A recent research report by Meticulous Research®, a renowned market research firm, 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.”
As per the latest report by Meticulous Research®, the global enterprise governance, risk, and compliance market is anticipated to achieve a value of $39.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.8% between 2023 and 2030. The expansion of this market is credited to the stringent regulatory frameworks and industry standards concerning eGRC solutions, along with heightened demand for these solutions within the BFSI sector. Moreover, the incorporation of artificial intelligence (AI), machine learning (ML), and blockchain technologies into eGRC solutions, coupled with the increasing automation within this domain, are poised to present significant growth prospects for stakeholders in the enterprise governance, risk, and compliance market.
However, varied regulatory policies could impede the market's expansion. Additionally, worries regarding data privacy and security, coupled with insufficient awareness and training on eGRC solutions, are likely to hinder the market's growth.
The global enterprise governance, risk, and compliance market is divided based on various factors, including components (such as risk management solutions, regulatory & compliance solutions, audit management solutions, incident management solutions, policy management solutions, and others within solutions, and professional services, managed services within 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, and other business functions), and sector (IT & telecommunications, BFSI, energy & utilities, government, healthcare, manufacturing, retail & consumer goods, transportation & logistics, and other sectors). The report also examines industry competitors and assesses the market on both regional and country levels.
Based on component, in the global enterprise governance, risk, and compliance market, there are two main segments: solutions and services. In 2023, it is projected that the solutions segment will hold the majority share. This dominance can be explained by various factors, including the rising uptake of regulatory and compliance solutions, the increasing necessity to oversee and regulate compliance with industry standards and governmental directives, the growing implementation of incident management solutions to monitor and address security incidents, breaches, or compliance breaches, and the heightened demand for eGRC solutions to uphold a thorough audit trail, thereby ensuring accountability and transparency in governance procedures.
Nevertheless, it is expected that the services segment will experience the most significant compound annual growth rate (CAGR) throughout the forecast period. This growth can be attributed to various factors, such as the increasing requirement for specialized consulting and support services to assist organizations in deploying, optimizing, and overseeing their eGRC solutions and initiatives, the rising demand for implementation and integration services related to eGRC solutions, the growing appeal of risk management and compliance management services, and the necessity for managed services to delegate the management and operation of eGRC processes, technologies, and initiatives.
Based on organization size, in the global enterprise governance, risk, and compliance market, there are two main segments: large enterprises and small & medium-sized enterprises. It is anticipated that in 2023, the large enterprises segment will hold the majority share. This dominance is attributed to the escalating demand for eGRC solutions among large enterprises. Large enterprises operate within a multifaceted and swiftly evolving business landscape. They necessitate comprehensive solutions to manage operational, financial, strategic, and reputational risks, unify compliance management across various regions and business divisions, and mitigate the risks associated with data breaches and regulatory breaches. Given that large enterprises often operate across diverse jurisdictions and industries, each with its distinct set of regulations and compliance requirements, eGRC solutions become indispensable for centralizing and streamlining compliance efforts, ensuring regulatory compliance, and averting costly penalties.
Nonetheless, it is expected that the small & medium-sized enterprises (SMEs) segment will experience the highest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to various factors, such as the rising requirement for a systematic approach to identifying, assessing, and mitigating risks, as well as the increasing need to protect sensitive data, implement robust access controls, and ensure compliance with data privacy regulations among SMEs. Additionally, SMEs often encounter resource limitations, including restricted staffing and budget allocations for risk and compliance management. eGRC solutions offer these businesses streamlined processes, reduced manual workloads, and efficient resource utilization, thereby enabling them to enhance their operations despite their resource constraints.
Based on deployment mode, the global enterprise governance, risk, and compliance market are divided into on-premises deployments and cloud-based deployments. It is anticipated that in 2023, the on-premises deployments segment will hold the majority share. This dominance is attributed to the increasing adoption of on-premises deployments for eGRC solutions, primarily driven by data security and control requirements, especially prevalent in heavily regulated sectors such as finance and healthcare. On-premises solutions also offer customization options and seamless integration with existing systems. Additionally, this deployment mode significantly mitigates the risks associated with data breaches and unauthorized access by keeping sensitive data within the secure, firewall-protected environment of an enterprise.
However, it is expected that the cloud-based deployments segment will experience the highest compound annual growth rate (CAGR) throughout the forecast period. This growth can be attributed to various factors, including the emergence of new security measures tailored for cloud deployments, the flexibility inherent in cloud solutions, and the widespread adoption of cloud-based risk compliance solutions by small and medium-sized enterprises (SMEs) owing to their cost-effectiveness.
Based on business function, the global enterprise governance, risk, and compliance market are categorized into various business functions, including finance & accounting, information technology, legal & compliance, operation management, human resource, and others. It is anticipated that in 2023, the finance & accounting segment will hold the largest share of the market. This dominance is driven by several factors, such as the increasing demand for risk management, compliance with financial regulations, and governance enhancement. Additionally, there is a growing adoption of eGRC solutions within this segment for tasks like audit and internal controls, financial document management, records retention, and automating approval processes for financial transactions to ensure due authorization and compliance. Furthermore, the finance & accounting segment is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period.
Based on sector, the global enterprise governance, risk, and compliance market are divided into various sectors, including IT & telecommunications, BFSI, energy & utilities, government, healthcare, manufacturing, retail & consumer goods, transportation & logistics, and others. It is expected that in 2023, the BFSI segment will dominate the market. This significant market share is driven by the increased adoption of eGRC solutions aimed at ensuring compliance, safeguarding assets, and upholding financial integrity within the BFSI sector. These solutions play a crucial role in assessing and quantifying various risks like credit, market, operational, and liquidity risks. Additionally, they aid in creating audit trails for financial transactions and streamline the preparation and validation of financial statements.
However, it is anticipated that the healthcare segment will experience the highest compound annual growth rate (CAGR) throughout the forecast period. This growth is fueled by the growing demand for improved performance, cost efficiencies, and compliance management within the healthcare industry. Moreover, factors such as the increasing uptake of telemedicine and remote healthcare services, the heightened risk of data breaches, and the surge in research and development initiatives within the healthcare sector are expected to propel the growth of this segment.
Based on geography, in 2023, North America is projected to hold the largest portion of the global enterprise governance, risk, and compliance market. This dominance is primarily due to the extensive adoption of eGRC solutions within heavily regulated sectors such as BFSI, healthcare, and pharmaceuticals. Furthermore, North America's emphasis on data privacy and cybersecurity, coupled with the presence of established market players like IBM Corporation, Microsoft Corporation, Dell Inc., SAS Institute Inc., Oracle Corporation, and Future Shield Inc., contributes to its substantial market share.
Geogrphic Review
In North America, particularly in the U.S. and Canada, organizations are grappling with a multifaceted and dynamic regulatory environment. To effectively manage evolving compliance demands and adhere to laws such as the Sarbanes-Oxley Act (SOX) and the Health Insurance Portability and Accountability Act (HIPAA), among others, companies are increasingly turning to eGRC solutions. Additionally, factors like the expanding use of cloud computing, heightened cybersecurity risks, rapid advancements in IT infrastructure, and the imperative to mitigate both internal and external business risks are fueling the demand for eGRC solutions, thereby stimulating growth in this regional market.
Yet, it is expected that the Asia-Pacific region will experience the highest compound annual growth rate (CAGR) throughout the forecast period. This growth can be attributed to the enforcement of data protection regulations in emerging economies, where companies are placing greater emphasis on data privacy and cybersecurity. Moreover, the market's expansion is driven by technological advancements, the swift adoption of digital transformation initiatives, and an increasing need for comprehensive risk management solutions across various enterprises.
Moreover, numerous firms in the region are extending their international footprint, which demands adherence to not just local regulations but also global standards and regulations often intertwined with eGRC considerations. Consequently, these enterprises are progressively embracing eGRC solutions to guarantee governance and compliance.
Key Players
The major players in the global enterprise governance, risk, and compliance market include 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.).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5702
Key questions answered in the report:
• Which segments exhibit high growth potential in terms of component, organization size, deployment mode, business function, sector, and geography?
• What is the past market size of enterprise governance, risk, and compliance on a global scale?
• What are the projected market forecasts and estimations for the period spanning from 2023 to 2030?
• What are the primary factors fueling, hindering, offering potential, and presenting obstacles within the global enterprise governance, risk, and compliance market?
• Who are the key players in the global enterprise governance, risk, and compliance market, and what are their respective shares of the market?
• What does the competitive environment look like?
• What are the latest advancements or updates within the global enterprise governance, risk, and compliance market?
• What strategies do the major market players employ?
• What are the patterns in geography and which countries are experiencing notable growth?
• Who are the rising local contenders in the global enterprise governance, risk, and compliance market, and how do they fare in competition against other players?
Contact Us:
Meticulous Research®
Email- [email protected]
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research