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Enterprise Governance, Risk and Compliance (EGRC) Market Segmented By Solutions - Software (Audit Management, Risk Management, Business Continuity, Compliance & Policy Management, Information Security & Data Management, Regulatory Change Management) | Services (Consulting, Integration & Implementation, Support & Maintenance)
The market for enterprise, governance, risk and compliance was valued at US$ 15,233.4 Mn in 2022, and by the end of 2033, it is analyzed to have grown to US$ 62,398.4 Mn. This market estimated to valuate to US$ 17,101.5 Mn in 2023 and predicted to grow with the CAGR of 12.8% during the forecast period of 2023 to 2033.
Enterprise governance, risk, and compliance can be defined as a popular approach to corporate cybersecurity risk management. Due to the increasing incidences of cyber security threats an organization is required to have the system to manage cyber threats without interrupting commercial operations such systems are called enterprise governance, risk, and compliance systems.
Enterprise governance, risk and compliance systems are being widely adopted owing to their features such as they assist organisations in anticipating, understanding and managing risks. Due to these features various organizations are using this technology to effectively balance risks together with the opportunities. Such systems helps in taking strategic actions & responses to the changes arising in an enterprise.
Rising demand for eGRC solutions by end-user companies to overcome the operational and monetary risks are driving the market growth. Governments along with various organisations are implementing enterprise GRC solutions to take advantage of features like risk & the accurate management of compliances, business resiliency solutions, management related to auditing and so on. Additionally, rising cyber-attack incidents are expected to fuel market growth during the forecast period.
As per the regional market landscape, North American enterprise governance, risk, and compliance industry held a leading market share of 29.1% in the global landscape in 2022. Meanwhile, demand for enterprise, governance, risk and compliance in the European region will grow at the CAGR of 13.5% during the forecast period of 2023-2033.
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Enterprise, Governance, Risk and Compliance Market Size (2023) |
US$ 17,101.5 Mn |
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Projected Market Value (2033) |
US$ 62,398.4 Mn |
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Global Market Growth Rate (2023-2033) |
12.8% |
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Enterprise, Governance, Risk and Compliance Software Segment Market Share (2022) |
55.5% |
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India Market Growth Rate (2022) |
7.7% |
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BFSI Segment in Enterprise, Governance, Risk and Compliance Market Share (2022) |
16.7% |
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“Rising Data Security and Privacy concerns associated with cloud-based solutions”
High cost along with the lack of awareness regarding enterprise, governance, risk and compliance solutions is a major restraining factor in their adoption. Additionally, the systems complexity along with the data security & privacy concerns that are associated with the implementation of such solutions are hindering the adoption of enterprise, governance, risk and compliance solutions.
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Rising cyber security threats among organisations along with the periodic data sharing are some of the factors behind the increased adoption of enterprise, governance, risk and compliance solutions. As a result, one of the main motivators for eGRC software applications is the cybersecurity threat. The growing demand for efficiency in financial analysis and cost-cutting solutions is analysed to drive market growth in U.S. region.
Due to such factors, U.S. region is analyzed to have the largest market share in the global enterprise, governance, and risk market with the share of 11.3% in 2022.
“Widespread adoption of the AI & IoT technologies”
The integration of technologies like the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), and cloud computing with eGRC solutions is analyzed to increase demand for the solutions. Since they provide effective analysis features, AI-enabled eGRC solutions are widely used in enterprises in Indian region.
AI-enabled solutions aid in the massive data processing volumes that governments and businesses must deal with on a regular basis. These solutions also include features such as process optimization, cost savings, increased effectiveness, and so on.
Due to these factors the enterprise, governance, risk and compliance market is estimated to grow at a CAGR of 10.7% over the forecast period in India.
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“Increased use of cloud-based systems in European region”
Attributed to certain factors such as economic prosperity, large population & industrialization Germany held the largest market share of 9.2% of the global market share of the enterprise governance, risk and compliance market. The European Union has numerous rules and regulations that make it an essential requirement for companies to meet the compliances enforced in order to operate smoothly in this region, these compliances and regulations can extend to litigation requirements, net-zero goals and GDPR. Hence making Germany an important market for enterprise, governance, risk and compliance systems.
Why Software segment in Enterprise, Governance, Risk and Compliance Market Have the Larger Market Share?
eGRC software segment is analyzed to dominate the enterprise, governance, risk and compliance market with the share of 55.5% owing to the factors such as increased demand for software such as SAP GRC, GRC Envelop, SAI360 & IBM OpenPages along with the increasing advancement & automation in eGRC programs is analyzed to increase demand for enterprise, governance, risk and compliance software.
Why large enterprise segment in Enterprise, Governance, Risk and Compliance market have the largest market share in 2022?
The large enterprise segment is analysed to have the largest market size of 59.2%, owing to their attributes like eGRC solution provide customization, overall automation, quick on boarding, complete management, data privacy along with real-time monitoring of reports.
Since these enterprises have huge consumer base, complex organizational structure, huge employee number together with the larger organisation network necessitating the GRC implementation, directly boosting the market size of large enterprise segment in the industry.
What are the factors influencing the market size of BFSI industry in Enterprise, Governance, Risk and Compliance market?
BFSI segment is analysed to hold the largest market share of 16.7% in the enterprise governance, risk and compliance market owing to the various factors like rising trends towards digitalization along with the wide application of various advanced technologies in fintech industry has increasing in last some years. Such a widespread adoption of advanced technologies in the fintech industry is playing the positive role for the enterprise governance, risk and compliance market for BFSI segment.
Main market participants intend to diversify their product portfolios by introducing solutions based on AI and ML technologies.
Recent developments related to main players providing enterprise, governance, risk and compliance market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
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Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
US$ Mn for Value |
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Main Regions Covered |
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Main Countries Covered |
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Main Market Segments Covered |
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Main Companies Profiled |
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Pricing |
Available upon Request |
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In 2022, the market value of enterprise, governance, risk and compliance was US$ 15,233.4 Mn.
The global enterprise, governance, risk and compliance market is estimated to advance at an 12.8% CAGR through 2033.
The market for enterprise, governance, risk and compliance is forecasted to climb to US$ 62,398.4 Mn by 2033 end.
Demand for Enterprise, governance, risk and compliance market in India is projected to rise at a CAGR of 10.7% over the forecast period.
In 2022, the North America enterprise, governance, risk and compliance market held a dominant market share of 29.1%.
