What Are the Key Factors Driving the Global Enterprise Governance, Risk and Compliance Market Growth?

The adoption of Big Data technologies also acts as the major driver for the enterprise governance, risk and compliance market. The organizations are swiftly moving towards the data analytics tools and solutions to measure and manage the risk exposures across their business lines. They are combining their big data with analytics tools and data driven GRC to manage the compliance processes. The auditors are utilizing the capabilities of Big Data to explore the data to gain insights about the risk exposure and detect fraud.

Another key factor driving the enterprise governance, risk and compliance market growth is the growing adoption of cloud-based solutions which enable companies to accelerate the deployment of GRC apps and requires minimum investment. As cloud-based solutions offer high scalability with advanced security and access controls, the demand for these solutions will increase during the forecast period.

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The risk management software market segment is expected to drive the overall growth of the enterprise governance, risk and compliance market from 2018 to 2024. With the increasing number of cyber-attacks, the companies are rapidly adopting solutions to mitigate the attacks posing threat to their operations. They are deploying risk management software to monitor suspicious transactions and unauthorized access to the data, automate internal controls and enforce compliance to drive business efficiencies.

North America is expected to dominate the enterprise governance, risk and compliance market share due to the increasing government efforts to implement the risk management practices. For instance, in April 2018, the U.S. government raised the cost of civil penalties. The government adjusted the penalties on the account of increasing compliance failures. The Department of Justice (DOJ) for violations of the False Claims Act (FCA) raised the penalty range from USD 11,181 to USD 22,003 per violation as compared to USD 10,957 to USD 21,563 per violation in 2017. Moreover, the increased internet penetration rate in the region has led to high-profile data breaches which in turn has further triggered the need to have operational risk management software.

The enterprise governance, risk and compliance market is estimated to grow considerably in Asia Pacific during the forecast timeline. The market growth is driven by the growing adoption of eGRC solutions in banking sector. With the rising financial crimes in the region, the need to have the robust security solutions and stringent regulations to mitigate the risks associated with the crimes are expected to drive the market growth. The companies in the region are providing solutions to the financial institutions to manage their regulatory compliances. For instance, in September 2015, Mindtree and MetricStream partnered to simplify the regulatory compliance for financial firms. Mindtree made use of MetricStream’s Zaplet to help clients automate and manage the regulatory processes.

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The market players operating in the enterprise governance, risk and compliance market are Thomson Reuters, EMC, Oracle, IBM, SAP SE, Deloitte LLP, Maclear SA, SAS Institute Inc., BWise BV, Software AG, Microsoft, Protiviti Inc., Fidelity National Information Services, Inc. (FIS), and Modulo Security, LLC. The companies are offering their GRC platforms to enable their business customers easily enhance their risk management practices.

Methodology used in this report: -
Our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the enterprise governance, risk and compliance market. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
• Definition and scope of research
• Market dynamics, growth drivers and industry pitfalls
• Regulatory and political guidelines for the industry
• Demographics and statistical data
All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive enterprise governance, risk and compliance market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.
Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating enterprise governance, risk and compliance market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
• Leadership figures such as CEOs, CSOs, VPs etc. in key companies
• Supply-chain participants, distributors and domain experts
• Key customers and B2B clients

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