Enterprise Governance, Risk and Compliance Market

Enterprise Governance, Risk and Compliance Market Outlook (2022-2029)

Enterprise Governance, Risk and Compliance solutions witnessed a CAGR of 6.5% between 2014 and 2021. The global Enterprise Governance, Risk and Compliance Market is expected to witness a 7.8% CAGR between 2022 and 2029. In 2021, the global Enterprise Governance, Risk and Compliance Market size was US$ 14,893.8 Mn, which is projected to reach US$ 25,220 million by the year 2029.

Enterprise Governance, Risk and Compliance Market Demand Analysis (2014-2021) v/s Market Outlook (2022-2029)

The increasing penetration of information technology (IT) has driven technological breakthroughs in various industrial sectors. To minimize financial losses, businesses are adopting eGRC (enterprise governance, risk, and compliance) solutions to optimize risk management and minimize frauds. The increasing deployment of eGRC (enterprise governance, risk, and compliance) has resulted in a remarkable growth in the eGRC market throughout the projection period.

What is expected to keep the Hopes High for Enterprise Governance, Risk and Compliance Market?

• Increasing demand for Risk Management

The significant technological advances in the digital era are expected to play a crucial role in expanding the global eGRC (enterprise governance, risk, and compliance) market. The increased usage of interactive devices such as smartphones and cameras has increased the volume of data transmitted internally and externally across various business enterprises, which has led to the need for eGRC solutions to manage and improve risk management and prevent frauds. The introduction of different financial digital channels is also expected to boost demand for eGRC solutions.

• Increased Deployment of eGRC solutions in the BFSI Sector

The BFSI sector is expected to be the most significant end-use sector in eGRC (enterprise governance, risk, and compliance). Several banks around the globe are focused on replacing the old eGRC (enterprise governance, risk, and compliance) models with contemporary trends and technology since they are believed to safeguard banks from potential frauds and dangers. Furthermore, as banks continue to focus on increasing customer service and quality in the digital era, the inclusion and deployment of strong, reliable, and resilient GRC solutions are witnessing a boom in demand.

• Integration of AI technologies in eGRC Solutions

The data and information available these days presents business professionals with several opportunities to enhance their operational efficiency. Furthermore, the increased need to analyze data to determine risk has become important. Various software suppliers provide AI-powered eGRC solutions to address a wide range of regulatory and compliance requirements to assist organizations in fulfilling these needs. AI-powered eGRC solutions integrated with analytical tools and business intelligence assist organizations in extracting insights from huge amounts of data and making informed choices. AI-powered eGRC systems may help automate a variety of corporate activities related to risk management. Therefore, the integration of AI technologies in eGRC solutions is expected to boost the global eGRC market growth.

What restraints is the Enterprise Governance, Risk and Compliance Market subject to?

• “Varying regulatory policies”

The structure of regulatory policies differs from one country to another and from one business to another. Various countries lack a governing body to oversee these laws. The lack of a defined standard that must be followed, is seen as one of the barriers to the expansion of the eGRC market. These factors are also making it challenging for eGRC solution providers to meet the diverse needs of end-users.

• “Issues with cloud-based software models and network transmissions”

Enterprise governance, risk, and compliance software models that rely heavily on cloud-based solutions are prone to data leaks or thefts and service disruption. Unsteady network transmissions can also have an impact on end-user experience in some areas.

How has Covid-19 affected the Enterprise Governance, Risk and Compliance Market?

“Increased need for eGRC solutions to protect valuable assets, as well as due to the rise of remote working.”

Several sectors have incurred massive losses due to the COVID-19 pandemic while various businesses were increasingly investing in eGRC (enterprise governance, risk, and compliance) solutions. Business organizations examined prospective regions witnessing significant losses due to the pandemic, as far as the protecting assets are concerned. This factor enhanced demand for eGRC solutions during the COVID-19 pandemic. A significant rise in remote working is another factor that has increased the demand for eGRC solutions. In all, the Covid-19 pandemic had a positive impact on the expansion of the global enterprise governance, risk, and compliance market.

Competitive Landscape

The growing emphasis on enhancing data security infrastructure has encouraged market players to build sophisticated eGRC (enterprise governance, risk, and compliance) solutions to obtain a competitive advantage in the present market scenario. Market players are also focused on organic and inorganic growth methods such as product innovation and mergers and acquisitions.

• Wolters Kluwer GRC acquired eOriginal in December 2021. The acquisition positioned GRC Compliance Solutions as a market leader in mortgage and loan document generation and analytics into the fast-growing digital loan closure and storage adjacency in the United States.
• OneTrust LLC has launched its eGRC solution - an integrated risk management platform that incorporates dynamic business controls, accelerates audits, and integrates departments for risk management.
• SAP SE and Accenture entered into a partnership to create sophisticated business solutions. The SAP Cloud for Utilities platform will assist organizations in effectively managing their operations and analyzing consumer experiences, allowing them to make crucial strategic decisions.

Enterprise Governance, Risk and Compliance Industry Report Scope

Enterprise Governance, Risk and Compliance Market Categorization

Enterprise Governance, Risk and Compliance Market by Vertical

• Aerospace & Defense
• Automotive
• Consumer goods & Retail
• Healthcare & Lifescience
• ITES & Telecom
• Others

Enterprise Governance, Risk and Compliance Market by Region

• North America
• Latin America
• Europe
• Japan
• Asia Pacific
• Middle East & Africa (MEA)