Enterprise Governance, Risk, and Compliance Market to Hit USD 75.24 Billion by 2028; Industry Giants Such as IBM & SAP to Focus on Developing Advanced eGRC Systems for Large Organizations: Fortune Business Insights(TM)
The global eGRC market size is projected to reach USD 75.24 billion by 2028, exhibiting a CAGR of 14.0% during the forecast period. Tightening compliance, risk, and governance mandates by regulatory authorities worldwide is expected to emerge as the foremost growth driver for this market, shares Fortune Business Insights(TM) in its report, titled "Enterprise Governance, Risk, and Compliance (eGRC) Market, 2021-2028". The market size stood at USD 27.01 billion in 2020.
Compliance regulations are framed and implemented to ensure that enterprises work in a responsible, secure, and transparent manner. For example, the Health Insurance Probability and Accountability Act (HIPAA), 1996 was passed in the United States to safeguard personal health information and prevent the unauthorized transmission of such information across electronic channels. More recently, the European Union (EU) began implementing the General Data Protection and Regulation (GDPR) in 2018, which strictly monitors and penalizes exchange of personal information through electronic mediums, thus upholding the right to privacy of citizens. Enterprise governance, risk, and compliance solutions are critical in enabling businesses to meet these regulations and as countries sharpen their compliance norms, the demand for these solutions is likely to skyrocket.
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The world is undergoing unprecedented challenges and upheavals because of the COVID-19 pandemic. Businesses are grappling with plummeting revenues, while industries are strategizing to cope with the impending recession. Enterprises are progressively implementing solutions to counter the exposures from the COVID-19 pandemic. For instance, in April 2020 Wolters Kluwer's CPM business developed and launched "COVID-19 Noteworthy Developments Bulletins. The solution is aimed at offering COVID-19 related regulatory updates such as notices, changes, global regulatory orders, and other updates for the BFSI sector.
Based on the component, the market is divided into software and services. The software is expected to hold the largest share during the forecast period. Based on deployment model, the market is classified into on premise and cloud-based.
Based on the organization size, the market is classified into small & medium enterprises (SMEs) and large enterprises.
Based on verticals, the market is separated into government, BFSI, healthcare, telecom & IT, energy & utilities, retail & consumer goods, manufacturing, and others.
Geographically, the market is categorized across five major regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The report offers?
-- In-depth analysis of the different factors driving, restraining, and creating opportunities in the market;
-- Tangible insights and piecemeal study of the various market segments;
-- Comprehensive assessment of the regional developments influencing the market growth; and
-- Exhaustive evaluation of the key market players and their growth strategies.
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Extensive Benefits of AI-enabled eGRC Solutions to Stoke Adoption
The enterprise governance, risk, and compliance market growth is slated to get propelled by the integration of smart technologies such as artificial intelligence (AI) and machine learning (ML) in eGRC systems. According to a joint report by SAP and the University of Applied Sciences, Berlin, embedding GRC solutions with AI will bring about profound changes in business operations, enabling managers to analyze risks and compliance & governance dynamics based on hardcore data. For example, the report observes that as AI becomes more prevalent in businesses, fraud examiners will be able to perform fraud assessments and design and develop key performance indicators (KPIs) to prevent future frauds. Moreover, AI-enabled eGRC will automate regulatory adherence reports and compliance managers will be able to detect external and internal dangers to the enterprise as well as efficiently manage cyber-crime threats to the organizational data. Thus, the emergence of AI-powered eGRC systems has put business process automation on the cusp of a revolution.
North America to Dominate among Regions; Asia Pacific to Present Attractive Business Opportunities
With a market size of USD 11.27 billion in 2020, North America is poised to dictate the enterprise governance, risk, and compliance market share during the forecast period in terms of revenue. The major reason for the region's leading position is the active adoption of advanced business automation technologies by companies in the US and Canada. Additionally, organizations in the region are also rapidly deploying cloud-based eGRC solutions to further optimize their processes, a trend which has gotten propelled amid the COVID-19 pandemic.
In Asia Pacific, unparalleled growth opportunities await market players owing to the increasing adoption of digitization and automation technologies by companies in the region. In Europe, the market will be primarily driven by the growing stringency of compliance and data protection regulations that enterprises have to follow.
Leading Companies to Focus on Capturing Evolving eGRC Requirements
Continuous evolution of business processes and the changing compliance and risk management needs of businesses are encouraging key players in this market to design holistic eGRC solutions. As a result, most companies are engaged in development of cutting-edge solutions to meet these requirements, thus strengthening their market position.
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-- June 2020: Connor and Scalio collaborated and announced ConnorScalio, a joint venture by the companies to unify their expertise and develop cloud solutions for their clients' GRC and license management needs.
-- April 2020: MetricStream introduced its COVID-19 Solution to empower companies to manage their operations amid the coronavirus pandemic. Developed speedily in March in response to the pandemic outbreak, the aim of the solution is to enhance organizations' abilities to manage information and processes that impact all stakeholders associated with the organization.
List of Key Companies Profiled in this Market Report:
? Origami Risk (Illinois, United States)
? Blue Umbrella Limited (Quarry Bay, Hong Kong)
? Tevora (California, United States)
? LogicManager (Massachusetts, United States)
? SAI Global (Illinois, United States)
? Software AG (Darmstadt, Germany)
? BWise (New York, United States)
? Wolters Kluwer N.V. (Alphen aan den Rijn, Netherlands)
? SAP SE (Weinheim, Germany)
? IBM Corporation (New York, United States)
? Riskonnect, Inc. (Georgia, United States)
? OneTrust, LLC (Georgia, United States)
? Ideagen Plc (Nottingham, United Kingdom)
? NAVEX Global, Inc. (Oregon, United States)
? Dell Technologies (Texas, United States)
? Infosys Limited (Bengaluru, India)
? MetricStream Inc. (California, United States)
? Thomson Reuters Corporation (Toronto, Canada)
? Microsoft Corporation (New Mexico, United States)
? SAS Institute (North Carolina, United States)
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Detailed Table of Content
-- Past and Current Revenue
-- Geographical Share
-- Business Segment Share
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