Continued viability of an enterprise is ensured by the effective policies & procedures governing it, and by a sense of amenability drawn in through employees and other assets. Thereupon, enterprises need to adopt efficient Governance, Risk and Compliance solutions that offer integration and automation capabilities to synchronically align their businesses. Diminished operating budgets, downsizing, and lack of training are additional challenges faced by enterprises, compelling them to adopt such solutions. The global demand for enterprise governance, risk & compliance solutions is also advancing by initiatives undertaken by management personnel in an enterprise towards leveraging their operational efficiency. According to the latest study offered by Persistence Market Research, the global market for enterprise governance, risk & compliance (EGRC) is expected to bring in over US$ 29.3 Bn revenues by the end of 2024.
According to the report, titled “Enterprise Governance, Risk & Compliance Market: Global Industry Analysis and Forecast, 2016-2024,” the global market for enterprise governance, risk & compliance solutions is presently valued at US$ 14.8 Bn, and is anticipated to register a 7.1% value CAGR during the eight-year forecast period. Factors prompting enterprises towards adoptions of governance, risk & compliance solutions follows:
- Proliferation of digitization and data-sharing trends threatening the cyber security of an enterprise
- Increasing regulatory complexity in Life Science industry
- Need for ergonomic risk management systems and transparent compliance models among large enterprises
- Rapid adoption of cloud-based quality management systems
- Deployment of data analytics solutions with compliance management programs
North America – Largest EGRC Market in the World
The report reveals that in 2016, more than US$ 6 Bn worth of EGRC revenues emanated from the US and Canada. In the years to come, companies based in North America will be actively adopting enterprise governance, risk & compliance solutions to boost their operational efficiency. With over 40% stake in the global market value, North America’s EGRC market is anticipated to be valued at US$ 13.1 Bn by the end of 2024. Besides, Western Europe and the Asia-Pacific excluding Japan region will also show impressive contribution to the global enterprise governance, risk & compliance market. These two regions, collectively, are projected to procure over 30% of global EGRC market through the end of the forecast period.
The report has profiled companies prominent for delivering EGRC solutions across a vast range of industrial end-users. These include IBM Corporation, Oracle Corporation, SAP SE, Thomson Reuters Corporation, Wolters Kluwer NV, Dell Inc., Metric Stream, Inc., Deloitte Touche Tohmatsu Limited, SAI Global Limited and Fidelity National Information Services, Inc.
The report further reveals that a majority of EGRC solution implemented by companies will be deployed through cloud-based framework. As demand for on-premise EGRC solutions dips, more than 70% of market revenues will be arising from cloud-based deployment. Among which, demand for audit management and risk management software will gain traction, bringing in over US$ 11 Bn by 2024-end. The market will keep witnessing higher contribution from large enterprises, while medium and small enterprises will continue to consolidate their presence in global EGRC revenues. Furthermore, the report also projects that nearly two-third of global EGRC market value will be accounted by sales of enterprise governance, risk & compliance solutions in healthcare & life science enterprises.
Queries regarding these research findings can be addressed to Persistence Market Research’s analysts at firstname.lastname@example.org