The Enterprise Governance, Risk and Compliance Market is projected to reach $39.6 billion by 2030, at a CAGR of 15.8% from 2024-2030. The growth of this market is attributed to stringent government regulations and industry standards for eGRC solutions and the increasing demand for eGRC solutions in the BFSI sector. Additionally, the integration of AI, ML, and blockchain technologies into eGRC solutions, as well as the growing automation in eGRC solutions, are expected to offer significant growth opportunities for stakeholders in the enterprise governance, risk, and compliance market.
However, diverse regulatory policy structures may restrain the market's growth. Furthermore, concerns related to data privacy and security, along with a lack of awareness and training on eGRC solutions, are expected to pose challenges to the growth of the market.
Growing Demand for eGRC Solutions from the BFSI Sector to Fuel the Market’s Growth
The BFSI sector operates within a highly regulated environment, subject to numerous financial regulations and compliance mandates. eGRC solutions help automate and streamline compliance management, enabling financial institutions to efficiently meet regulatory requirements and avoid costly penalties. These solutions offer tools and frameworks for the efficient identification, assessment, and management of risks, facilitating proactive monitoring and risk mitigation that enhance overall operational stability. eGRC solutions are instrumental in ensuring data security and privacy compliance. They assist organizations in establishing robust cybersecurity policies and controls.
Furthermore, eGRC solutions assist organizations in upholding transparency, accountability, and good governance practices, which can enhance their reputation among customers and stakeholders. By effectively implementing eGRC solutions, financial institutions can gain a competitive edge by showcasing their dedication to compliance, risk management, and data security. This makes it appealing to customers who prioritize these attributes when selecting financial service providers.
The increasing demand for eGRC solutions in the BFSI sector is driven by the need to navigate a complex regulatory environment, proficiently manage risks, bolster data security, optimize operational efficiency, and sustain a strong reputation within a constantly evolving digital landscape. These solutions have evolved into indispensable tools for organizations in the sector. Thus, the rising demand for eGRC solutions from the BFSI sector contributes to the growth of the enterprise governance, risk, and compliance market.
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Key Findings in the Enterprise Governance, Risk and Compliance Market Study:
Based on Component, the Services Segment is Projected to Register the Highest CAGR During the Forecast Period
The growth of this segment is attributed to several factors, including the rising demand for specialized consulting and support services to aid organizations in the implementation, optimization, and management of their eGRC solutions and programs, the increasing need for implementation and integration services of eGRC solutions, the growing popularity of risk management and compliance management services, and the need for managed services to outsource the management and operation of eGRC processes, technologies, and programs.
Based on Organization Size, the Small & Medium-sized Enterprises Segment is Projected to Register the Highest CAGR During the Forecast Period
The growth of this segment can be attributed to several factors, including the increasing need for a structured approach to risk identification, assessment, and mitigation and the growing need for safeguarding sensitive data, implementing robust access controls, and ensuring data privacy compliance across SMEs. Furthermore, SMEs often face resource constraints, with limited staffing and budget allocation for risk and compliance management. eGRC solutions offer these businesses streamlined processes, reduced manual work, and efficient resource utilization, enabling them to enhance their operations despite limited resources
Based on Sector, the Healthcare Segment is Projected to Register the Highest CAGR During the Forecast Period
The healthcare segment is projected to register the highest CAGR during the forecast period, driven by the increasing need for enhanced performance, cost reduction, and compliance management in the healthcare sector. Additionally, the rising adoption of telemedicine and remote healthcare services, the risk of data breaches, and the surge in research and development activities within the healthcare sector are expected to drive this segment's growth.
Asia-Pacific: The Fastest-growing Regional Market
Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the implementation of data protection laws in emerging economies, where businesses are prioritizing data privacy and cybersecurity. The market’s growth is further fueled by technological innovation, the rapid pace of digital transformation, and a growing demand for comprehensive risk management solutions across enterprises.
Furthermore, many companies in the region are expanding their global presence, necessitating compliance not only with local regulations but also with global standards and regulations that often carry eGRC implications. Hence, these companies are increasingly adopting eGRC solutions to ensure governance and compliance.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3 to 4 years. The key players operating in the global enterprise governance, risk and compliance market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Dell Inc. (U.S.), SAS Institute Inc. (U.S.), Wolters Kluwer N.V. (Netherlands), Software AG (Germany), Oracle Corporation (U.S.), Mphasis Limited (India), Future Shield Inc. (Canada), SAI360 Inc. (U.S.), OneTrust LLC (U.S.), Blue Umbrella Limited (Hong Kong), MetricStream Inc. (U.S.), and SureCloud Ltd (U.K.).
Scope of the Report:
Enterprise Governance, Risk and Compliance Market Assessment, by Component
- Solutions
- Risk Management Solutions
- Regulatory & Compliance Solutions
- Audit Management Solutions
- Incident Management Solutions
- Policy Management Solutions
- Other Solutions
- Services
- Professional Services
- Managed Services
Enterprise Governance, Risk and Compliance Market Assessment, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Enterprise Governance, Risk and Compliance Market Assessment, by Deployment Mode
- On-premise Deployments
- Cloud-based Deployments
Enterprise Governance, Risk and Compliance Market Assessment, by Business Function
- Finance & Accounting
- Information Technology
- Legal & Compliance
- Operation Management
- Human Resource
- Other Business Functions
Enterprise Governance, Risk and Compliance Market Assessment, by Sector
- IT & Telecommunications
- BFSI
- Energy & Utilities
- Government
- Healthcare
- Manufacturing
- Retail & Consumer Goods
- Transportation & Logistics
- Other Sectors
Enterprise Governance, Risk and Compliance Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report:
