Press release
Enterprise Governance, Risk and Compliance (EGRC) Market
Enterprise Governance, Risk and Compliance (EGRC) Market
The market for enterprise governance, risk, and compliance manages, monitors, and defines external and internal business environments efficiently. The increasing number of risk factors against company data is likely to drive more adoption of enterprise governance, risk, and compliance solutions, as well as security across all industries. Changing regulatory requirements and increasing business complexities are also likely to propel the enterprise governance, risk, and compliance market forward.
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The Impact of COVID-19 on the Enterprise Governance, Risk, and Compliance (EGRC) Market
Even though the COVID-19 has affected the global economy, the Enterprise Governance, Risk, and Compliance (EGRC) Market has grown rapidly, as many businesses incurred massive losses due to the COVID-19 outbreak, and to protect their important assets companies started to invest rapidly in eGRC (enterprise governance, risk, and compliance) solutions. Another reason that boosted demand for eGRC solutions during the pandemic was the increase in frequency of remote working.
North America Expected to Dominate the Market
In terms of value for enterprise governance, risk, and compliance solutions, North America is predicted to be the dominant area. Because of the growing demand for detecting enterprise risk and compliance management in insurance firms, Canada is likely to be one of the major locations for significant revenue growth from eGRC solutions adoption in the near future.
Furthermore, Europe is also expected to grow significantly in the near future, due to the region's rising use of enterprise governance, risk, and compliance solutions in small and medium-sized businesses.
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Competitive Landscape
The growing emphasis on enhancing data security infrastructure has encouraged market players to build sophisticated eGRC (enterprise governance, risk, and compliance) solutions to obtain a competitive advantage in the present market scenario. Market players are also focused on organic and inorganic growth methods such as product innovation and mergers and acquisitions.
Wolters Kluwer GRC acquired eOriginal in December 2021. The acquisition positioned GRC Compliance Solutions as a market leader in mortgage and loan document generation and analytics into the fast-growing digital loan closure and storage adjacency in the United States.
OneTrust LLC has launched its eGRC solution - an integrated risk management platform that incorporates dynamic business controls, accelerates audits, and integrates departments for risk management.
SAP entered into a partnership to create sophisticated business solutions. The SAP Cloud for Utilities platform will assist organizations in effectively managing their operations and analyzing consumer experiences, allowing them to make crucial strategic decisions.
Companies
Dell EMC
FIS
HCL Technologies Limited
IBM Corporation
Oracle Corporation
SAP SE
SAS Institute Inc.
Software AG
THOMSON REUTERS
Wolters Kluwer
RSA Security LLC.
MetricStream Inc.
PwC
SAI Global Pty Limited
MITRATECH
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Enterprise Governance, Risk and Compliance Market Categorization
Enterprise Governance, Risk and Compliance Market by Vertical
Aerospace & Defense
Automotive
Consumer goods & Retail
Healthcare & Lifescience
ITES & Telecom
Others
Enterprise Governance, Risk and Compliance Market by Region
North America
Latin America
Europe
Japan
Asia Pacific
Middle East & Africa (MEA)
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