Enterprise Governance Risk and Compliance Market Opportunities 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
Market Size Value in US$ 17.22 billion in 2022 Market Size Value by US$ 34.43 billion by 2030 Growth rate CAGR of 9.0% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Enterprise Governance Risk and Compliance Market: Strategic Insights
| Market Size Value in | US$ 17.22 billion in 2022 |
| Market Size Value by | US$ 34.43 billion by 2030 |
| Growth rate | CAGR of 9.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Enterprise Size, Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The expected CAGR of the global enterprise governance risk and compliance market is 9.1%.
The global enterprise governance risk and compliance market is expected to reach US$ 37.58 billion by 2031.
Integrating technologies such as loT, Al, and machine learning with eGRC solutions is anticipated to play a significant role in the global enterprise governance risk and compliance market in the coming years.
The key players holding majority shares in the global enterprise governance risk and compliance market are Bwise, Deloitte Touche Tohmatsu Limited, LexisNexis (RED Group), MetricStream Inc., Refinitiv, SAP SE, Oracle Corporation, SAS Institute Inc., IBM Corporation, Wolters Kluwer Financial Services, Inc., Scrut Automation, anecdotes A.I Ltd, Monitaur, Inc., Hyperproof, Baker Tilly US, LLP, Wolters Kluwer N.V., ComplianceBridge Corporation., Clearview Group, LLC, KPMG LLP, and Gowling WLG International Limited.
The increased number of data breaches across several industries and the growing need for sustainability are the major factors that propel the global enterprise governance risk and compliance market.
North America dominates the enterprise governance risk and compliance market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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