global eGRC market by component, organization size, deployment mode, business function, and sector, providing a comprehensive analysis of current market trends at regional and global levels. Additionally, it explores the competitive landscape of the eGRC market.

Component Analysis: The global enterprise governance, risk, and compliance market is segmented into solutions and services. Solutions are expected to account for the largest market share in 2024, driven by the increasing need for risk management solutions, regulatory compliance tools, and audit management systems. Organizations are investing in eGRC solutions to monitor compliance and manage risks, enhancing transparency and accountability through efficient governance processes.

In contrast, the services segment is projected to experience the highest growth rate during the forecast period. The demand for consulting, implementation, and managed services is on the rise as organizations seek to optimize their eGRC strategies. The complexities of navigating regulatory requirements further underline the need for professional guidance in eGRC implementation.

Organization Size Breakdown: The eGRC market is also categorized by organization size into large enterprises and small & medium-sized enterprises (SMEs). In 2024, large enterprises are expected to dominate the market. Given their size and regulatory obligations, these organizations require comprehensive eGRC solutions to effectively manage operational, financial, and compliance risks across various jurisdictions.

However, SMEs are anticipated to register the highest growth rate during the forecast period. As smaller businesses increasingly recognize the need for structured risk management processes, eGRC solutions provide a valuable means to address compliance challenges and improve operational efficiency.

Deployment Modes Assessment: The market is segmented by deployment mode into on-premise and cloud-based solutions. On-premise solutions are expected to hold a larger market share in 2024, particularly in regulated sectors like finance and healthcare, where organizations prioritize data control and security. The preference for on-premise solutions stems from their capacity to be customized and integrated with existing systems.

Nevertheless, cloud-based eGRC solutions are projected to show the fastest growth, driven by the flexibility, scalability, and cost-effectiveness they offer. The growing trend toward digital transformation and enhanced cloud security options is likely to spur the adoption of cloud-based platforms.

Business Function Analysis: The global eGRC market is further divided by business function into finance & accounting, information technology (IT), legal & compliance, operations management, and human resources. The finance & accounting segment is projected to hold the largest share in 2024, driven by the increasing complexity of financial regulations and the need for organizations to ensure compliance while enhancing governance.

This segment is also expected to demonstrate the highest growth rate during the forecast period as organizations invest in tools to improve audit controls and manage financial risks effectively.
Sector Segmentation: The global eGRC market encompasses various sectors, including BFSI, IT & telecommunications, energy & utilities, healthcare, manufacturing, and government. The BFSI sector is expected to lead the market, attributed to the pressing need for eGRC solutions to maintain regulatory compliance and protect sensitive financial information.

On the other hand, the healthcare sector is projected to experience the highest growth rate during the forecast period, driven by the increasing focus on compliance management and the rise of digital health technologies.

Regional Insights: Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is anticipated to hold the largest market share in 2024, influenced by the high adoption of eGRC solutions in regulated industries. The region’s stringent regulatory frameworks and focus on data security and privacy further bolster its market position.

Conversely, the Asia-Pacific region is expected to showcase the highest growth rate due to rapid digital transformation, the emergence of data protection laws, and an increasing emphasis on risk management in emerging economies.

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), SAI360 Inc. (U.S.), OneTrust LLC (U.S.), Blue Umbrella Limited (Hong Kong), MetricStream Inc. (U.S.), and SureCloud Ltd (U.K.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/enterprise-governance-risk-and-compliance-market-5702

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 2024–2030?
• 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?

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