Enterprise Governance, Risk and Compliance (EGRC) Market Trends | Segmentation, Outlook, Industry Report 2029

The global enterprise governance, risk & compliance market size is expected to reach USD 25,220 Million by 2029 according to a new study conducted by Persistence Market Research (PMR). The report also says that the Enterprise Governance, Risk and Compliance (EGRC) Market will have a CAGR of 7.8% from 2022 to 2029.

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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PMR has presented a comprehensive report based on Enterprise Governance, Risk, and Compliance (EGRC) Market as per Vertical (Aerospace & Defense, Automotive, Consumer goods & Retail, Healthcare &Lifescience, ITES & Telecom, and Others), Solution (Software and Services) based on seven regions.

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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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This release was published on openPR.