Enterprise Governance Risk Compliance Market

Enterprise governance, risk and compliance (eGRC) management provides strong support for organizations, and gives opportunities to specialize in corporate compliance, financial services, health law, or security and cyber law. Enterprise governance, risk and compliance services assist clients in tackling broad issues of enterprise risk management, efficient corporate compliance, and corporate governance, while giving specialized support in crucial areas such as tax, financial reporting, information technology, anti-fraud, financial advisory, and human capital services.

The enterprise governance, risk and compliance market effectively manages, monitors, and defines external and internal business environments. Rising number of risk factors against business data is expected to increase the adoption of enterprise governance, risk and compliance solutions and security across all industries. Changing regulatory requirements and increasing business complexities are also expected to drive the growth of the enterprise governance, risk and compliance market. These also are used to provide better capital allocation, higher quality information to management, process optimization, protected reputation, improved effectiveness, and reduced costs for all industry verticals.

eGRC Solutions Offering Real-time Tracking  

Old-school enterprise governance, risk and compliance solutions have little capability to grow with ever-increasing manufacturing and business needs. As compared to these solutions, modern enterprise governance, risk and compliance solutions are scalable, flexible, and agile. These systems are worth their initial investments, as they provide a strong framework, due to which, one is able to eliminate needs to start from scratch when the business proliferates or the quality check process evolves over time. With the help of eGRC solutions, one can not only capture and accumulate real-time data while on the move, but can also give access to subsequent reports or data to anyone in the organisations. Thus, one can track quality on a mobile device, a factor that is driving the demand for enterprise governance, risk and compliance solutions across the globe.

Growing Cyber Security Issues in Automotive Industry to Spur eGRC Market Growth

Nowadays, eGRC solutions are managing vehicle warranty, vehicle recall, and litigation risk for automotive suppliers, which, in turn, is driving growth of the enterprise governance, risk and compliance market. The governance, risk and compliance market is dealing with top labor and employment issues faced in the automotive industry. The need for solving connected cars and cyber security issues in the automobile industry is propelling the demand for enterprise governance, risk and compliance solutions. These solutions support an organization’s risk management processes, which includes internal audit, internal control, business continuity, vendor/3rd party management, information security, enterprise and operational risk management.

High Implementation Cost Restricting Market Growth

Various organizations are hesitant to invest on enterprise governance, risk and compliance technology in emerging markets due to high capital investment and lack of awareness about the long-term benefits of implementing enterprise governance, risk and compliance to solution providers and other operational processes. Furthermore, weak government funding for industrial research, lack of technological roadmap, no clear vision for investment communities, and absence of national strategy for enterprise governance, risk and compliance solutions are some of the key factors that are expected to hamper the growth of the eGRC market.

Gain More Insights about this Report

North America Dominating Global Enterprise Governance, Risk and Compliance Market

North America is expected to be the dominating region in terms of value for enterprise governance, risk and compliance solutions. In the coming years, Canada is expected to be one of the key regions for sustainable revenue generation from eGRC solution implementation, owing to the rising need for identifying enterprise risk and compliance management in insurance companies’ applications. Moreover, Western Europe is estimated to record significant growth during the forecast period, owing to the increasing adoption of enterprise governance, risk and compliance solutions in small and medium enterprises in the region.

Analysts’ Viewpoint of eGRC Market

A comprehensive view of the enterprise governance, risk and compliance market has led our analysts to conclude that, the market is growing at a remarkable rate. The eGRC market in Asia Pacific excluding Japan is anticipated to grow at a significant rate during the forecast period. Strategic partnerships with other enterprise governance, risk and compliance providers and regional expansions are some of the key strategies being adopted by prominent players to push their sales growth. Strong financial position and new technological innovations of key market players will also give added momentum to the growth of the enterprise governance, risk and compliance market in the coming years.