Global Enterprise Governance, Risk, and Compliance (eGRC) Market Will Surge to USD 55,063 Million By 2025

Facts and Factors Market Research has published a new report titled “Enterprise Governance, Risk, and Compliance (eGRC) Market By Component (Software and Services), By Business Function (Finance, Legal, IT, and Operations), By Deployment Model (Cloud and On-Premise), By Organization Size (Enterprises and SMBs), and By Industry Vertical (BFSI, Construction & Engineering, Manufacturing, Healthcare, Government, Energy & Utilities, Mining & Natural Resources, Telecom & IT, Transportation & Logistics, and Retail & Consumer Goods): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2025”. According to the report, the global Enterprise Governance, Risk, and Compliance (eGRC) market is predicted to be valued at approximately USD 27,955 million in 2018 and is expected to reach a value of around USD 55,063 million by 2025, at a CAGR of around 10.1 % between 2019 and 2025.

Governance, risk, and compliance encompass three business practices including governance, risk management, and compliance. The term GRC is also defined as integrated assortment of abilities enabling a firm to achieve its business goals along with addressing the uncertainty and acting with integrity. Additionally, governance is the blend of processes demonstrated in the firm’s structure and the way they are handled & lead towards achieving the business objectives. Moreover, risk or risk management is risk estimation along with its effective handling. Compliance is referred to as adhering to rules and policies of the firm strictly.

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Massive acceptance of big data analytics and IoT in eGRC solutions to drive the market growth

The growing proportion of risks against business data like data theft and data leakage is predicted to raise the acceptance of compliance solutions & security like big data analytics & connected things across various business verticals. This, in turn, will propel the business scope over the forecast timeline.

Furthermore, an increase in the number of data violations & cyber-crimes will impel the market demand over the forecast period. Apart from this, compliance mandates are predicted to scale up the scope of the business over the forecast timeline. Nonetheless, oscillating regulations and low levels of consciousness in the firm about eGRC is projected to inhibit the growth of enterprise governance, risk, and compliance (eGRC) industry during the period from 2019 to 2025. Apart from this, cyber-security, as well as third parties, can put brakes on the market expansion during the forecast timeline. However, high implementation of risk analytics and cloud-based business model in organizations will provide new growth opportunities for the market over the forecast period.

Software to lead the component segment by 2025 in terms of value

The growth of the software segment during the forecast timeline is owing to reduced cost of software ownership with integrated services to effectively handle a slew of legislations including supply chain compliance, OSHA, and quality control.

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Cloud to dominate the deployment model segment over the forecast period

The segmental growth during the forecast period is credited to the ability of the cloud to provide automatic software upgradations, disaster-recovery via cloud-based backup, effective data storage, and flexibility. Moreover, it also helps in preventing data loss and monitoring of document versions.

Asia Pacific market to record the highest CAGR over the forecast period

The market in the Asia Pacific region is set to register highest growth rate of more than 11% during the period from 2019 to 2025. The regional market growth is attributed to large-scale awareness among the firms to enhance the business output through effectively designed eGRC solutions witnessed across the developing economies.

Some of the key participants in the business include Fidelity National Information Services Inc., Metricstream Inc., Microsoft, SAP SE, Oracle Corporation, EMC Corporation (A Dell Company), BWise, SAS Institute Inc., Wolters Kluwer, Thomson Reuters, and International Business Machines Corporation.

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This report segments the Enterprise Governance, Risk, and Compliance (eGRC) market as follows:

Enterprise Governance, Risk, and Compliance (eGRC) Market: By Component Analysis

Software
Audit Management
Risk Management
Compliance Management
Policy Management
Incident Management
Others
Services
Consulting & Training
Support
Integration

Enterprise Governance, Risk, and Compliance (eGRC) Market: By Business Function Analysis

Finance
Legal
IT
Operations

Enterprise Governance, Risk, and Compliance (eGRC) Market: By Deployment Model Analysis

Cloud
On-Premise

Enterprise Governance, Risk, and Compliance (eGRC) Market: By Organization Size Analysis

Enterprises
SMBs

Enterprise Governance, Risk, and Compliance (eGRC) Market: By Industry Vertical Analysis

BFSI
Construction & Engineering
Manufacturing
Healthcare
Government
Energy & Utilities
Mining & Natural Resources
Telecom & IT
Transportation & Logistics
Retail & Consumer Goods

Enterprise Governance, Risk, and Compliance (eGRC) Market: By Regional Segment Analysis

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa

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