Enterprise Governance Risk and Compliance Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast by 2031

The enterprise governance risk and compliance market size is projected to reach US$ 37.58 billion by 2031 from US$ 18.75 billion in 2023. The market is expected to register a CAGR of 9.1% during 2023–2031. Integrating technologies such as loT, Al, and machine learning with eGRC solutions are likely to remain key trends in the market.

Enterprise Governance Risk and Compliance Market Analysis

A wide range of sectors place a high value on enterprise governance, risk, and compliance. In addition, the market for enterprise governance, risk, and compliance is expected to increase over the forecast period as a consequence of the stringent regulations put in place by governments and other organizations. The purpose of compliance is to hold industries accountable and take precautions against potential hazards. Understanding internal and external elements is essential for any organization's future in order to make periodic decisions that adhere to enterprise governance risk and compliance (eGRC) rules. The need for information security has grown as a result of an increase in data breaches in several businesses. Throughout the forecast period, the enterprise governance risk and compliance market is expected to rise due to the growing complexity of transactions occurring in various industries. An organization can benefit from GRC and enterprise governance risk and compliance in a number of ways, such as controlling risks throughout the organization and standardizing workflow and streamlining processes, providing a buffer against regulatory oversight and mistakes, putting defenses in place against attacks, and making sure control systems are in place for uniformity throughout the enterprise.

Enterprise Governance Risk and Compliance Market Overview

The term enterprise governance risk and compliance (eGRC) describes how a business creates internal controls, rules, procedures, regulatory controls, risk assessment, and risk monitoring that all staff members are required to follow. When it comes to financial data treatment in a complex corporate context, the required tools must be put in place to prevent errors from making their way through the data chain and into reports. Enterprise governance, risk, and compliance (EGRC) ensure that controls and procedures are in place to ensure that data is consistent across the organization. The growing dependency on digitally enhanced infrastructure to help organizations identify and manage the dynamic interrelations between risk & compliance and incorporate those disciplines into daily business activities, propelling the growth of the enterprise governance, risk, and compliance market.  

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Enterprise Governance Risk and Compliance Market: Strategic Insights

Enterprise Governance Risk and Compliance Market

• Market Size 2023
  US$ 18.75 Billion
• Market Size 2031
  US$ 37.58 Billion

Market Dynamics

GROWTH DRIVERS

• The Increased Number of Data Breaches Across Various Industries Driving Growth of Enterprise Governance Risk and Compliance Market

FUTURE TRENDS

• Integrating technologies such as loT, Al, and machine learning with eGRC solutions

OPPORTUNITIES

• Growing need for sustainability

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Software
• Services

Deployment

• On-premise
• Cloud

Enterprise Size

• SMEs
• Large Enterprises

Industry Vertical

• BFSI
• Manufacturing
• Healthcare
• Energy
• IT and Telecom

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Enterprise Governance Risk and Compliance Market Drivers and Opportunities

The Increased Number of Data Breaches Across Several Industries

Organizations are becoming more conscious of the possible repercussions of poor risk management and compliance procedures as a result of the increasing frequency and severity of data breaches. Significant financial losses, harm to one's reputation, and legal consequences can result from data breaches. Organizations are now investing in enterprise governance risk and compliance solutions to reduce these risks and guarantee compliance as a result of this increased awareness. Enterprise governance risk and compliance management (GRC) in the cybersecurity framework is critical in cybersecurity planning and assists firms in mitigating risk in order to prevent future data breaches.

According to the Security Magazine, more than thirty-nine percent (39%) of businesses experienced a data breach in their cloud environment as of July 2023, an increase of the 35% reported in 2022. In addition, human error was described as the primary cause of cloud data breaches by over half (55%) of those surveyed. Enterprise governance risk and compliance is concerned with five major areas: governance and compliance, risk management, policy formulation, strategic planning, and vulnerability assessments. Thus, the increase in data breaches is driving the enterprise governance risk and compliance market growth.

The growing regulatory compliance mandates

GRC compliance implies aligning organizational activities with the regulations and laws that impact them. These regulations could be legal mandates, such as environmental and privacy laws, or voluntarily established company procedures and policies. For instance, a compliance officer at a software company could work to ensure that their systems abide by regulations such as GDPR. In contrast, an environmental inspector may search a construction site for environmental code violations and take the necessary steps to report them.‌ Also, compliance mandates such as HIPAA, GDPR, or SOX necessitate adherence to specific guidelines and standards. Integrating GRC practices within EA streamline compliance efforts, ensuring alignment with regulatory requirements while minimizing operational disruptions. Thus, the growing regulatory compliance mandates are creating new opportunities in the market.

Enterprise Governance Risk and Compliance Market Report Segmentation Analysis

Key segments that contributed to the derivation of the enterprise governance risk and compliance market analysis are component, deployment, enterprise size, and industry vertical.

• Based on components, the enterprise governance risk and compliance market is divided into software and services. The software segment held a larger market share in 2023.
• By deployment, the market is segmented into on-premise and cloud. The cloud segment held the largest share of the market in 2023.
• In terms of enterprise size, the market is bifurcated into SMEs and large enterprises. The large enterprises segment held a significant share of the market in 2023.
• In terms of industry vertical, the market is bifurcated into BFSI, Manufacturing, Healthcare, Energy, IT and Telecom, and Others.

Enterprise Governance Risk and Compliance Market Share Analysis by Geography

The geographic scope of the enterprise governance risk and compliance market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America dominates the enterprise governance risk and compliance market. Some of the leading companies in the eGRC sector, such as Microsoft, Dell Inc., IBM, and Oracle, are based in this region. The presence of big corporations has directly spurred the growth of this region. Also, companies in this area have more positive views on cyber security, data protection, and digitization. For instance, the US ranks second globally in terms of digital competitiveness, according to September 2022 research titled "2022 IMD World Digital Competitiveness Ranking" from the International Institute for Management Development. There are increasing security risks as organizations become more interconnected. Due to this issue, identification and access management have become more important, and the national government is creating stronger rules in this area. As a result, businesses need to abide by all guidelines, federal laws, rules, and policies pertaining to identity management. The increasing laws and regulations were propelling the growth of the enterprise governance risk and compliance market.

Enterprise Governance Risk and Compliance Market Report Scope

Enterprise Governance Risk and Compliance Market News and Recent Developments

The enterprise governance risk and compliance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the enterprise governance risk and compliance market are listed below:

• SAI360 announced the release of 2023 Release Two, which includes additional tools and resources to assist businesses in accelerating and operationalizing their ESG projects. In addition, the release contains software and training tools to support activities in governance, compliance, environment, learning, health, safety, and sustainability. (Source: SAI360, Press Release, June 2023)
• MetricStream announced a strategic agreement with Kinetix. The goal of this collaboration was to give compliance teams AI-powered and automated identification, extraction, and assessment of regulatory requirements that are unique to their organizations in order to ensure precise and timely compliance. (Source: MetricStream, Press Release, March 2023)

Enterprise Governance Risk and Compliance Market Report Coverage and Deliverables

The “Enterprise Governance Risk and Compliance Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Enterprise governance risk and compliance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Enterprise governance risk and compliance market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• enterprise governance risk and compliance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the enterprise governance risk and compliance market
• Detailed company profiles