Press release
Enterprise governance, risk and compliance market is estimated to expand at a CAGR of ~11% by 2030
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Surge in volumes of data in the banking, financial services and insurance (BFSI) sector has opened a promising frontier for players in the eGRC (enterprise governance, risk and compliance) market to capitalize on. Rise in risk of fraudulent activities and threats in the sector has been fueling demand for eGRC solutions, assert the analysts in an in-depth TMR study. Evolving regulations for managing risks of data thefts in digital era are expected to expand the horizon for stakeholders in the eGRC (enterprise governance, risk and compliance) market.
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Some of the regulatory agencies promoting adoption of eGRC solutions are The National Institute of Standards and Technology (NIST), The General Data Protection Regulation (GDPR), The Federal Information Security Management Act (FISMA), The Federal Financial Institutions Examination Council (FFIEC), and Control Objectives for Information and Related Technologies (COBIT).
Key Findings of eGRC (Enterprise Governance, Risk and Compliance) Market
Advancements in IT Infrastructure Propelling Adoption of eGRC Solutions: Increasing focus on data security and regulatory compliance management is a key driver of the eGRC (enterprise governance, risk and compliance) market. Regulatory related requirements for data assets and new IT infrastructure have risen remarkably for businesses in various industries after the onset of COVID-19 pandemic. The demand has gathered momentum from the adoption of automation in their operational processes. Growing popularity of smart manufacturing in several industries has propelled new revenue streams.
BFSI Sector to Witness Significant Uptake: The BFSI sector has been an early adopter of eGRC solutions. Over the years, the rapid uptake of these mainly for preventing bank frauds and ensuring compliance to anti-money laundering laws in various developed and developing economies have propelled sales of products in the eGRC (enterprise governance, risk and compliance) market.
Automation through AI-based eGRC Solutions Opened Vast Lucrative Avenue: AI-based eGRC solutions have become instrumental in automating the risk management, found the authors of the TMR report on the eGRC (enterprise governance, risk and compliance) market. AI-powered eGRC solutions are increasingly enriching corporates to make faster and more informed decisions pertaining to risk, audit, and governance & compliance requirements of the business processes.
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eGRC (Enterprise Governance, Risk and Compliance) Market: Key Drivers
· Strides made in industry 4.0 and cybersecurity have boosted the market prospects of eGRC (enterprise governance, risk and compliance) solutions
· Consumer laws and policies have become more responsive to prevent fraud cases across various industries, notably in healthcare, energy & utility, manufacturing, government, media & entertainment, retail & e-Commerce, hospitality, and logistics, and thus has enriched the value chain in the eGRC (enterprise governance, risk and compliance) market.
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eGRC (Enterprise Governance, Risk and Compliance) Market: Lucrative Regions
North America held a major share of the global eGRC (enterprise governance, risk and compliance) market in 2019. The revenue generation has been fueled by rise in spending on improving IT infrastructure. Europe is another lucrative market, with growth propelled by rise in demand for solutions for preventing anti-money laundering and fraud & corruption cases.
Asia Pacific is projected to expand at a significant CAGR 13.3% during the forecast period. The high pace of adoption of cloud-based and AI eGRC solutions, especially in China and Japan, is bolstering sales opportunities.
eGRC (Enterprise Governance, Risk and Compliance) Market: Key Players
Some of the key players in the eGRC (enterprise governance, risk and compliance) market are:
Alyne GmbH
Software AG
SAS Institute, Inc.
Thomson Reuters Corporation
SAP SE
RSA Security LLC
Oracle Corporation
NAVEX Global, Inc.
Microsoft Corporation
MEGA International
IBM Corporation
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EGRC (Enterprise Governance, Risk and Compliance) Market, by Solution
Software/Platform
Risk Management
Audit Management
Process Control & Fraud Management
Trade Management
Stakeholders & Third Party Management
Services
Training & Consultation
Support & Maintenance
EGRC (Enterprise Governance, Risk and
Compliance) Market, by Enterprise Size
Small and Medium Enterprise
Large Enterprise
EGRC (Enterprise Governance, Risk and Compliance) Market, by End User
IT & Telecom
BFSI
Healthcare
Energy & Utility
Manufacturing
Government
Media & Entertainment
Retail & E-commerce
Hospitality
Transportation & Logistics
Others (Education, Legal, etc.)
EGRC (Enterprise Governance, Risk and Compliance) Market, by Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
Asia Pacific (APAC)
Japan
China
India
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
South Africa
Rest of Middle East and Africa (MEA)
South America
Brazil
Argentina
Rest of South America
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