The global enterprise governance, risk and compliance (eGRC) market is anticipated to exhibit a CAGR of 8% over the forecast period (2019-2029). Organizations have started implementing enterprise governance, risk and compliance solutions to manage risks and seize opportunities so as to achieve their varied objectives.
Preference for eGRC solutions among various organizations has substantially increased over the years, attributed to their feature of identifying potential risks in software. Increasing digitalization in companies is demanding the safety and transparency of work so that risk of losing data is avoided. The need to prevent fraud and theft is the main factor driving the installation of enterprise governance, risk and compliance software.
Key Takeaways of eGRC Market Study
- Need for managing policies and regulations in the government sector is anticipated to drive the growth of the enterprise governance, risk and compliance market during the forecast period.
- Importance of maintaining historical company records coupled with continued rise in the adoption of paperless solutions are significant factors that are driving the growth of the enterprise governance, risk and compliance market.
- Installation of eGRC software for compliance and policy management is expected to gain significant traction.
- Asia Pacific excluding Japan is expected to remain the key region in the global enterprise governance, risk and compliance market, owing to increase in the adoption of eGRC solutions to manage various standards and ensure compliance with numerous regulations.
“Digitalization and sharing of vast data across the globe has led to different forms of cyber-attacks and threats, which leaves the day-to-day operations and business data across different companies at high risk. This results in increasing demand for enterprise governance, risk and compliance solutions, which is anticipated to be a significant factor driving market growth,” says a PMR analyst.
Strategic Alliances for Product Innovation Catalyzing Market Growth
Enterprise governance, risk and compliance solution providers are focusing on upgrading their products with new technologies to offer a wide range of solutions in different verticals. This eventually helps them expand their customer base. Companies are also partnering with other key players to improve their product offerings in the eGRC market space.
- For instance, in February 2019, SAP SE announced a strategic partnership with Verisk to develop next generation product compliance solutions. The partnership expands compliance platforms with regulatory content and business logic.
Find More Valuable Insights on eGRC Market
Persistence Market Research, puts forward an unbiased analysis of the global enterprise governance, risk and compliance market, providing historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. To understand the opportunities in enterprise governance, risk and compliance, the eGRC market is segmented on the basis of solution (software, services), organization size (large enterprises, medium enterprises, and small enterprises), and vertical (aerospace & defense, automotive, consumer goods and retail, healthcare & life science, ITES & telecom, others), across seven major regions.
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